AI is revolutionizing recruitment practices across industries: Here's how
Companies from diverse sectors are increasingly integrating artificial intelligence (AI) tools into their recruitment processes. These tools are being utilized for candidate sourcing, resume screening, skills assessment, predictive analytics, and bias reduction. Despite various concerns, such as data privacy, risk of discrimination, and the possibility to overlook candidate potential, HR executives report that AI is making the hiring process quicker and more efficient.
Providing valuable insights for recruitment
AI tools offer companies valuable insights by analyzing market trends, historical data, and internal talent metrics. This analysis enables them to understand emerging skill demands and talent availability. Consequently, it helps in developing effective recruitment strategies that cater to both current and future needs.
Genpact's AI-based recruitment tool boosts efficiency
Professional services firm Genpact recently introduced IMatch, a generative AI-based in-house resume parsing and job-matching engine. According to Ritu Bhatia, Genpact's global hiring leader, AI tools have made the hiring process touchless for 40% of their new hires until the interview stage. Bhatia also reported a 15% increase in recruiter productivity and a reduction in the hiring timeline from 62 days to 43 days due to the use of AI.
Simplilearn utilizes AI for optimized job descriptions
Edtech firm Simplilearn has been using ChatGPT among other AI tools for over a year now. These tools are helping the company to optimize job descriptions, craft proficiency assessments, and conduct psychometric tests. Archana Krishna, Simplilearn's chief HR officer, stated that the use of AI "enables us to reduce time on mundane tasks and improve productivity and efficiency."
GenAI-based tools can personalize recruitment process: Peoplefy CEO
Rajesh Bharatiya, CEO of recruitment services provider Peoplefy, emphasized how GenAI-based tools can personalize recruitment process. For instance, they can send mass recruitment emails tailored to each candidate's unique experiences/background. Bharatiya noted that such customization would otherwise require "10 times more time to customize manually."
Welspun Enterprises reports improved hiring efficiencies
Infrastructure development firm Welspun Enterprises uses a GenAI bot to assist its executives during interviews. The company's chief HR officer, Rajesh Jain, reported a significant improvement in hiring efficiencies since implementing the bot. Jain said, "Before using the GenAI bot for interviewing, our selection ratio was 15%. Now this rate has increased to 55%, a 40% jump in my selection rate overnight."
