Anyone who’s works in recruiting these days knows that artificial intelligence is one of the biggest trends driving change in the industry. Just as online job boards forever shifted the way that companies advertise jobs two decades ago, AI is in the midst of forever changing the way that companies find the right candidates for those jobs. From chatbots interviewing candidates to algorithms creating custom job posts, the uses for AI to improve the recruiting process are endless.
This revolution is coming, and it’s happening fast. The value of the HR tech market could be as much as $400 billion. Here’s what you need to know:
AI Goes Beyond Keyword Matching
AI resume screening can do what humans do, but faster and at a bigger scale. Beyond basics like experience and education, humans can look at a resume to figure out which direction a candidate might be going with her career, or pick up on a resume that feels fluffed.
It’s harder for a machine to pick up on such subtleties that aren’t spelled out, but with AI, a software program can learn how to do so. At Finalist, that’s why our Natural Language Processing Techniques include Machine Learning, creating rules via an analysis of data in an ATS. The more data we collect, the smarter our system becomes, and the better our matching performs.
AI Is Getting Smarter And Faster
While AI and machine learning tools are maturing and becoming more available via open source, they’re also benefiting from a shift to cloud computing. It used to take an impractically long time to create useful deep learning via big data because of limits on computing capacity.
Now, with access to instant computing powers in the cloud, that deep learning happens much quicker. AI’s potential has always been there, but the higher-capacity computing powers now make it more practical for companies to use it. As AI gets better at finding the perfect candidate for a role, it has the potential to greatly reduce the cost of recruiting—and in the long-term lower turnover.
Integration Can Be Seamless
Incorporating AI into your recruiting process doesn’t have to require additional work on your part. The best AI solutions plug into systems that you’re already using, in order to make your current processes more efficient. At Finalist we’re working with ATS systems to integrate with their platforms, making it easier for our clients to find the best vetted, actively looking candidates in today’s job market.
In August, we announced our integration with Greenhouse, our largest integration to date with an applicant tracking system. Recruiters who enable the integration, available now in the Greenhouse marketplace, can create a custom rejection reason and craft custom email templates to the best candidates they can’t hire and invite them to the Finalist platform, where our advanced AI will match them to similar roles at other companies in the network.
The AI revolution remains a driving force forever altering the recruiting industry. In order to remain competitive, recruiters will need to embrace this change or risk losing the competitive advantage that comes with hiring the best talent.