Recruiting is an essential function within any human resources department. A single job posting for a company has the potential to generate a hundred resumes in response or no resumes at all.
Either way, it can be administratively heavy, costly and time-consuming. This can be overwhelming to companies experiencing growth or with multiple positions available.
In a 2016 survey by the Society for Human Resource Management (SHRM), it was revealed that the average amount of time it takes for a company to fill an open position is 42 days. Many hours of a recruiter’s day are dedicated to candidate sourcing, screening, interviewing and, if a candidate is offered a position, the negotiation process.
In addition to the many steps involved in the recruiting process, recruiters are also tasked with understanding the hiring goals of the company they are recruiting for and, based on those goals, pursuing candidates who are the best possible match, all while keeping the company’s culture and vision at the forefront. Hiring a candidate who is not a proper fit for a position or the culture of a company can be a hit to a firm’s budget. The same SHRM survey estimated that it costs a company an average of $4,129 per hire.
Artificial intelligence (AI) is changing the landscape of candidate recruitment and allowing companies to compete in the candidate market in ways not previously seen. With the support of AI streamlining the recruiting process, an HR team can reduce the cost and resources spent on recruiting and become an even greater asset to a company and its employees, using the newly found time to focus on relationship development and improving the overall culture and atmosphere of the workplace.
As the CEO of Merchants Fleet, I have worked closely with our human resources department on reviewing and implementing the various ways we can incorporate AI into our recruiting process.
AI software can be proficient in determining how job applicants might respond to a job posting and will propose the use of different text and formatting to correct language or layout issues that might detract a candidate from applying for a vacant position.
A ZipRecruiter article revealed job posts that included gender-neutral language received 42% more responses than those that used gendered wording. The use of artificial intelligence software in the job posting phase of recruiting allows for meaningful language to be used that does not speak directly to one gender over another.
Candidate sourcing is one of the more laborious phases in the recruiting process, costing HR teams valuable time. Recruiters can spend several hours a day researching websites and scouring social profiles looking for potential prospects to match open positions.
AI has become a time-saving resource for candidate sourcing. The algorithms programmed into AI software allow the program to scan external and internal databases, various social profiles and websites and, once complete, the program will present the recruiter with the best candidate options.[…]