Market Bytes - March 21, 2023
Artificial Intelligence in Recruitment
2023 is the year for artificial intelligence (AI). In the digital age we live in now, key players across various industries have incorporated AI across their business processes whether it’s in optimizing lead generation for sales or even in automating marketing efforts. As the trend in AI continues to increase, we are seeing more applications across business processes especially in talent acquisition.
One of the most common applications of AI in talent acquisition is resume screening. In recent times, most applicant tracking systems (ATS) like Workable, iCIMS and Breezy have the ability to quickly scan resumes and identify the best candidates based on their qualifications, experience and skills. This allows HR professionals to efficiently focus on qualified candidates rather than having to review every resume that applied.
Calendly, Clara and Oncehub are one of the few AI-powered tools that would cross reference between candidates and hiring manager’s availability for interviews and prompts on the best suitable time/location for interviews. This provides a seamless experience in hiring for both candidates and organizations.
Some organizations incorporate AI in their interview process. An AI-powered virtual interview platform can interview candidates with pre-loaded questions that will analyze the responses for the hiring manager. This can cut down time wasted on identifying candidates at the preliminary rounds. This is a feature you can use in HireVue, InterviewMocha, Jobvite and many other HR tools.
Tools with AI such as Lever, HireVue, Workday and IBM Watson Talent are able to provide predictions on the success of a particular candidate for a given role. Predictive analytics is not new to the world of data analytics. However, it is crucial to understand that there is a way for businesses to identify potential candidates based on analysis of previous hiring data which AI can solve.
Chatbots are usually used in customer service/experience engagements but AI chatbots like JobPal, ChatbotCV and Recruitee can also be used for hiring as it would be able to answer candidate’s inquiries regarding company or position applied.
However, it is also important to consider that AI is not a replacement for human recruiters as having a human touch in the process is important to ensure best practice in hiring. While AI might be able to help organizations identify the most qualified candidates, ultimately it is up to the Talent Acquisition team to make the final call.
Additionally, there are definitely many ethical considerations when it comes to the usage of AI, especially in talent acquisition such as discrimination against certain groups of individuals i.e. discrimination based on education or opportunities.
Other than that, the most common ethical argument is that AI would be making certain jobs obsolete. As true as it sounds, whilst AI may be taking away certain jobs, it would also open up more opportunities for talents within AI itself.
AI is definitely disrupting the way companies are handling their hiring by allowing a more efficient and accurate hiring process backed by data analytics and machine learning. Whilst it should not be seen as a human replacement, the mindset around AI has shifted towards being more of an assistance to businesses rather than a complete replacement.