Artificial Intelligence (AI) has fast become one of the most discussed topics in businesses today and the recruitment industry is no exception. With the explosion of accessible, easy to use platforms like ChatGPT, AI is revolutionising the way workplaces plan for the future. So how could AI impact the recruitment industry?
Much of the hype around AI is that it will replace jobs and lead to an enormous spike in unemployment. Goldman Sachs economists estimate that up to 18% of work and 300 million of jobs will be displaced by AI. But rather than focusing on how AI could be negative, we can look at its enormous potential and the positive ways we can begin to use it to streamline our recruitment processes.
Some examples of how AI is changing the way businesses recruit can be seen in:
1. Screening resumes
Powerful AI screening tools are saving recruiters valuable time by utilising natural language processing (NLP) algorithms to analyse resumes. These NLP algorithms have the ability to extract and match key information from job applications to position descriptions. This allows recruiters to focus on assessing a group of pre-screened candidates that have the skills and experience that match the position they are hiring for.
2. Predictive analytics for success of hire
There are several AI products on the market that have the ability to analyse historical data to forecast elements such as candidate success & employee attrition rates. These tools also have the ability to identify patterns that may be occurring throughout the hire process, which gives recruiters invaluable insight and aids them in making data-driven decisions throughout the hiring process that could potentially reduce turnover.
3. Virtual Assistants & Chatbots
AI powered Virtual Assistants (VA’s) and Chatbots have been around for several years and there are a huge number of organisations that utilise them. Recruitment companies are no exception and we are seeing these tools being implemented to:
Answer FAQ’s from candidates about particulars of a position, the application process or specific information on the client.
Provide updates on their application. Many candidate management systems link in to Chatbots that can share a candidate's status in their system, if the organisation is happy to disclose this information.
Conduct preliminary screening questions prior to an interview.
VA’s and Chatbots are also being used to enhance the overall candidate experience during the hire process. They provide a point of contact that gives an immediate response, if the consultant is not available.
The above are a small handful of ways that AI is being utilised in our industry. Other examples we’ve seen include: automation & gamification of skills assessment, personality assessments and automated employee referral programs.
While the capabilities of AI are creating a huge buzz around the world, it is important to remember that this technology should not replace human expertise and judgement. Evaluating a culture fit, assessing soft skills and making the final decision of hire are essential aspects that rely on the skills and experience of people. The human connection throughout the recruitment process has always been essential for the success of the hire, and should remain so.
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