These days, the use of Artificial Intelligence and Algorithms is so prevalent that we rarely notice it in our daily lives. But did you know that AI can also play a significant role in recruitment!
From web language translators to photo apps that recognize faces and email spam filtering to virtual assistants, web product recommendations, and even self-driving cars, artificial intelligence (AI) is now so pervasive in our daily lives that we hardly notice it.
Finding ways to intelligently filter large amounts of data gives us confidence that we’re making better, more informed decisions. It gives us confidence that we’ve found the best match.
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The requirements of the HR world are no different. Many complex decisions must be made, particularly in Talent Acquisition! We are constantly determining the best fit for critical positions, screening through application materials in a time-consuming process in order to elevate candidates. Can you guarantee that the best candidates rise to the top? Well, HR SaaS platforms have stepped in to help, flexing their muscles through Candidate Matching and revolutionizing the recruiting world.
Using AI in recruitment: Managing a large number of applications
Forbes reported late last year, prior to Covid-19, that the average job opening received an overwhelming 250 applications. This figure has risen as a result of the recent economic downturn for many organizations.
Some companies, such as Amazon and other distribution companies, are rapidly expanding their workforce. Simultaneously, other companies are rethinking recruiting, and their recruiters are still juggling multiple tasks. Even under normal circumstances, recruiters are overwhelmed by the volume of applications for each of their open positions.
Recruiters, without a doubt, require automation, which can be done by using AI recruitment software.
How can AI and Algorithms help HRs?
At this first stage of resume screening, the machine learning screening algorithm automatically rejects nearly half of the candidates. It employs a set of carefully selected characteristics, or features, derived from both job posting descriptions and applicant information using best data science practices.
HR SaaS platform also employs natural language processing (NLP) and semantic similarity to address open text fields, improving the match between job requirements and candidates’ education, experience, and skills without requiring recruiters to convert their textual descriptions into rigid form fields beforehand. As an example, AI-based software uses algorithms that can recognize that a candidate’s experience as a “human resources interim” corresponds to the job title “Junior HR Assistant.”
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Candidate matching by AI recruitment software allows recruiters to quickly and easily identify which candidates are best suited for each open position based on skills match and career trajectory. AI-based recruitment software, which learns and improves over time, is used to produce matches. The advantages of candidate matching for your recruiters can be significant:
- Automation improves efficiency by identifying candidates who are most closely aligned with a job description in comparison to similar candidates. These AI algorithms automate what has previously been a manual process since the beginning of recruiting. Users make faster recruiting decisions, lowering recruiting costs and time to fill.
- Bias mitigation — By focusing on skills with Candidate Matching, there is less chance that unconscious biases such as gender and race will influence hiring decisions in the early stages of the selection process.
By fully automating the fundamental steps of the recruitment process, i.e.; resume screening and ranking – recruiters have more time to focus on other tasks that the HR SaaS platform has yet to successfully address, namely those that require cognitive and emotional intelligence. Simultaneously, the recruitment process becomes smoother and faster, increasing candidate engagement and the associated completion rate.
Conclusion
Recruiters are under pressure to find the best candidates for open positions as soon as possible. Hiring managers are always in need of new employees “right away.” With today’s high unemployment, companies that are still actively hiring face a much higher volume of applicants to screen and evaluate for each role.
Recruiters can prioritize candidates and focus their time on talent with the skills and experience needed to succeed in a position, while quickly identifying candidates who might be more qualified for a different open role, thanks to automated, intelligent candidate matching by AI recruitment software.
[To share your insights with us, please write to sghosh@martechseries.com]