Recruitment, being a hi-octane people-centric industry has to interface with two critical resource groups – job seekers and talent managers. Likewise, every business, this space also needs KPIs to measure its success rate through a set of integral values that can be infused to pin down how effectively a planned HR business is meeting the objectives.
KPIs make the recruitment metrics more relevant from the perspective of key feedback tools for continuous improvement to analysing the depth and width of productivity regarding cost-per-hire, quality-per-hire, time to hire, applicants-per-opening, selection ratio, offer acceptance rate, performance-per-hire, recruitment funnel effectiveness, first-year attrition, customer delight (both recruiters & candidates).
Human engagement is at the heart of every critical appointment for this industry. This emphatically underlines building relationships, which plays a pivotal role in business success
Like Big Data, Mobile and Cloud, Artificial Intelligence (AI) are all set to take the world of recruitment by storm.Above all, AI in HR and Recruiting is a game changer to dominate the hiring scene in the coming years. Globally, the recruitment scene has been fast evolving and buzzing with innovation. Now the big question is when the world is undergoing an exciting metamorphosis through a rise in automation by merging AI and traditional recruitment practices to curtail the tedious and mundane manual processing, why are we still using a technology that doesn’t support the evolving needs of recruiters? There are many recruiting challenges that thwart the progressive flow of operations and hinder productivity.
A few of them are:
- Attracting the right candidates for the best fitment (in fact, you can’t hire great people if you don’t know what great looks like!)
- Tedious screening process involving 50-60% of the time in matching JD to candidates
- Improving the time per hire, thereafter bettering the cost per hire.
- Hiring fast because vacant positions cost money and delay operations
- Creating a new standard of candidate experience because it is a core element of the recruiting process
- Creating an efficient recruiting process
- Engaging qualified candidates
- Using data-driven recruitment
We must agree on both at the corporate and consultant’s end, a recruiter’s role and responsibility is beyond sourcing candidates and parsing resumes. They are also equally responsible for sustaining association with job seekers and clients (employers). They deem this
As a result, it is all about spinning productivity through higher benchmarking.
AI- The power of Automation
AI, being a power of automation in a digital economy, is a productivity catalyst in all management functions including HR. Moreover, Recruitment is a two-sided market, where
HR departments in the companies and recruitment firms have an increasing amount of data, it is easier to be managed through AI. This, in turn, helps them to identify the best fit for each position vis-à-vis the matrix from the past based on standardized resumes and (potentially biased) interviewers’ opinions, and because of which the companies are much more relaxed today.
How’s AI helpful
AI is helping to fill up the gaps and to make the process faster with adequate value addition in all the fields directly and indirectly connected to organizational productivity and stronger employee branding. After all, how to showcase and blend a company’s culture, benefits and employee stories into the hiring to encourage more applicants, is a big factor for successful employee engagement to lead by example. In addition, Intelligent digital recruiters can source candidates from anywhere in the world. This helps foster a progressive vibration of cultural diversity within companies. Moreover, AI can guide the recruiter if a candidate is potentially a good cultural fit within an organization and can represent the company’s goals and reputation.
So with AI coming into the HR scenario, there’ll be no more:
1. Lengthy and complicated hiring processes
2. Recruiter-candidate relationship imbalance
3. Lack of credibility over competitor
4. No more “talent waste”
5. Cost ineffective hiring
AI will ensure:
- Improved candidate experience
- Candidate and resume screening – Real Time vetting
- Better match rate [right candidate, at the right time, for the right job]
- Speed of application process
- Quality of application process to the tune of 90%
- Improved quality of hires
- Optimizing human equity
- Choosing the “best” from the best
- Simplified and streamlined Applicant Tracking System
- Automation of transparent candidate-recruiter communication
In conclusion, More than 70% job-seekers admitted of having given up midway (during the lengthy hiring process) or losing interest in a role if they don’t hear back from the recruiter within a week. Therefore, it’s important that recruiters invest their valuable time to interact & keep a job-seeker interested in an opportunity. According to a report published on HRtech, by 2025, the global economic impact of AI is expected in between $7.1 trillion to $13.1 trillion. Therefore, AI in recruitment will have an integral role to play.