Admit the fact when I say that:
The recruitment and selection process for any company is dynamic, complex, time taking, and a lengthier process. Sometimes even after so much effort company ended up selecting the wrong candidates instead of skilled and qualified ones.
So what could be the ultimate solution to this problem?
Well, that’s where Artificial Intelligence (AI) comes into play.
We’re living in the 21st century and we have advanced so much that any technical problem today can now be solved up to a certain extent or completely with the help of modern technologies. And the way we are moving forward, it seems that Artificial Intelligence (AI) Softwares will change the HR & Recruitment industry forever.
Quick Fact: According to a list on the angel.co, 2197 companies have already invested hugely in Artificial Intelligence technology.
Today, in this post we will be talking about:
Believe it or not, companies are putting so much effort and time into their recruitment process. But even after that, the selection is not up to the mark and sometimes they may lose right or skilled candidates which are so valuable to their company.
Here are the 5 biggest and most common challenges companies are facing during recruitment:
1.Attracting talented and right kind of candidates
From our research, we have found that more than 82% of fortune 500 executives believe that their companies are unable to recruit highly talented people.
2.Making the hiring process faster
Based on top research it is found that more than 56% of recruiters who say that they can’t make good hires is because of the lengthy hiring procedures.
3.Balancing between the speed of hire with the quality of hire
The speed to hire metric is one of the key performance indicators to hiring teams.
Quick Fact: You would be surprised to know that only 30% of companies can fill a roll or make a hire within 30 days. Others take an average of 1-4 months to make a hire.
4.Unable to use data effectively
There is tons of data work when it comes to recruitment. Companies can use Recruitment data and metrics to make their recruitment process effective and make more informed decisions. But still, there is a lot of manual work, which is prone to human error and also not a complaint. Companies and hiring teams need to compile large data and organize in a way to make the recruitment process smoother.
5.Lack of efficiency during the recruitment process
When we talk about the recruitment process of a company, we are talking about seeing and analyzing thousands of resumes.
That’s a lot of manual work to be done and sometimes recruiters waste their valuable time by working on unnecessary and in-effective tasks which sometimes also ended up in duplication of work. In particular, tasks like reviewing and screening the resume of a candidate takes hours and that’s why companies have now started adopting the Application Tracking System (ATS) (we’ll cover this in later part of the post) for faster and effective resume screening.
Some still believe that Artificial Intelligence can only be applied to big problems, or automotive cars and industries. But that is completely a wrong concept.
So let’s see how AI is helping recruiters
Let’s take a simple example of resume screening. What do you think? How many resumes do recruiters have to screen per day? Dozens of thousands?
And even after screening all the resumes, there is always a risk of human error and a lack of efficiency in hiring.
According to AI developers, Artificial Intelligence can be used to automate certain repetitive tasks (which includes resume screening) which do not require in-depth analysis. With AI, the process of resume screening can be automated and cut down to merely minutes (Amazing right!). The results will be even more efficient compared to manual screening while eliminating human errors and providing highly accurate analysis. Kindly see the below image to better understand the various stages involved in using AI for recruitment:
According to the latest Deloitte Human Capital Trends report
Companies that have adopted AI, data-driven, and other smart technology are far more successful than those who don’t.
We have spent a lot of time and hours, understanding the majority of AI recruiting tools, software, and AI companies producing them so you don’t have to.
Based on our detailed and comprehensive research. Here is the list of the 5 top AI companies related to recruitment [2020]
©fetcher.ai
Fetcher is an online recruiting automation platform that automates candidate sourcing and repetitive tasks so that companies can focus more on candidate engagement and team collaboration.
It is one of the best AI companies with full service recruiting automation platform. It takes up the job requests and with the help of AI & Machine Learning, it finds relevant candidates and engages them via text or email. It allows companies to recruit talented candidates at 20x less cost than hiring an agency to do the same work. It brings you skilled, qualified, and interested candidates.
Revenue: $86 Million | Market Segment: SME/Mid-Market |
Fund Raised: $6.8 Million | Pricing: Monthly/Yearly basis subscription |
Investors: Accomplice, Slow Ventures | Top Clients: Shopify, Reddit, Peloton, DigitalOcean |
Learn more about fetcher
©wsj.com
Revenue: $25 Million | Market Segment: SME/Mid-Market |
Fund Raised: $51.8 Million | Pricing: Annual subscription |
Investors: IVP, Lightspeed Ventures, Foundation Capital | Top Clients: TATA, Hulu, SAP SuccessFactors, ORACLE Taleo Enterprise, greenhouse |
Eightfold is the industry’s first talent intelligent platform and one of the top AI companies that empower Enterprises to address talent acquisition, engaging and hiring skilled candidates, and retaining a diverse pool of talents.
Learn more about Eightfold
©siliconangle.com
Revenue: $20 Million | Market Segment: SMB |
Fund Raised: $51.2 Million | Pricing: Annual subscription |
Investors: Notion Capital, Foundation Capital | TopClients: LOREAL, Adecco, Seven Step, Advantage Solutions, PEPSICO |
Mya Systems, formerly known as FirstJob is a conversational AI recruiter using AI-powered chatbot to address the major inefficiencies and improve the process for both candidates and job recruiters.
Also, Mya systems are greatly improving the recruitment pipeline by automating sourcing for agencies and large enterprises.
Currently, Mya systems are the industry’s leading conversational AI recruiter that includes 40 of the Fortune 500 companies.
Learn more about Mya System’s
©hiretual.com
Revenue: $17 Million | Market Segment: SMB |
Fund Raised: $19.5 Million | Top Clients: Cognizant, Accenture, Deloitte, Booz, Allen, Hamilton |
Investors: Oceanpine Capital, Northern Light Venture Capital | Pricing: 0$ – Basic $99 per month – premium $199 per month – Essential |
Hiretual is an AI-Powered recruiting Platform that aims to find and engage the right people 10x faster along with that saving time with instant contact info and hiring efficient team collaboration, pipeline management, and intelligence management.
Hiretual allows customers to source across 40+ platforms (I.e. LinkedIn, Stack Overflow, Github) and 750+ Million professional profiles, screen over 200,000 candidates in a matter of seconds.
Learn more about Hiretual
©tatechrm.io
Revenue: $8 Million | Market Segment: SMB |
Fund Raised: $1.3 Million | Pricing: Monthly/Yearly basis subscription |
Investors: Angel Investors, Venture Capital | Top Clients: Amazon, Walmart, McDonald’s |
Talkpush is a Chatbot + CRM recruitment automation platform that leverages AI technology and the power of messaging apps to primarily focus on hiring in high volume by drastically decreasing the time they need to screen applicants.
Learn more about Talkpush
There are tons of AI recruiting software, but the best one will allow your talent acquisition team to become way more efficient.
Without a doubt, AI will become a large part of your company’s business and the recruiting function in particular.
Based on our research we have found that 38% of companies are already using Artificial Intelligence Softwares in their businesses and the remaining 62% are expected to use it by the end of the year.
So, it perfectly makes sense to adopt Artificial intelligence (AI) as early as possible in your business.
We are constantly analyzing and researching top AI company’s developing recruitment tools to make your life easier and we’ll regularly update you once we get some useful insights.
We want to end the post by asking one question.
Which software/tool from the above list, attracted you the most?