AI is being radically used across organizations to modernize and automate various business processes – including talent acquisition The adoption of AI is largely tied to the various benefits it can provide to both talent-hiring managers and recruiters. It can help them make more informed decisions and improve the efficiency of their recruitment process.
According to a study conducted by Oracle on the state of AI in talent acquisition, 73% of HR professionals expect AI to increase the speed of recruitment and 53% expect AI to enhance the productivity of the recruitment department. The application of AI in recruitment and talent hunting enhances the process of identifying ideal candidates for the job, prioritizing resumes, matching candidates and open positions with respect to their skills and job requirements, prioritizing candidates to be interviewed, speeding up the hiring and onboarding.
AI Applications Optimizing Talent Acquisition
AI plays various roles in the talent acquisition process. It can help identify the ideal candidate and provide employers with a deeper understanding of their candidate’s experience. Understanding the various applications of AI can help employers improve the efficiency of their hiring process and optimize it.
Machine learning can help in the recruitment process by identifying potential candidates in seconds and providing valuable insights into the candidate’s past experiences and their likeliness of leaving their current job. Machine learning technology can help in processing applications by creating personalized experiences for the candidates. This technology can analyze the candidate’s online activities and provide personalized job opportunities based on their interests.
Robotic process automation (RPA)
With the help of robotic process automation (RPA) solution, a recruiter can spend less time on administrative tasks and more time on recruiting. When a job requisition opens the system can automate the steps needed to submit information to various sources. Through an automated process, it can also distribute job notifications to various community organizations and ensure that the job posting reaches as many potential candidates as possible. After a candidate accepts an offer, a robotic process automation solution can help complete various tasks related to the hiring process, like form collections, pre-employment checks, form submissions, etc.
Natural language processing (NLP)
Natural Language Processing (NLP) is a powerful tool used in talent acquisition to create job descriptions that are ideal for attracting and retaining the best talent. In order to find the ideal candidates, an AI tool needs to be enabled with NLP capabilities to analyze and interpret the information that candidates share on social media. AI-powered chatbots can help in the recruitment process by performing various tasks such as prescreening and applying for jobs, thus, reducing the time spent by recruiters on the application process.
AI Enhancing Talent Acquisition – Use Cases
AI is rapidly becoming a dominant force in the recruitment process, as it is transforming the way candidates are evaluated and hired. Below are a few ways in which AI is transforming the business of recruitment.
AI helps organizations improve the efficiency of their candidate sourcing process. Its ability to process data at scale allows them to reach out to more potential candidates and build a more effective talent pool. AI helps organizations reduce the time and effort involved in sourcing candidates by automating the various tasks. AI automates the recruitment process by analyzing data collected from various sources, such as public records and proprietary data. It then matches potential candidates with available jobs and sends out text or email alerts.
It’s easy for recruiters to miss out on potential candidates in the endless applications that are flooding the market. Due to the sheer volume of applicants, it’s hard to find the most compelling candidates. With AI, talent acquisition teams can fully screen the applicants and score them on their potential fit. This eliminates the need to spend countless hours reviewing applications and, instead, helps them improve their candidate engagement by sending out emails and assessments.
The administrative tasks involved in the employee lifecycle, such as the onboarding and offer letters, often require a lot of HR resources and time. AI can help automate these tasks by providing various tools and capabilities, such as creating templates for documents and handling background checks. Additionally, AI can create learning paths that are customized to the interests and skills of new employees and match them with similar groups or individuals. This helps employees enhance their productivity and speed, thus helping companies save time and money by reducing the training requirements.
Despite the existence of contract lifecycle management (CLM) tools for decades, AI has started to make an impact in this field recently. AI-powered CLM tools can help organizations generate and negotiate contracts, identify risks within the language, and manage their various lifecycle activities. These tools can help organizations reduce the time it takes to negotiate and generate contracts, as well as identify discrepancies in the documents. They can also support large-scale procurement projects by helping them manage the assignment and termination rights of contracts.
AI has a significant impact on the recruitment and hiring process, as it allows companies to source and connect with candidates more effectively. Recruiters and hiring managers use AI tools to improve the efficiency of their operations.
And if you are looking to incorporate AI and create smart talent acquisition products and services, Devfi is your go-to place. We are a digital transformation company focusing on new-age technologies like AI, Cloud, big data, application development, etc., and a perfect one-stop destination for all your talent consulting and technology needs as we bridge the gap between talent and opportunities with technology. For more details, contact us.