As employers tend to incorporate technology into their corporate culture, the tech industry is witnessing significant growth in open positions. No wonder, the need for software specialists has risen dramatically. With a growing worldwide requirement for competent tech workers, the increased desire to attract IT talents is the most uphill task that HRs have ever faced in the recruiting and selection phases. The 2020 pandemic has expedited the world's digital transition, which is why the demand for tech recruiting has skyrocketed.
As per data given by research and consulting firm Gartner, most enterprises will utilize external consultants and spend an estimated USD 105.2 billion on IT in 2022, a whooping 5.5 per cent increase from 2021. The situation is not much distinct in the rest of the industry verticals as well.
Common HR Challenges in the Selection and Hiring Process?
Seizing the attention of a Suitable Candidate
The intent is to pick the best candidate for the job from a large pool of applications. The most difficult challenge for recruiters is getting the attention of suitable prospects. Unfortunately, the average duration to fill a new post in a business ranges from 45 days to 4 months. Depending on where you posted the open job description, there will always be a large number of candidates that lack the necessary credentials and abilities. In the sea of applications, there is always the risk of overlooking the best applicants. More than 80% of recruiting managers acknowledged the significant challenge of having access to the right talent. This makes it difficult for recruiters to find and retain the ideal candidate for the position. Acquiring a suitable applicant with the necessary abilities and expertise enhances the quality of the work while also saving a lot of time.
Corporates want the jobs filled as soon as possible; however, it occasionally takes longer than intended to fill metrics in important employment positions. Conventional methods of evaluating your candidate might not always deliver the finest insights. The average time to hire indicator reveals how quickly you find your best fit. According to research, over 78 per cent of resumes include inaccurate information, and 46 per cent of resume writers intentionally misrepresent the facts on their resumes.
According to a CareerBuilder study, 74% of recruiting managers confess to hiring the incorrect applicant for the position. It might take months to fill a vacant post. Recruiting process procedures are time-consuming and can be difficult for hiring managers at times.
Ineffectual Talent Acquisition
In order to successfully employ the best applicant available at the time, a hiring process needs to be efficient. Without a productive hiring strategy, it takes a lot of time and energy for recruiters to attract, discover, and then employ the right applicant in a particular time frame. This inefficiency in talent sourcing leads to appalling hiring, costing the organization time and lowering productivity standards. An inefficient hire may cost your company up to USD 50,000 as per CareerBuilder. Advanced talent sourcing tactics make it much easier for the whole recruiting team to work proactively and identify qualified applicants. Efficient talent procurement allows them to spend less time on repetitive chores and more time on more important responsibilities.
There is prejudice at every stage of the recruiting process, and there is a possibility of unintentional or deliberate bias throughout the entire hiring process. The recruiting choice must be based on the applicant's abilities and credentials. This takes away the opportunity from qualified candidates; one should be selected based on the quality of the job they provide. Giving each applicant equal and fair opportunity is an excellent method for hiring the best candidate. It is a legal requirement that also boosts your company's image and results in a better workplace environment. Biases may impact a company's image as well as its culture and conventions.
Hiring may be a complicated process at times. The obstacles in the recruiting process take up more time than normal due to a lack of innovation or use of obsolete technology. In this sophisticated technological era, failing to leverage digital resources in hiring is not an option. Revised and enhanced specialised tools in the employment process allow for more accurate judgments and reduce the likelihood of manual errors. It is an effective method of seizing an opportunity to assist the firm in gaining a competitive advantage in the marketplace.
Leveraging AI for Hiring Process
Artificial intelligence (AI) is a new type of technology that has been created to decrease or even eradicate repetitive and time-consuming recruitment operations such as manual resume screening. Evaluating CVs intelligently and effectively remains one of the most challenging issues in the world of talent acquisition. According to Ideal, an advocate of HR technology and solutions, 52 per cent of talent acquisition leaders claimed that the most difficult component of the process was identifying the suitable individuals from a large application pool.
Role of Artificial Intelligence in Recruitment
Automating High-volume assignments
The greatest AI-powered solution not only automates a portion of recruiting operations but also integrates effortlessly into existing hiring systems, ensuring that current workflows are not disrupted. Furthermore, automating key aspects of recruiting decreases time-to-hire, suggesting that recruiters are less likely to lose the appropriate fit to rivals.
Due to the sheer inability to close the data funnel, i.e., losing contact with the candidate once employed, the quality of hiring has been a recruiting KPI black box. Thanks to AI, HR data is now simpler to collect, store, and evaluate, which has led to the quality of hiring becoming the most important KPI in recruiting. The potential of AI to use data to standardize the matching between job criteria and the candidate's training, abilities, and expertise promises to enhance hiring quality.
According to one study published on Undercoverrecruiter, early adopter firms utilizing AI-based recruiting software lowered their screening costs by 75 per cent, boosted revenue per employee by 4 per cent, and cut turnover by 35 per cent.
By generating important candidate insights, AI software assists recruiters and HR teams in determining new employees based on their talents and placing them in the best place to maximize their ability. This strategy not only spikes productivity but also improves applicant capabilities. By utilizing an extensive pool of data analytics, AI-based HR recruitment solutions provide more accurate findings, empowering you to make more informed judgments.
Based on their online activity history, AI Apps might publish customized advertising that the appropriate individuals only see at the right time. AI-based HR software may also examine applicants' surfing history and utilize it to make decisions. Data management processing systems allow you to create a goal and search for candidates that meet your requirements.
Chatbots are amongst the most potent applications of AI. They supplement the hiring process by interacting with applicants and addressing their fundamental queries. Advanced chatbots not only communicate with applicants but also analyze their replies using Natural Language Processing (NLP), allowing them to determine whether a candidate possesses the necessary expertise to fit in the profile or not.
Despite the fact that AI technology is being used in practically every business sector, recruiters are still unsure whether robots are suitable for the job. Others are worried about AI taking away their jobs. To some extent, the latter is correct, as computers are better at doing redundant work than humans.
On the other hand, it is the primary justification for the use of AI in the recruiting process. Nevertheless, it is critical to acknowledge the fact that the part of AI in recruiting will become more prominent in the coming years. It is amongst the most advanced HR tech innovations that completely revolutionized recruiting. Human resource managers and recruitment agencies must learn about new AI technologies and respond quickly to changing market conditions.
To accomplish smooth transfer and adopt AI into your workspace, contact Aviskaran, and we will help you apprehend the services, strategize a plan, and provide proper assistance throughout the transformation.
Content Writer, Aviskaran Technologies