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) 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:

  • Most common recruiting challenges facing by companies
  • How Artificial intelligence (AI) can overcome all those hurdles to make your hiring effective?
  • Complete list of top 5 best companies that are leveraging AI for faster and effective recruitment [2020]

Most common recruiting challenges companies are facing nowadays

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.  

  1. 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.

  1. 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.

  1. 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.

  1. 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.

How Artificial Intelligence (AI) is changing the game for recruitment?

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.

Top 5 Best AI Software Companies revolutionizing Recruitment – [2020]

We have spent a lot of time and hours, understanding the majority of AI recruiting tools, software, and companies producing them so you don’t have to.

Based on our detailed and comprehensive research. Here is the list of top 5 best AI recruiting software companies [2020]

1. Fetcher

Location: New York City, United States

fetcher
©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 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 MillionMarket Segment: SME/Mid-Market
Fund Raised: $6.8 MillionPricing:  Monthly/Yearly basis subscription
Investors:  Accomplice, Slow VenturesTop Clients:  Shopify, Reddit, Peloton, DigitalOcean
Round: SeedUsers:  startUps, SME’s, Agencies, Enterprises

Features of fetcher.ai:

  • Recruitment management
  • Candidate tracking
  • Resume parsing
  • Self-service portal
  • Resume search
  • CRM & interaction tracking
  • Lead & Sales management

Learn more about fetcher

2. Eightfold Location:  California, United States

EIghtfoldd
©wsj.com

Revenue: $25 MillionMarket Segment:  SME/Mid-Market
Fund Raised: $51.8 MillionPricing:  Annual subscription
Investors: IVP, Lightspeed Ventures, Foundation CapitalTop Clients:  TATA, Hulu, SAP SuccessFactors, ORACLE Taleo Enterprise, greenhouse
Round:  Series C

Eightfold is the industry’s first talent intelligent platform which empowers Enterprises to address talent acquisition, engaging and hiring skilled candidates, and retain a diverse pool of talents.

Eightfold AI features includes:

  • Resume parsing
  • Interview scheduling
  • 360-degree feedback
  • Personalized Career site
  • Employee mentorship and built-in CRM 

Benefits after adopting Eightfold AI:

  • 80% faster time of hiring
  • 50% lower cost to hire
  • 40% increased share of female applicants
  • 20% greater retention

Learn more about Eightfold

3. Mya System’s

Location: San Francisco, CA the USA

mya
©siliconangle.com
Revenue: $20 MillionMarket Segment:  SMB
Fund Raised: $51.2 MillionPricing:  Annual subscription
Investors:  Notion Capital, Foundation CapitalTopClients:  LOREAL, Adecco, Seven Step, Advantage Solutions, PEPSICO
Round:  Series C

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.

Features of Mya systems:

  • ATS & CRM
  • Support multiple languages and integration with messaging apps
  • Calendar systems
  • Job Boards
  • Recruitment Marketing

 Benefits after adopting Mya Systems:

  • 93% Application completion rate
  • 2.5x increase in funnel conversion
  • 144% in recruiter productivity
  • 79% reduction in time-to-interview

Learn more about Mya System’s

4. Hiretual : Location: Mountain View, CA the USA

Hiretual
©hiretual.com
Revenue: $17 MillionMarket Segment:  SMB
Fund Raised: $19.5 MillionPricing:  0$ – Basic        $99 per month – premium        $199 per month – Essential
Investors: Oceanpine Capital, Northern Light Venture CapitalTop Clients:  Cognizant, Accenture, Deloitte, Booz, Allen, Hamilton
Round:  Series B

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 intelligent 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.

Hiretual Features:

  • Sourcing and candidate Identification
  • Interview Scheduling
  • Job posting
  • Applicant tracking

Benefits after adopting Hiretual AI:  

  • 42% increase in the number of hires per recruiter
  • 23% reduced in time-to-hire
  • 90% reduced in time to review applicants
  • 84% contact finding rate (I.e work emails, personal emails, phone numbers, etc)

Learn more about Hiretual

5. TalkPush Location:  Hong Kong, Central and Western, China

talkpush
©tatechrm.io
Revenue: $8 MillionMarket Segment:  SMB
Fund Raised: $1.3 MillionPricing:  Monthly/Yearly basis subscription
Investors: Angel Investors, Venture CapitalTop Clients:  Amazon, Walmart, McDonald’s
Round:  Series UnknownApp downloads: 1k+

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.

Talkpush Features after launching its mobile app for chatbot recruiting:

Screenshot_2020-10-02-17-31-34-40(0R6rST9EmzS)
  • WhatsApp integration that lets you connect your WhatsApp Business Account with the chatbot
  • Multimedia capabilities and a smart notification system along with a user-friendly interface
  • Candidate management
  • Recruitment management
  • Interview management
  • Reporting/Analytics 

Learn more about Talkpush

Conclusion

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 AI 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 various AI recruitment tools and companies 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?