You might have heard of the phrase, “Infrastructure, capital, instruments, machines, and so on do not make up a great company. What makes up a great company is the Human Resource or the employees working for it.”
It is crucial for any growing company and business to not merely hire employees, but rather to recruit the most qualified and suitable employee for the vacant position.
If you are a business owner looking to hire or recruitment manager of a firm on the lookout for new employees, then you should consider the fast-rising employment solutions that provide AI-enhanced recruitment to clients.
AI (Artificial Intelligence) solutions are the new, modern way of recruiting quality candidates effectively and efficiently.
Rise of AI-Enhanced Recruitment: Benefits You Can’t Ignore
Today, automation technology has transformed recruiting as we’ve known it.
Most of companies’ HR departments have tuned to AI-Enabled recruitment in the cutthroat talent race. Why? Because AI-enabled recruiting processes are more effective, making the hiring process a lot smoother and efficient.
Don't believe it yet?
Here are some of the reasons why savvy HR departments across the board have turned to AI-enabled recruitment in the race for new talent.
As a company gets bigger and bigger there is a need for hiring more employees to fill out those vacant positions. However, recruiting is a time-consuming process. Simply going through the resumes to select candidates for an interview might take many hours even for the most experienced and efficient recruiter.
Manually screening resumes is a daunting task in the hiring process, but not if you are using an AI-enabled recruitment strategy.
AI has become the backbone of the industry for companies that need to recruit thousands of employees in a short time. The task that requires days to complete can be easily done by an Artificial Intelligence System within hours. The only thing left for the recruiter is to provide the AI with a database to work on and to check the final list of the candidates before the AI sends out emails for an interview.
AI recruiting systems are designed to tremendously improve the recruiter's efficiency and workflow. The best part about recruitment through an automated system is that not only does it save time, but you also won't miss any talented candidates. The system’s efficiency ensures the most talented candidates are among the first ones sent invitations for an interview.
Improve Quality of Hiring
While saving time is important, improving the quality of hires remains the central goal in the recruitment process.
If you were to go back only a decade ago and ask whether AI would be able to select the right candidates on its own, the answer would be an absolute no. Why? Firstly, there was not enough database for AI to work on. And secondly, the technology was still in its infancy compared to where it is today in its development.
Today, we have enough data on the internet for AI to standardize the matching of the candidate's experience, knowledge, skills set, qualification, and so on. This has greatly improved the quality of the hiring process for businesses.
AI-powered recruitment solves that major problem that was the biggest concern of almost more than 60 percent of managers and recruiters in the industry.
Surveys even shows that the employees hired through the automated AI-enabled hiring process are more efficient, happy, and productive in their jobs, and more than half (75%) of recruiters say technology will play a larger role in their hiring process.
So, if you are looking for a better solution to improve your hiring process and get employees that are more satisfied in their roles, then go for AI-enabled recruitment.
AI optimized hiring will help you improve your hiring process saving you a lot of your time, money and most importantly getting the right hires.
Reduced Cost Per Hire
Not every company is a multinational corporation (MNC) with large reserves of funds and separate recruitment cells. However, even small companies require employees to run smoothly. Smaller companies either recruit themselves, ending up in a hazel to grab a good employee, or they contact recruiting firms and agencies.
Recruitment firms and agencies do not work for free or cheap. According to some estimates the average cost per hire for top recruiting firms and agencies is around $4000 to 5000 dollars per employee or candidate. And these rates keep on growing year over year.
Moreover, companies and bussinesses that are recruiting are forced to advertise open positions to attract the best talent, adding up to that cost per hire.
Apart from this, if any company or small business that decides to hire by itself without any external help, then it would have to invest in recruiting staff and increase it to support the extra work to meet the hiring needs in a timely manner.
The only possible way out of the loop to hire without affecting the time of hiring is to reduce the cost and investments or improve efficiency. No need to freak out, though, because this is exactly what AI-enabled hiring aims to achieve.
AI recruitment software is designed in a way that automatically targets the potential employee and most capable job seekers, delivering better and faster solutions at a low cost.
Additionally, an AI recruitment system is capable of screening candidates in a more systematic way while looking out for a particular set of skills without any human intervention. This means that with AI, the only thing you have to do is provide the system with certain input or parameters and database and it will deliver the best possible solution.
In that way, you are sure not to miss out on any potential talent that’s a great fit because AI will be working for you day and night.
All these factors, benefits, efficient processes and solutions that AI delivers have an effect on reducing your cost per hire. You only have to invest in the AI system once unlike the recurring costs of recruitment agencies that charge you for the employee per hire.
Reducing Hire Biasness
We are human beings and we do make mistakes and are biased sometimes, even when we don’t want to. For instance, we might be biased during the hiring process even though we might not realize it consciously based on someone’s background, culture, appearance, and so on.
However, AI is a machine and it only sorts out candidates based on the parameters that it is given that specifically judge the candidate's ability to work effectively and efficiently in a company's work environment. It does this fairly and objectively.
This way AI-enabled hiring is unbiased and a candidate who has been shortlisted for an interview or hired by making use of the AI system is completely based on merit, their skills, experience and ability to work. They end up being the most suitabile candidate for the role.