THE PLACE OF AI IN RECRUITMENT
In the last few years talk and the use of artificial intelligence “AI” has been on an upwards projectile rapidly gaining momentum and according to International Data Corporation the worldwide spend on AI is likely to exceed $98 billion dollars by 2023 (global spend in 2019 was $38 billion). But why is it that many of us in the recruitment industry choose to ignore it or shy away from it?
Is it because we think our jobs may become redundant, is it because we do not understand it, or do we think we do not need it or are we just plain scared of it?
Like AI in any other industry it is not going to go away so we need to take a big breath and find the time to learn it, to understand it and embrace it. Every organization will have different recruitment procedures and policies and therefore the way AI is incorporated into your recruitment needs will vary. But we cannot deny that AI is having a big impact on the way we recruit and particularly our efficiency and effectiveness.
At SteppingStones we have seen some routine low-level administrative tasks become automated and the increased efficiencies have been dramatic. Once we observed how the simplest of tasks could be simplified and streamlined we started to look at all other areas of our recruitment processes to examine what else could be improved.
Before you decide not to read on, please do not think that for one moment I am suggesting that AI can replace recruiters. The human touch and feel will always be needed but by using AI we are very wisely giving ourselves more time and intel to be able to make the smarter decisions. So, what are the real benefits of using AI in the recruitment and talent engagement process?
Time saving – automating administrative and repetitive functions can release valuable man hours that can be better used elsewhere. For example, automated messaging systems can reduce the amount of time recruiters spend emailing and telephoning candidates.
More accuracy – when using AI our ability to gather data and analyze this data is enhanced and therefore our ability to make more detailed and accurate comparisons is improved.
Unprejudiced decisions – human involvement in hiring decisions can sometimes involve conscious or unconscious bias. By relying on the data and analytics generated by AI allows us to only hire the best person based on their real potential.
Engaged employees – recruiters are allowed to focus on the evaluation and report writing parts of the job as routine tasks have been automated and removed from their duty list. Therefore, recruiters can feel more empowered and satisfied.
Better hires – including AI in our recruitment processes leads to better quality hiring decisions.
Saves $$$$ – all of the above evidence will save precious $$$. Whether it is time that is saved, the better comparisons and analysis we can make or the more engaged our employees are – money will be saved.
AI is here to stay and has already added great value to SteppingStones and I have a feeling that we haven’t seen anything yet.
Milly is the founder and Managing Director of SteppingStones and has had the privilege of calling Cayman home for the past 27 years. Throughout her time on the Island Milly has worked within recruitment agencies and for financial service providers within talent acquisition and development roles. Milly has an in-depth understanding of attracting and retaining talent human capital and of all of the challenges that businesses in Cayman and this region can face.