Since ATS came into being, recruiters have used technology to make their jobs easier, faster, and better. Today, the dominant theme in HR technology is AI for recruiting.
AI for recruiting is an emerging category of HR technology designed to reduce — or even remove — time-consuming activities like manually screening resumes.
Screening resumes efficiently and time-effectively still remains the biggest challenge in talent acquisition.
Here are some of the benefits of using AI for recruiters
1. Saving recruiters’ time by automating high-volume tasks
Manually screening resumes is still the most time-consuming part of the recruiting process. According to most hiring managers, an estimated more than 75% of the resumes received for a posted job are unqualified. Screening resumes and shortlisting candidates to interview is estimated to take 20 hours of a recruiter’s time for a single hire.
Talent acquisition leaders report that as their hiring volumes are constantly increasing with time, they are expected to become more efficient by “doing more work in less time and much accuracy.”
AI for recruiting represents a boon for recruiters if it can successfully automate time-consuming, repetitive tasks such as screening resumes or scheduling interviews with candidates.
The best AI-powered technology will be designed to not only automate a part of your workflow but to integrate seamlessly with your current recruiting stack so it doesn’t disrupt your workflow.
As a bonus, speeding up these parts of recruiting through automation reduces time-to-hire, which means you’ll be less likely to lose the best talent to faster-moving competitors.
2. Improving the quality of hire through standardized job matching
In the recent times, HR data collection has become easier to collect, access, and analyze over the years, so the quality of hire has become recruiting’s top KPI, especially to measure what happens to the candidates after they get hired.
The promise of AI for improving the quality of hire lies in its ability to use data to standardize the matching between candidates’ experience, knowledge, and skills and the requirements of the job.
This improvement in job matching is predicted to lead to happier, more productive employees who are less likely to turnover.
Early results are extremely promising. Early adopter companies using AI-powered recruiting software have seen their cost per screen reduced by 75%, their revenue per employee improve by 4%, and their turnover decrease by 35%.