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Behind the success or failure of any organization are its people, and thus the human resource management was, is and will always be one of the most vital part of the organization. And it’s no wonder that every year a small fortune is pumped into HR efforts that it keeps increasing year on year- all companies want the cherry of talent cake.
However, attracting and acquiring the right talent is getting harder and harder with the evolving job market, increasing skills gap, the rising cost of hiring and more. With so much on the line, employers are now looking at alternate solutions like Artificial intelligence (commonly dubbed as AI) to help them acquire candidates, faster and more efficiently.
Unless you’re living under a rock, you know that technology like AI, Automation and more are taking the corporate world by a storm, seeping in all types of industries, and revolutionizing economies.
AI in making strides in the Recruitment Industry
Keeping up with the advancing technology, recruiters are also leaving the old ways of hiring and have started to harness the power of AI to automate HR roles like filtering candidate data and tracking the hiring progress.
Recruiters sometimes must search even the dark side of the moon to find a candidate that is just the right fit. Majority of the companies claim that it can take them as long as two months to find and hire a candidate. The entire process of searching for a candidate, screening CVs, selecting and hiring can be sluggish and quite expensive too. Hiring the wrong candidate to expedite the hiring timeline can be even more expensive as unsuitable candidates tend to make mistakes on the project which ultimately costs the company.
The emergence of AI in recruitment has proven to be a game changer in resolving bottlenecks like time and cost to identify, engage and attract right talent on-board.
Here are some of the many advancements that AI is bringing about in the way candidates are recruited at an organization
Knowing the candidate beyond Resume’s with MindMatch Algorithm
The skill gap between employer expectation and talent delivered is huge. As of now, most of the hiring solutions that present themselves as AI-powered, screen the candidates through keyword-based mapping and this system is unreliable as it can be easily tricked and manipulated with resumes altered as per the JD.
Thus, it’s imperative for the hirers to look beyond the resume match, that includes psychological match also i.e whether the psyche of the candidates is matching the job role.
MindMatch Algorithms solves this issue by screening the candidate CV like a human and finding the best fit via simple MindMatch assessment. MindMatch Algorithm understands the human mindset better and maps across the employer’s hiring criteria of behavioural skills which recruiters can comprehend to understand the true potential of the candidate.
Smarter Application Tracking Systems
Automation and AI go hand in hand. The rise of AI in HR Tech has also brought automation to various hiring processes like candidate screening, scheduling interviews, tracking the hiring process and more. Employers now use automated Applicant tracking system (ATS) that allow them to easily evaluate job applications and manage the entire hiring process, from receiving applications to onboarding their employees.
1.The machine learning program can send automated messages to candidates advising them about the progress of their application, all the way from confirmation of receiving the application to their assessment.
2.The integrated system can further auto-schedule interviews with candidates as well as the interviewer using an Interactive Voice Response (IVR) system and mail offer letters once they are hired – All this without any human involvement.
In the race of meeting the demands, the future of recruitment is in AI. Using AI and integrated systems, organizations can automate and streamline the recruiting and application process. Moreover, they can easily resolve some of the biggest hurdles in recruitment.
It will help minimize the hiring time by automating tedious manual processes.
Most importantly it will offer the highest RoHE* (Return on Hired Employee) as AI will allow employers to attract the right talent that matches the organization’s culture, mindset, and expectations.
SCIKEY is a 21st century talent solutions venture, which operates a comprehensive Talent Commerce Platform where human psychology and cutting-edge Technology meet to maximize the potential of talented minds. It provides complete cloud-based hiring automation solution in one integrated AI powered platform right from talent sourcing, in-built smart ATS, customisable workflows, real-time dashboards with a super-friendly mobile interface. SCIKEY’s MindMatchTM algorithm uses AI & Psychology, adding a completely new dimension of predicting if a certain human behaviour will naturally fit a given job profile. SCIKEY brings a unique disruptive crowd-sourcing business model of an OVER (On-demand, Virtual, Elastic Resume) database that integrates thousands of talent sellers and job seekers into its supply-chain creating a true marketplace environment that has potential to bring the cost of hiring down significantly and improve the speed and quality of acquiring the talent many times. SCIKEY owns several IPs in the field of Behaviour Analysis & Prediction.
SCIKEY is backed by SRKay Consulting Group, the PE arm of the multi-billion dollar SRK exports, that is the largest exporters of polished diamonds out of India with significant investments in green-tech, solar & aviation.
Know how SCIKEY uses AI & it’s patented MindMatch algorithm which can bring revolution to your talent acquisition.