What Impact Will Artificial Intelligence have on Staffing Industry
AI (Artificial Intelligence) is the next big thing in the technology sphere. Almost every industry will affected by AI, and staffing is no exception. In fact a lot of staffing firm executives believe that AI will play a significant role in improving recruitment.
The existence of AI will lead to huge unemployment in the coming years. According to Sense CEO, Anil Dharni, about 9 to 41 percent of Americans may lose their jobs to AI in the next two decades. That’s huge!
While AI is yet to make a big splash in the recruitment industry, it is certain that it is going to be the biggest technological revolution of all time. Below are some of the ways we see AI affecting the staffing industry in the coming years.
- Helps automate recruiting and CV sorting: AI will save recruiters time by picking the right resume as per the profile requirement, recognizing prospective candidates, and perhaps even automating outreach messages to qualified candidates about good matches for available jobs. As it’s not a human, hence the chances of discrimination (based on race, caste, color, religion) will be nil. When the first stage of recruitment is completely taken care of by AI, recruiters can focus on interviews and employee training more. This means you may need less number of resource in the recruiting team, and you can train the excess to work in other areas of the business.
- Helps in refining candidate engagement rate: AI has the ability to learn and adapt to algorithms to be better and smarter at work. This is specifically helpful when you want to communicate with prospective candidates. Every candidate has different personality and preference. Some might prefer receiving phone calls over text messages or there are candidates who would like to keep communicating over email for interview schedule and related topics. AI can use the algorithm to determine which technique and time of the day will garner highest engagement and response from the prospects. In nutshell, AI will take into consideration what’s best for your candidates and act accordingly.
- Helps in evaluating big data: Yes! But what big data do staffing firms have? Not one, but several! AI will be able to analyze:
- Using candidate’s past work history to predict future activities
- Attrition rates
- Probability to get a job
- Possibility of a candidate to finish an assignment successfully
Analysis of big data could help staffing firms to find out which of their candidates has most possibility to come for the interview, join on day one of the work and perform well to accomplish company goals. This kind of intelligent analysis makes it easier for recruiters pick the right talent without wasting time, effort and money on the wrong ones.
- Provides the benefits of Smart Visual Assistants: While most businesses have implemented some type of visual aid, AI is expected to take it all to the next (probably the highest) level. How?
For instance – When candidates will land on your website, chatbot will be able to respond to their queries (if any) quickly. This mechanism will act as a full-fledged guide for visitors on your website. It will take them to the right place to apply for a job, and even scan their CV to help these candidates apply for the best-fit role.
Apart from the above gains, Artificial Intelligence could save your time and money further with Robotic Process Automation. RPA will replace human efforts by doing emotional intelligence, judgement, reasoning, and customer interaction all on its own.
Initially, any technological advancement is daunting, but AI can truly result in immense cost reduction.