The Age of Robotics and Artificial Intelligence
As we enter the age of robotics and artificial intelligence, let's prepare to encounter innovations, disruptions, and new business models similar to what happened when the internet became popular and led to a completely different way of doing things. The chatbot market, which is part of the overall artificial intelligence business and was valued at US$ 113 million in 2015, is projected to grow at a CAGR of 27.8% to US$ 994.5 million. Cognitive computing is expected to grow even faster at a CAGR of 49.9%, reaching a global revenue close to US$ 1 billion in 2025, according to Transparencymarketresearch.com.
The APAC region will be the second-largest geography after North America to consume these products and services. Human resources departments will need to adapt and improve efficiencies based on these new technological innovations. An immediate function that will be impacted is recruitment and staffing, which is probably the most transaction-heavy and cost-impacting function within a typical human resources department.
Impact on Recruitment and Staffing
With the introduction of machine learning-based search tools and chatbots, the ability of a recruiter to go through large databases and identify the correct talent in terms of experience and skills has become easier, faster, and cheaper. There is no longer a need to build complex Boolean syntax, which in the past would be a barrier for recruiters to reach the right resume even if it was present in the database being searched.
Advantages of Machine Learning in Recruitment
- Since it is based on machine learning, every search and shortlist helps the machine learn better and reconfigure the search to attract resumes closer to the job description. This standardizes the output from a sourcing point of view, a common issue in the recruitment function at present. It also assists candidates in finding suitable opportunities. For any individual browsing a career site, it can be overwhelming with a plethora of jobs and uncertainty about where they fit best. With contextual search tools, candidates can see which jobs they rank best for based on their skills and experience. Additionally, chatbots can screen and remove mismatches through screening questions or suggest courses that will bridge the gap in skills.
- The efficiency of the world's best recruiter to scan the entire database of resumes and come up with matches with a high degree of accuracy is limited. In contrast, machine learning tools can search millions of resumes in minutes and provide results with a high probability of match. Hence, the future of recruitment closures may not be measured in days but in hours! Hiring from campus and recruitment events can see drastically reduced turnaround times with these machine-based tools.
- Standardization of output leads to a better selection ratio for interviews, resulting in a strong buy-in from hiring managers who would start relying on the recruiter even more. From a recruiter's perspective, this negates the negative perception a hiring manager typically has towards this function.
- Cost reduction is another benefit. It helps leverage internal and ATS databases better, apart from external databases, positively impacting sourcing costs. Due to better throughput in the interview pipeline, operational costs are further reduced. Costs can also be lowered by identifying more internal candidates and providing relevant skill training.
- The use of bots for screening candidates and scheduling interviews is showing a positive trend. Algorithms are available for asking certain hygiene check questions directly with candidates, which helps in further qualification for the role, and interviews are scheduled based on the availability of the candidate and interview panel.
- Most products now available are offered as SAAS (solution as a service). These are cloud-based services with an option to pay per usage. The flexibility allows such tools to be used within ATS as well as outside of the ATS and customized as needed. With a strong focus on data protection and security, these platforms are becoming increasingly reliable to use.
Overall, there is a global trend to view artificial intelligence products and platforms more positively, and acceptance is increasing. By all indications, artificial intelligence is rapidly moving into the realm of everyday business.
Location: Noida, India
From India, Noida
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2As we enter the age of robotics and artificial intelligence, let's prepare to encounter innovations, disruptions, and new business models similar to what happened when the internet became popular and led to a completely different way of doing things. The chatbot market, which is part of the overall artificial intelligence business and was valued at US$ 113 million in 2015, is projected to grow at a CAGR of 27.8% to US$ 994.5 million. Cognitive computing is expected to grow even faster at a CAGR of 49.9%, reaching a global revenue close to US$ 1 billion in 2025, according to Transparencymarketresearch.com.
The APAC region will be the second-largest geography after North America to consume these products and services. Human resources departments will need to adapt and improve efficiencies based on these new technological innovations. An immediate function that will be impacted is recruitment and staffing, which is probably the most transaction-heavy and cost-impacting function within a typical human resources department.
Impact on Recruitment and Staffing
With the introduction of machine learning-based search tools and chatbots, the ability of a recruiter to go through large databases and identify the correct talent in terms of experience and skills has become easier, faster, and cheaper. There is no longer a need to build complex Boolean syntax, which in the past would be a barrier for recruiters to reach the right resume even if it was present in the database being searched.
Advantages of Machine Learning in Recruitment
- Since it is based on machine learning, every search and shortlist helps the machine learn better and reconfigure the search to attract resumes closer to the job description. This standardizes the output from a sourcing point of view, a common issue in the recruitment function at present. It also assists candidates in finding suitable opportunities. For any individual browsing a career site, it can be overwhelming with a plethora of jobs and uncertainty about where they fit best. With contextual search tools, candidates can see which jobs they rank best for based on their skills and experience. Additionally, chatbots can screen and remove mismatches through screening questions or suggest courses that will bridge the gap in skills.
- The efficiency of the world's best recruiter to scan the entire database of resumes and come up with matches with a high degree of accuracy is limited. In contrast, machine learning tools can search millions of resumes in minutes and provide results with a high probability of match. Hence, the future of recruitment closures may not be measured in days but in hours! Hiring from campus and recruitment events can see drastically reduced turnaround times with these machine-based tools.
- Standardization of output leads to a better selection ratio for interviews, resulting in a strong buy-in from hiring managers who would start relying on the recruiter even more. From a recruiter's perspective, this negates the negative perception a hiring manager typically has towards this function.
- Cost reduction is another benefit. It helps leverage internal and ATS databases better, apart from external databases, positively impacting sourcing costs. Due to better throughput in the interview pipeline, operational costs are further reduced. Costs can also be lowered by identifying more internal candidates and providing relevant skill training.
- The use of bots for screening candidates and scheduling interviews is showing a positive trend. Algorithms are available for asking certain hygiene check questions directly with candidates, which helps in further qualification for the role, and interviews are scheduled based on the availability of the candidate and interview panel.
- Most products now available are offered as SAAS (solution as a service). These are cloud-based services with an option to pay per usage. The flexibility allows such tools to be used within ATS as well as outside of the ATS and customized as needed. With a strong focus on data protection and security, these platforms are becoming increasingly reliable to use.
Overall, there is a global trend to view artificial intelligence products and platforms more positively, and acceptance is increasing. By all indications, artificial intelligence is rapidly moving into the realm of everyday business.
Location: Noida, India
From India, Noida
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