According to a report by ET, these tools help in sourcing candidates, Resume screeningskills assessment, predictive analytics, and bias reduction.In some cases, human involvement begins only at the interview stage, while in others, GenAI Bots also help managers conduct interviews.
Despite concerns about data privacy, potential discrimination, and the inability to recognize hidden talents in candidates, HR executives maintain that AI is making the rounds. Recruitment process More efficient and faster.
Genpact, a professional services firm, recently introduced IMatch, an in-house resume parsing and Engine matching the task Powered by GenAI.
“Covering 40% of our new hires, AI tools have streamlined the hiring process up to the interview stage,” said Ritu Bhatia, Global Hiring Leader, Genpact. Bhatia said that using AI has increased the productivity of recruiters by 15 percent and reduced hiring time from 62 days to 43 days.
By analyzing historical data, market trends, and internal talent metrics, AI tools enable companies to gain valuable insights into emerging skill demand and talent availability. This information helps them develop effective recruitment strategies to meet their current and future talent needs.
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Simplilearn, an edtech company, has been using ChatGPT and other AI tools for over a year to streamline job descriptions, develop skill assessments, and administer psychometric tests. According to Archanakrishna, the company's chief HR officer, “This enables us to reduce time spent on mundane tasks and improve productivity and efficiency.”
GenAI-based tools help personalize the process, such as sending mass recruitment mailers based on each candidate's unique experiences and background, said Rajesh Bhartia, CEO of Peoplefy, a recruitment services provider. “Such customization can take 10 times longer to do manually,” he noted.
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Wellspun Enterprises, an infrastructure development company, employs a GenAI bot to help executives conduct interviews. Rajesh Jain, Chief HR Officer, reported, “Our hiring capabilities have improved tremendously. Before using the GenAI bot for interviews, our selection ratio was 15%. Now it has increased to 55%. , which is a 40% increase in my selection rate overnight,” emphasizing the importance of this improvement
Despite the benefits, experts warn that there are some drawbacks to using AI in hiring practices at its current stage of development. These concerns include ethical considerations related to data privacy, algorithmic transparency, and the potential for discrimination. Additionally, AI may lack the ability to assess soft skills, enhance biases, and identify potential in candidates.