Analytics, AI/ML

AI in Recruitment

Cogent Infotech
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AI in Recruitment

How Has AI Impacted Recruitment?

AI has become a path-breaking technology over the last decade. Its biggest virtue of analyzing data in a fraction of a second is helpful in business areas such as sales, marketing, operations, IT, Human Resources, and finance. The insights gained from the data make the executives more efficient. For an organization, identifying and acquiring talents is imperative to meet organizational needs. AI-based machine learning helps HR teams operate smartly using recruiting solutions such as screening tools, video interviews, talent intelligence platforms, applicant tracking systems, and talent sourcing, making the process efficient and effective. Surprisingly, 80% of executives have endorsed AI for making the hiring process more structured.

How Does AI Help in Recruitment?

Organizations such as Mya Systems, HireVue, AllyO, Textio, and Hiretual have been implying AI in their recruitment process to fetch out the best talents among a large candidate pool.

AI offers much more than we had ever imagined. Its virtues of automating tasks, analyzing patterns and trends, Big Data translations, and self-learning capability make it a powerful decision-making tool and enhances the recruiting process by selecting the right workforce.

What Recruitment Tools Does AI Offer?

Currently, only 10% of organizations use AI in recruitment, but it is expected to touch 36% in the next two years with its growing popularity. Its market size was $580 million in 2019 and estimated to expand at a CAGR of 6.76% during 2020-2025

AI has been intelligently aiding in every part of the recruitment process, right from sourcing to pre-selection and interviewing and background checks and settling on the candidate compensation. Here, we are listing some innovations that AI offers in recruitment:

Conversational Analytics:

To know the areas of improvement by using the data analytics to anticipate potential employee issues by tracking individual and company-wide key metrics. It can extract useful data insights and share them with the HR team.

Background Check:

92% of organizations do background checks, and making the use of AI-infused background check technology can quicken the process and is cheaper too. Better data analysis can be done using machine learning and AI.

As personal data may change, artificial intelligence ensures that background check reports must stay updated. They may also continue to analyze information and report any changes. Some companies do current employees’ background checks and rely on AI for after-hire verification.

Interview Robots

Assessing the candidate’s skills using natural language processing (NLP) and analytics. It analyzes the candidate’s body language, takes notes, and measures the candidate’s potential by analyzing the past employment data.

Bridging Talent Gap:

Evolving skills requirements improve organizational processes but also create mismatches between workers and jobs. To stay competitive, continuous learning must be embraced. Integrating AI in these skill gaps can bridge them. Data and machine learning help businesses in adapting to emergent skill gaps and talent evaluation talent. AI Algorithms can help fetch employee performance data and match it where there are skill gaps in the organization.

Offering Compensation:

Artificial intelligence allows businesses to benchmark and determine compensation, identify risk employees and incentives boosts by determining their past data. AI-driven compensation can remove the risk of employee turnover. With AI-driven recommendations for optimized allocations of top talents, a company’s talents can be rewarded accurately. With automated compensation management communication, HR and sales teams can use self-service tools, getting the compensation queries sorted improving HR responsiveness.

Robotic Process Automation:

For sourcing candidates, scheduling interviews, form submission, and pre-employment check

Employee Onboarding:

Ensuring 24/7 onboarding by simplifying the onboarding tasks by eliminating manual documents, automating new account setups, and providing feedback for easing the hiring process.

Conclusion

AI can operate across the recruitment process by finding the right people for your organization and removing commonly faced hurdles. It can do so by helping you make informed and data-driven decisions and automating time-consuming talent management tasks. As a result, AI can ultimately save you a lot of time, and subsequently, the costs! Cogent Staffing applies AI to the recruitment process to help organizations find the right candidate at the right time. Schedule a call to learn more about how we can help you with your recruitment needs.

Learn more about technology-based talent acquisition using AI with Cogent Staffing today!

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