According to an ET report, these tools assist with candidate sourcing, CV screening, skills assessment, predictive analytics, and bias reduction. In some cases, human involvement only begins at the interview stage, while in others, GenAI bots even assist managers conduct job interviews.
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Despite concerns about data privacy, potential discrimination and the inability to see hidden potential in candidates, HR directors maintain that artificial intelligence makes the recruiting process more capable and faster.
Advantages of Gen AI tools
Genpact, a professional services company, recently introduced IMatch, an in-house resume parsing and job matching engine powered by GenAI.
“AI tools covering 40% of novel hires have made the recruiting process touchless until the interview stage,” said Ritu Bhatia, global recruiting leader at Genpact. Bhatia said the utilize of artificial intelligence has led to a 15% augment in recruiter productivity and a reduction in time to hire from 62 to 43 days.
By analyzing historical data, market trends and internal talent metrics, AI tools enable companies to gain valuable insight into emerging skill needs and talent availability. This information helps them develop effective recruiting strategies that meet both current and future talent needs.
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Edtech company Simplilearn has been using ChatGPT and other AI tools for over a year to improve job descriptions, develop proficiency assessments, and administer psychometric tests. According to Archana Krishna, the company’s chief human resources officer, “This allows us to reduce the time it takes to perform mundane tasks and improve productivity and efficiency.”
Rajesh Bharatiya, CEO of Peoplefy, a recruiting service provider, said GenAI-powered tools assist personalize the process, such as sending mass recruiting emails tailored to each candidate’s unique experience and background. He noted: “Such customization can require 10 times the time to manually adjust.”
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Welspun Enterprises, an infrastructure development company, uses a GenAI bot to assist executives with job interviews. Rajesh Jain, Director HR, informed, “Our hiring efficiency has increased dramatically. Before using the GenAI bot for job interviews, our selection rate was 15%. This has now increased to 55%, which means my selection rate has increased by 40%. day by day”, emphasizing the importance of this improvement.
Despite the benefits, experts warn that using artificial intelligence in recruiting practices at its current stage of development has some drawbacks. These concerns include ethical considerations regarding data privacy, algorithmic transparency, and potential discrimination. Additionally, AI may not be able to assess tender skills, amplify biases, and identify candidate potential.
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