Today’s recruitment industry is doomed by significant challenges like the great resignation and labor shortage. Dealing with such challenges while finding stability in the post-covid environment requires organizations to equip their HR teams with the best solutions to hire relevant yet talented candidates. The increasingly competitive landscape demands the integration of new technologies, creative recruitment strategies, and elimination of traditional approaches for hiring exceptional talent and retaining it.
With benefits like better sourcing, preventing biased hiring, and increased successful hires, AI recruitment leads the fight against traditional recruitment. In fact, the artificial intelligence recruitment market is expected to reach USD 695 million by 2026. As its popularity rises, it is essential to understand why it is the better option. In this article, we will discuss how AI recruitment is better than traditional recruitment. Let’s begin.
- Better Job Descriptions
With traditional recruitment procedures comes an exhaustive list of job requirements that don’t necessarily fit the available talent pool. As a result, a lot of worthy talent is overlooked just because all the boxes on the list are not checked off. Such inflexibility and rigidity put companies at a loss, and this is something that business leaders cannot afford in today’s volatile market scenarios.
With AI recruitment, firms can leverage AI algorithms to implement minor yet necessary job descriptions revisions. With revisions that produce different and better results in real-time, businesses can attract more talent without sacrificing the core requirements of a job role. Additionally, AI algorithms can learn and improve themselves with regular feedback to find candidates who are the best fits.
- Intelligent Screening
Screening procedures with traditional recruitment can be tedious, inefficient, and may even be prone to several errors. Additionally, they’re time-consuming, which makes the recruitment procedure lengthy and ultimately increases the cost of recruitment for the firm.
With AI recruitment, firms can leverage the power of intelligence screening by evaluating profiles based on performance, turnover rates, tenure, skills, qualities, public data/social media, etc. Organizations can shortlist the strongest candidates in time and reduce the length of the entire recruitment procedure.
- Identification of Relevant Passive Candidates
Passive candidates form a crucial part of every firm’s candidate search. With talent scarcity, the importance of identifying and recruiting passive candidates has increased even more. Today’s talent knows their value, and they are always willing to listen to recruiters and what they have to offer.
AI and ML algorithms can make the search for passive candidates much more seamless than traditional recruitment strategies. By considering several criteria like the timespan of a person’s job, if their company is downsizing, experience, the relevance to the opening, etc., firms can leverage the power of AI and ML solutions to source and recruit the best-matched passive candidates promptly.
- Automated Candidate Sourcing
Manual candidate sourcing, which is usually a core component of traditional recruitment, is a lengthy process that also demands significant monetary investments. Additionally, it puts HR teams at the forefront of searching for candidates, thus increasing their workload and pressure.
With AI recruitment, companies can leverage the power of intelligent solutions to source candidates. In addition to saving time and money, it can also help recruitment teams to conduct a more thorough search and reach out to larger talent pools for successful recruitments.
- Affective Computing and Emotional AI
Leveraging AI in recruitment no longer implies letting go of the human element. Today, firms can employ emotional AI to ensure natural forms of interaction while empowering their recruitment procedures with the benefits of artificial intelligence.
While traditional recruitment brings the much-needed human element, it becomes disadvantageous in terms of time, money, and effort. Recruitment teams can ensure faster, efficient, unbiased, and money-effective hiring procedures with emotional AI solutions or affective computing technologies.
- Real-Time Interactions
Communication challenges are one of the traditional recruitment’s most significant challenges. Ineffective and untimely communication leads to an increased loss of talent, more misunderstandings, and overall, a negative impression of the organization.
With AI recruitment, firms can leverage the benefits of AI-powered chatbots to ensure real-time interactions with candidates. Timely answers to questions and timely feedback can save firms from losing out on talent because of communication errors. It can also lead to an enhanced candidate experience which may attract more talent to the firm.
- Faster Hires
Unfilled jobs are costly for firms, and lengthy recruitment procedures are more expensive than one may realize. Traditional recruitment strategies lead to more prolonged procedures, costing companies more than they can afford to spend. It leads to ineffective budgeting and unnecessary losses.
With AI recruitment, organizations can leverage the power of intelligent algorithms to speed up the hiring process without giving up on authenticity and relevance. As AI solutions can run different scenarios simultaneously in real-time, recruitment teams get the opportunity to quickly wrap up hiring procedures successfully. It saves up significant time and money, leading to better budgeting and decreased losses.
- Proactive Hiring
Reactive hiring shouldn’t be a company’s priority, but traditional recruitment doesn’t always leave enough room for being proactive. With AI recruitment, algorithms can help teams shift to proactive hiring procedures by identifying potential candidates effectively and filling pipelines.
The recruitment industry has been undergoing technological disruption for a long time, but the incidents of the last two years have sped up the process. Today, organizations cannot afford to overlook the recruitment teams’ requirements for meeting their workforce goals. Every firm requires meticulous hiring procedures to broaden its talent pool.
Although traditional recruitment procedures have benefitted companies up to a certain extent for many years, AI-driven recruitment is the need of the hour. Its multiple benefits can be highly advantageous for organizations, leading to more successful hires.