More companies are looking into artificial intelligence and how it can benefit their departments. They want more efficient processes with a better return on investment so they can reach their goals faster.
With so much competition around, it’s important to learn new ways to optimize your business strategy and improve current processes.
According to Deloitte, 38% of companies want to shift to a digital HR world, but only 9% take the plunge. Perhaps if more businesses understood the long-term benefits of implementing AI, they’d take a chance and dive in.
Although adding artificial intelligence to your strategy may seem pricey initially, it's worth it for the results you can achieve.
Artificial intelligence makes it easy to complete time-consuming tasks and keep up with customers. When it comes to human resources, AI can improve its overall efficiency, so businesses achieve better results.
Let’s look at a few ways AI is transforming the world of human resources and the recruiting process.
1. Eliminating Potential Biases
A study by McKinsey and Company found that companies with a diverse workforce financially outperform companies that don't.
But whether recruiters intend to or not, there are biases that affect their decisions when it comes to hiring new employees.
Things like personal biases and stereotypes may influence who they hire and who they reject, which creates an unfair situation for candidates.
Hiring should be based on skill set, experience, education, and other tangible factors. Unfortunately, human recruiters can use their unconscious biases to discredit someone’s expertise.
In some cases, they may hire an ill fit for the company based on their beliefs rather than the facts.
AI gets rid of these unnecessary biases by using blind screening to filter through its applicants.
It can use keyword research to find relevant candidates and generate bias-free questions to get the most straightforward information.
2. Improving Hiring Process
Manually sifting through tons of job applications takes time and money away from your business.
You might think it’s a better way to get a closer look at your applicant's, but in reality, your HR department might feel overwhelmed and could overlook quality candidates.
On average, companies spend as much as $2000 a month on conversion rate optimization (CRO) tools.
If higher conversions are what they’re after, putting their budget towards better employees could take them further.
When you hire qualified candidates, you automatically save your company time and money. The knowledge and hands-on experience of a quality employee benefit your business in the long run.
So, the investment in AI upfront is well worth the cost.
Using performance evaluations, tracking patterns, and data from multiple sources, AI improves the overall hiring quality for businesses.
Machine learning can find patterns in various data and provide information so you can come to the best hiring decision.
3. Speeding Up The Onboarding Process
Helping new employees get settled in their roles can take time and usually resources.
It’s important that they feel confident and comfortable in their routines so they can focus on accomplishing their tasks. The quicker they learn their way around, the better it is for your company.
Artificial intelligence can speed up the onboarding process by providing new employees with the necessary information and resources.
Instead of receiving training on simple processes, AI can guide them through their tasks and answer commonly asked questions.
Starting a new position is overwhelming and requires employees to remember a lot of information in a short period of time.
But with AI and machine learning, it’s easier to provide seamless orientation so employees can adapt to the company culture and policies.
Over to You
It’s essential to recognize the impact that artificial intelligence has on the recruiting process across industries.
In addition to improving your candidates’ overall hiring quality, it also reduces unconscious biases and expedites the onboarding process.
All of these steps take time and money, but using AI can save your business in the long run due to its efficiency. So will you use AI to hire new employees? Do let us know your thoughts below. We would love to hear from you.