Ask any recruiter – sourcing candidates is one of the most time-consuming parts of the job, and that’s not even including the lengthy shortlisting process that follows. In fact, a recent report estimates it costs businesses as much as $4,100 to make a new hire, which makes sense when you consider the average time spent on filling a position is 42 days.
Companies’ margins are suffering because of the sheer length of time dedicated to each hiring project – when ultimately, they don’t have to be. It’s no secret that the recruitment industry is in a state of change right now thanks to the introduction of artificial intelligence.
Recruitment AI can save approximately 23 hours per candidate by using algorithms to replace most of the hours spent by recruiters sorting through resumes. With these capabilities, companies now have the opportunity to shift these duties away from paid employees. This time saved allows recruiters to focus on the people behind the resume, ultimately improving the quality of hires being made.
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Yet despite the time savings, more than 55% of recruiters use no form of artificial technology in their hiring process, perhaps because of a misguided fear. In 2018, we here at Yoh conducted a study that asked more than 2,000 Americans how they felt about artificial technology in the workplace. Results showed that almost 90% of those surveyed felt AI would change the workplace, with 63% feeling it would be for the worse.
But with the correct training and a smooth implementation of this technology, AI has been proven to streamline the recruiting process. And with the widespread adoption of AI accelerating, companies must look at this technology as an opportunity to improve their workflow and complement their recruiting team.
One Hire Thought
Like it or not, AI is expediting the recruiting process and creating powerful time-saving opportunities for companies of all types. Companies are wise to join the movement today and begin training staff to properly use the technology as soon as possible.
The companies that choose not to participate will be losing out on thousands of dollars and countless hours spent performing rudimentary tasks. Businesses that do embrace the change will set themselves up for success both now and in the long run.