Thirty three years back in 1984 Terminator, part of the iconic blockbuster Terminator series had first shown us a glimpse of the Artificial Intelligence in action. The Skynet, the AI system was the central feature in the 5 part Terminator franchise and served as its main antagonist. In the movie, the Skynet projected a harrowing face of Artificial Intelligence which enslaved the human race and was responsible for worldwide annihilation of millions of human beings.
But the Skynet story was just a ‘fiction, far from truth. AI will act as a harbinger of development of our race in an unprecedented way thereby completely changing the way we work and live.
In 1982 in India when computerisation was introduced in the banking sector there was a large scale speculation that computerisation will lead to mass layoffs and new job opportunities will get squeezed but actually the reverse happened. Not only computerisation increase the banking efficiency, it also led to creation of new jobs
Similarly due to extensive growth of AI some jobs will definitely be automated but significant number of new jobs will also be created parallely. Automated machines like robots may create new categories of work, but there will be human-robot collaboration which will result in bringing a change in the kind of work opportunities available. It has been estimated that AI will grow from a $643.7 million market from to $36.8 billion by 2025.Future aspects of AI needs to be visualized in day to day business.
Now days we are using Google maps, which utilizes big data and machine learning algorithms to understand driving behaviour and patterns. For example Google maps help the drivers to find out the routes very easily and efficiently. Self-Driving car service at lax classylaxcarservice.com are boon to the automobile industry. This technology is using machine learning algorithm that understands driver behaviour and is continuously learning to respond under different situations thereby making travel safer and efficient.
Likewise AI in recruitment industry will also help the recruitment agencies to improve candidate lives. AI will continuously learn the placement agency’s best practices and provide them with data and insights which will help the recruitment firm to build relationships with the candidates, understand their talent, background and capabilities. Thus, recruitment consultants can spot the best person for a particular position.
The Role of AI will thus be of an enabler and augmenter and not to replace the human touch. It will enable a recruitment agency to make greater impact with informed decisions
So how exactly AI biased applications is going to bring transformation for recruitment agencies and candidates. Let’s uncover some facts:
A) Analyzing resumes, social profiles and information on the web AI will uncover stories of millions of candidate profiles & data points like companies and roles, skill sets, common facets in resumes, similar work history and the trajectory within those companies and other pertinent information
B) From vast amount of data processed by AI applications, recruiters will have smart insights on talent movement and hiring trends
C) AI will understand the candidate’s job tenure, their background, roles and responsibilities and growth path at different companies’ thereby unraveling valuable information on candidates characteristics, attitude, qualities, performance and skills.
Bu harnessing this knowledge, AI based applications will automatically create search conditions and source candidates who can be perfectly aligned with the companies recruitment goals
Sourcing Time Is Reduced
Recruitment is very hectic work. It takes a lot of time to find out the right candidate. And most of the time the operational procedures are inefficient and ineffective to spot the right talent. Half of the days’ time a recruiter spends in searching for new candidates which leaves a little room for him/her to concentrate on engagement with qualified and interested individuals.
Skill sets of recruiters’ can be put to best use, when they work on cementing their relationships with candidates, making them understand the value of the proposed job rather than doing menial tasks. This factor will lead to faster closure of vacant positions, thereby creating value for companies and candidates, ultimately increasing the loyal customer base for a recruitment agency.
Biased Sourcing is Eliminated
As the entire process will be AI aided, recruiters will no longer be susceptible to unconscious biases at the time of sourcing. Recruiters most of the time gets driven by certain facts from candidates such as alma mater, major experience, qualification, location for a particular role which may not be adequate to make an impactful and unbiased decision as the full spectrum of candidates information might be elusive to a recruiter. So instead of depending on smaller search terms for information filtering, AI will prudently define the search based on larger data size and hidden information facets, thereby producing decision driven by data rather than perception.
As human bias is eliminated company will be rest assured that that in their quest for right talent, they have not missed out on any deserving candidate .
Increase Efficient & Rational Recruiting Process
A wrong recruit can lead to considerable economic and reputation loss for a company. The total cost of a wrong recruitment includes hiring, training, total compensation and eventual severance package apart from loss of valuable time and disruption in business operations.
AI can create high quality talent pool from social networks, internal databases and public information available on the web in minutes. What takes recruiters weeks can now be accomplished in fraction of a time thereby redirecting their energies more on human interaction with each and every candidate of the talent pool so that they can hire the right candidate for the right job without any apprehensions.
AI will be a disruptive force in the arena of right recruitment. As a leading Placement Agency, we are currently in the process of adoption of AI tools for decision support. This we believe will help us to provide value to all our customers and also power the career track of right job aspirants.