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How AI and Automation are Revolutionizing Recruitment

Jun 28, 2018 12:09:00 PM / by Nikolay Manolov

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The world of recruitment is changing - and fast! Over just the past few years, systems have become automated and things like candidate matching algorithms have made the struggles of finding top talent a thing of the past. As 13% of companies are already integrating AI as a part of HR, it seems that our processes and use of technology continues to help us not only in finding talent (or even finding a nearby restaurant), but also drives us to focus on the bigger picture - making employees and whole departments more productive and profitable. And we aren’t the only ones seeing this trend.

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72% of executives believe that AI will offer sizeable business advantages in the near future. The crazy thing? They aren’t wrong! In fact, with the use of different AI and Automation tools, businesses have seen an increase in overall recruiter productivity by 3.7 times. Think of all the extra work you could get done!

 

The great thing is that recruiters themselves are feeling these affects and loving it. A recent study was able to find that half of recruiters (49%) feel positive about the effects of AI and Automation on their jobs while more than 80% of executives are “eyeing the peaks” and view AI as a strategic opportunity. This is a great achievement when it comes to finally integrating the use of this helpful technology. Why? Because, despite some negative opinions out there, AI and Automation are NOT the enemy. This growing industry, which is anticipated to be a $47 billion industry by 2020, acts as a way to help workers of the world (especially recruiters) work smarter, not harder.

 

So, where exactly are recruiters and companies seeing these benefits?

  • 75% of recruiters feel Automation allowed them to complete routine tasks quickly.
  • 68% of recruiters say Automation freed up their time to do better work.
  • 50% of recruiters said Automation allowed better client and candidate service.
  • 45% of the tasks currently being performed by humans could be done more efficiently by Automation or robotics, reducing headcounts and providing about USD $2 trillion in global savings to businesses.
  • Early adopter companies using AI-powered recruiting software have seen their cost per screen reduced by 75%, their revenue per employee improve by 4% and their turnover decrease by 35%.

These numbers don’t lie, AI and Automation are the future of HR and recruitment. It’s no wonder that 57% of companies use chatbots and that 15% of HR leaders have said that Artificial Intelligence and Automation are already impacting their workplace plans. However, despite these benefits and thinking into the future, many companies still quite aren’t on board.

 

Did you know 40% of recruitment agencies don’t automate during the prospecting or client engagement stages, and more than 30% of agencies don’t use it during any stage of the recruitment process despite the fact that 58% of candidates say they’d be comfortable interacting with a chatbot in the early stages of the application process? What’s even more surprising is WHO seems so reluctant to change. It was recently found that only 1% of the Fortune 500 are using AI tech like chatbots in their recruiting. These are the top companies around the world, yet they are still hesitant to jump on the AI and Automation bandwagon.

 

Like it or not, these and other companies are going to have to catch up sooner or later, or be left behind. AI and Automation technology is the future of recruitment. 72% of recruiters believe their approach to hiring will need to evolve as AI and Automation become more prevalent, and they couldn’t be more right. It’s time to get with these new advances in technology for productivity and profitability shake. This is why 16% of recruitment agencies rank actually implementing Automation technology as a top three priority in their agenda. Are you one of them?

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Nikolay Manolov

Written by Nikolay Manolov

Nikolay Manolov is a co-founder and Chief Technology Officer of XOR.ai, a leading chatbot and AI company that helps turbocharge recruitment and hiring efforts. Nikolay has a long history of working in the computer software industry and was first prize winner at a 2018 nationwide chatbot and AI competition in Russia.

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