The benefits of AI in recruitment
Learn how you can transform your hiring process through AI.
Learn how you can transform your hiring process through AI.
The use of AI technology has grown significantly over recent years across all industries. This is seen through developments such as robo-advisors, self-driving cars, and chat bots to name a few. However, AI has also started to become increasingly useful in the recruitment space in several ways, which we will go through in this blog.
Once a job is posted, hiring managers and recruiters often spend weeks or months going through hundreds of applications. Given the global shift towards remote work, the talent pool has only expanded since companies can now search for talent internationally instead of just applicants within geographical proximity. Due to the overwhelming number of applicants, there is a growing emphasis on employers looking to streamline the recruitment process, prompting hiring managers to enlist recruitment agencies.
What if there was an easier way?
With its nature of rapidly analyzing millions of data points, AI is the answer. It can help optimize your hiring workflow by automating tedious and time-consuming processes such as screening through a sea of profiles, leaving you with a shortlist of top candidates within seconds. With nugget’s application of AI specifically, you simply input the skills, values, and cultural fit you are looking for, and it does the rest of the work. This way, hiring managers and recruiters can focus on what really matters – having meaningful conversations with the top candidates, hiring the right employees, and making clients happy.
Up to 95% of companies admit to hiring the wrong people each year. This indicates that even the most experienced hiring managers and recruiters have challenges narrowing down their list of candidates and selecting the right one(s). In leveraging AI, recruitment professionals will be able to eliminate common errors while reducing unnecessary time and energy spent.
At nugget.ai, we are able to make sure that our AI consistently provides you with the best candidates to choose from. We ensure that they not only meet the explicit requirements for the role, but also meet soft skill expectations. While soft skills are incredibly challenging for hiring managers to have an accurate picture from a simple resume and interview, our team can measure them with our nugget challenges. Once a candidate applies to a position, we send them job relevant challenges to complete. This allows our AI to analyze them beyond their resumes by measuring their soft skills. In this way, we know that the candidates that are selected have been analyzed through a 360-degree lens and are the best candidates for your company and the role.
If your company can improve the lengthy recruitment experience for candidates and keep them engaged, you can significantly increase your chances of retaining top talent and avoid losing them to competitors. According to IBM, “people who are satisfied with their candidate experiences are 38% more likely to accept a job offer”.
Some of the ways AI can improve this experience:
While humans can try to act in objective ways, it is difficult to not let our judgement be clouded by unconscious biases since it is hard to recognize biases we hold in the first place. In the context of candidate screening, it is difficult to understand the ontological merit of someone given that we often do not have the full picture, and as a result fill in the blanks with biased and sometimes inaccurate information. AI has the power to remove such biases, guesswork, and ambiguity from the entire hiring process. This is due to the understanding that AI makes decisions based on objective formulas and data points given to it without unconsciously taking into consideration factors such as gender or race.
A major problem that many recruiters and hiring managers face is finally finding the perfect candidate and losing them to competitors. By automating time consuming aspects of the hiring process, improving talent and employee experience, and being open to more types of candidates who have the right skills and hidden potential, you are much more likely to quickly find the right person to join your team, and hire them before others do.
It is important to understand that you should not fully depend on AI to make your hiring decisions. The success of AI is dependent on the quality of information provided, and therefore sometimes mistakes can be made if the person providing the information is not careful. Moreover, while many repetitive and time-consuming aspects of hiring can and should be automated, certain parts should not be. Namely, when it comes to finally selecting the right person to join your team, a final human-to-human interaction is recommended to solidify that the candidate is a good addition.
Another issue to keep in mind is the potential screening out of a candidate too early in the process. Technology isn’t perfect, and AI could easily miss out on great candidates just because they don’t have the right keywords on their resumes. At nugget.ai, we minimize such issues using our nugget challenges that prompt a more holistic view of candidates. Through this, we equip managers with the knowledge that no promising candidate is left behind.
Finally, there are the potential issues surrounding the ethics of AI. To read about how we ensure our AI remains ethical, check out our 5-part series where we delve into the topics of proper data infrastructure, privacy, transparency, and human autonomy.
Overall, utilizing AI in the hiring process has grown to become more of a necessity than just a nice-to-have. Its benefit spans from higher employee retention and efficiency to having a competitive advantage over other market players.
Take the opportunity to help your company transform your hiring process through AI. Want to know how to get started? Contact us here.