Context :
The
rise of AI in recruitment process: How companies are using artificial
intelligence for hiring
ET … 26 May 2024
Extract :
Your
job application may get rejected before it reaches a human for review.
Companies across sectors are using artificial
intelligence tools, including generative AI, for candidate
sourcing,
resume screening, skills assessment, predictive analytics and bias
reduction in their recruitment process. Humans get involved only from the interview
stage at some companies, while at some others, GenAI bots help managers conduct interviews.
While there are several concerns, ranging from
data privacy to risk of discrimination and inability to discover potential in
candidates, HR executives say AI
is making the hiring process quicker and more efficient for
them
Professional services firm Genpact recently launched IMatch, a GenAI-based
in-house resume parsing
and job-matching engine.
Covering
40% of its new hires, AI tools have made the hiring process
touchless till the interview stage, said Ritu Bhatia,
Genpact's global hiring leader. Use of AI has resulted in a 15% increase in
recruiter productivity, and an improvement in the speed to hire from 62 days to
43, Bhatia added.
Improved Productivity for Cos
AI tools help analyse historical data, market
trends and
internal talent metrics, allowing companies to gain insights into emerging skill demands
and talent availability, and develop recruitment strategies to address current
and future talent needs.
Simplilearn has been deploying ChatGPT — among other AI tools —
for over a year to optimise job descriptions,
craft proficiency assessments and conduct psychometric tests.
“This enables us to reduce time on mundane tasks and improve productivity and
efficiency,” said the edtech firm’s chief HR officer, Archana Krishna.
According to Rajesh Bharatiya, chief executive of
recruitment services provider Peoplefy,
GenAI-based tools help customise the process; for instance to send a recruitment mass mailer based
on each candidate's unique experiences and background. “Such customisation may
require 10 times more time to customise manually,” he said.
Infrastructure development firm Welspun
Enterprises uses a GenAI bot that assists its
executives in taking interviews. “Our hiring efficiencies have improved
drastically. 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,” chief HR officer Rajesh Jain said,
adding: “This is big.”
However, at the current stage of its
development, experts believe there are certain pitfalls associated with
deploying AI in hiring practices.
These include ethical considerations about data
privacy, algorithmic transparency and the risk of discrimination, lack of soft
skills evaluation, bias amplification, and inability to discover potential.
My Take :
No doubt , AI will
dramatically alter the recruitment processes but , even before emergence of AI , using readily
available software, it was possible to carry out most of the productivity
improvements listed in this article
My following notes ( implemented
as several job portals , 10-15 years ago ,) are a testimony of what I mean
:
Ø VIRTUAL
Employment Exchange ……………………………………………….[ 24 Jan 2022 ]
Ø Making Money from " Online Jobs Fair " [ Part D ]……………………[
02 Apr 2018 ]
Ø Making Money from " Online Jobs Fair " [ Part C ]……………………[
02 Apr 2018 ]
Ø Making Money from " Online Jobs Fair " [ Part B ]……………………[ 02 Apr
2018 ]
Ø Making Money from " Online Jobs Fair " [ Part A ]……………………[ 02 Apr
2018 ]
Ø Salary Profile / V 2.0 …………………………………………………………..[
14 Nov 2016 ]
Ø The nth Richest Man …………………………………………………………………..[ 06 Nov
2016 ]
Ø Software Architecture For Online Jobs Fair ……………………………….[
29 Mar 2018 ]
Ø ARDIS - Some further thoughts ! ………………………………………………[ 03 Nov 2016
]
Ø Word Recognition Software ………………………………………………………..[ 03 Nov 2016 ]
Ø Artificial Resume
Deciphering Intelligent Software ( ARDIS )…..[
03 Nov 2016 ]
Ø RECRUITMENT PROCESS COMPARISON………………………………………[ 02 Nov 2016 ]
Ø FAQ for Employers – OnlineJobsFair……………………………………………[
30 Oct 2016 ]
Ø FAQ for Jobseekers – OnlineJobsFair………………………………………….[
29 Oct 2016 ]
Ø AIR( PART ONE ):ARTIFICIAL INTELLIGENCE IN RECRUITING ..[ 24 Oct
2016 ]
Ø AIR ( Part Two )= Artificial Intelligence in
Recruiting ……………….[ 28 Oct 2016 ]
Ø PROCESS FLOW CHART / Online Jobs Fair ………………………………..[
26 Oct 2016 ]
Ø VIRTUAL JOB FAIR ( VJF )……………………………………………………………[ 25 Oct 2016 ]
Ø ANATOMY OF A DISRUPTIVE INNOVATION ……………………………….[
04 April 2016 ]
Ø RESUMINE AND RESUSEARCH ……………………………………………………[ 01 Apr 2016 ]
Ø GOOGLE JOBS ………………………………………………………………………………[ 29 Feb 2016 ]
Ø ONLINE JOBS FAIR ……………………………………………………………………….[ 11 Feb
2016 ]
Ø ResumesExchange ………………………………………………………………………..[ 09 Feb 2016 ]
Ø Search Engine Ranking of 3pJobs as
on 06 July 2000 ………………..[ 28
Mar 2014 ]
Ø A Virtual Employment Exchange …………………………………………………..[ 10 Mar
2014 ]
Ø RESUSEARCH - SHORT LIST …………………………………………………………[ 30 Aug 2013 ]
Ø RESUMINE- CANDIDATE RESUME EXTRACTED…………………………….[ 30
Aug 2013 ]
Ø PROJECT FORE COURT…………………………………………………………………. [ 05 Oct 2003 ]
Ø SELF - LEARNING SOFTWARE ………………………………………………………..[ 05 Sept 2003 ]
Ø INTERVIEW QUESTIONS & ANSWERS…………………………………………….[
05 Aug 2008 ]
Ø ANNUAL
EMPLOYMENT SURVEY ? .. ……………………………………………….26
Oct 2015
Ø Job - Candidate Assessment made easy
Ø Harnessing
the Power of AI to Predict Employee Turnover.. ………….20 Apr 2024
Ø Video
Resumes : about to get obsolete ?.. …………………………………………20 Feb 2023
With regards,
Hemen Parekh
www.HemenParekh.ai / 26
May 2024
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