Companies in all sectors are using artificial intelligence tools, including generative AI, to improve candidate sourcing, resume screening, skills assessment, predictive analytics and reduce bias in their hiring processes. Humans are involved from the interview stage in some companies, while in others, GenAI bots help managers conduct interviews.
While there are many concerns, from data privacy to the risk of discrimination and the inability to discover potential in candidates, HR executives say AI is making their hiring process faster and more efficient.
Professional services firm Genpact recently launched IMatch, a GenAI-based in-house resume parsing and job matching engine.
Ritu Bhatia, global hiring leader at Genpact, said AI tools have streamlined the hiring process up to the interview stage, covering 40% of its new hires. Bhatia added that the use of AI has resulted in a 15 percent increase in recruiter productivity, and the speed to hire has improved from 62 days to 43.
Better productivity for Cos
AI tools help analyze historical data, market trends and internal talent metrics, giving companies insight into emerging skill demand and talent availability, and current and future talent needs. Recruiting strategies are developed to meet
Simplilearn has been deploying ChatGPT – among other AI tools – for over a year to conduct job descriptions, craft skill assessments and psychometric tests. “This enables us to reduce time spent on mundane tasks and improve productivity and efficiency,” said Archana Krishna, chief HR officer at the edtech firm.
According to Rajesh Bhartia, chief executive of recruitment services provider PeopleFi, GenAI-based tools help to customize the process. For example, sending a recruiting mass mailer based on each candidate's unique experiences and background. “This kind of customization can take up to 10 times longer to do manually,” he said.
Infrastructure development firm Wellspan Enterprises uses a GenAI bot to help its executives conduct interviews. “Our hiring capabilities have improved significantly. Before using the GenAI bot for interviews, our selection rate was 15%. Now that rate has increased to 55%, overnight my selection rate is 40%. There's been an increase,” said chief HR officer Rajesh Jain. “It's big.”
However, at its current stage of development, experts believe there are some pitfalls associated with deploying AI in employment practices.
These include ethical concerns about data privacy, algorithmic transparency and risk of discrimination, lack of assessment of soft skills, increasing bias, and failure to detect potential.