Here’s a fun fact.
According to a Korn Ferry survey, 63% of talent acquisition professionals say AI has changed the way recruiting is done at their company.
Here’s another one.
According to a new report by Grand View Research, Inc, the global human resource management market size is anticipated to reach $38.17 billion by 2027, registering a compound annual growth rate (CAGR) of 11.7% from 2020 to 2027.
Can you see where we’re going with this?
Artificial intelligence is not just changing the way businesses operate, but it’s changing recruitment and the entire HR practice.
Why Are AI & HR Such a Good Fit?
It’s as if artificial intelligence was created to tackle all of the traditional human resources problems. Let’s have a look at how AI solves some of the most pressing HR issues.
Imagine being the HR manager for a multinational company, simultaneously hiring for 12 positions. Can you even imagine the amount of time you’d need to sift through CVs, arrange interviews, and send personalized assessments?
The hiring cycle is big and AI comes in to make this process easier. In a 2018 LinkedIn report, 67% of recruiters and hiring managers claimed that AI is helping them save time. How? By automating the application process – removing repetitive tasks, replying to candidates, and scheduling the interviews.
HR departments possess humongous databases of CVs and candidate profiles. What they’ve traditionally done with the data is, at best, manually sift through them every time there’s a new position.
These databases can prove to be a goldmine for companies if treated properly. AI can decode data silos, organize them, and make them easy to understand for HR professionals. When recruiting for a new position, the technology can automatically present you with the top CVs you have on file without having to search or go through them manually.
AI can essentially empower the HR department to deeply understand the nature of candidates and refine job specs, job ads, or even the entire recruitment process.
Removing Interview Bias
Being biased is not a choice. There is a lot of scientific research proving that bias behavior, for the most part, an unconscious process.
The beautiful thing about AI is that it has no feelings, tendencies, or predispositions towards gender, race, color, sexual, or any other area that humans tend to choose sides for.
Artificial intelligence is programmed to filter data objectively, looking at cold hard facts.
Creating Equal Opportunity
There’s a new position at a company and 3,000+ apply. The morally correct and fair process would be to give everyone who applied a fair chance at the position by at least looking at their CV.
The realistic scenario of what will happen is that the recruiter/HR manager will sift through CVs until they find 5-6 candidates that tick the necessary boxes, and move them to the next stage of the recruitment process.
With the implementation of AI, top of the funnel recruitment will not only become faster, but fairer. The algorithm will be able to process all applications, not phased by volume, selecting all the appropriate candidates for the position.
Chatbots Can Humanize & Improve The Recruitment Process
Chatbots are one of the most promising AI byproducts that can directly impact the HR industry.
Their mind-map content logic can turn mundane and dry email exchanges between recruiters and candidates into interactive conversations.
FAQs about the position can be answered through the chatbot in a human manner. Additionally, chatbots can book the actual interview, freeing the hands of the recruiter, allowing them to simply assess candidates in person.
At Axios, we take pride in always refining our HR processes and practices. Whether it’d be remote working due to the coronavirus crisis or pregnancy for our female employees, our recruitment team always strives to adapt, develop and improve.
AI is something that’s on our radar and we’re looking to implement in the near future. For now, our positions are advertised on our Careers page.