<-- Back to Building a Winning Finance Team Series

How Artificial Intelligence is Changing Recruiting


 
 

Artificial intelligence (AI) is the concept of machines being able to complete tasks in a way that humans would consider “smart.” To some, it brings visions of robots ruling the planet with human slaves, but for now, the reality is much more benign.

In the world of recruiting, AI is assisting hiring managers and recruiters to identify the most suitable applicants, a job that would normally be burdensome and unscientific at best. And since many are predicting that 2018 will be an active year for recruiters (more than half of the companies surveyed indicate they will increase their hiring), AI can significantly reduce the time they spend on the hiring process. Here’s how AI can help:

Matching Applicants to Job Descriptions

Artificial intelligence has a significant impact on searching for candidates and ranking them based on their relevance to the job description. Some AI products can analyze applicants’ resumes for words and phrases, including years and types of experiences, from which it can draw conclusions.

The technology does this for all of the information in a resume, matching it to the job description requirements and ranking the candidates in order of suitability. It narrows down the candidate pool and gives the recruiter a pre-graded list to begin contact.

Scheduling

Some companies are using web robots – also known as bots – to handle their scheduling. These AI-powered personal assistants can scan emails from applicants and communicate with them to schedule meetings. The bots eliminate the tedious phone tag or back and forth emails that hiring managers endure while trying to schedule appointments with several candidates. AI can cut back considerably the hours that managers spend on scheduling.

Making Sense of Job Titles on Resumes

AI tools are also helping recruiters deal with the issue of wording when they look at resumes. For example, when a manufacturing company is looking for someone to perform a costing function, their hiring manager is likely to look at resumes that indicate experience as a cost accountant.

But not all candidates will describe their position as it is worded in the job description, which may inadvertently leave out some qualified candidates. A variety of titles – accountant, cost, staff, or project accountant – can all mean the same thing.

AI is helping to address this with search tools that recognize a recruiter’s intent and don’t require a precisely worded query. Instead, hiring managers choose some keywords about the job, and the technology draws conclusions about the applicant’s suitability by merely scanning their resumes.

Allowing Humans to Spend More Time Doing Human Tasks

Recruiting and hiring are more than just scanning applications and scheduling interviews. It’s also about the human interaction that artificial intelligence cannot replace – connecting with candidates and applicants to make the best hiring decisions. The time AI is freeing up can be used by recruiters to develop relationships with the best candidates.


For more management tips on making your hiring process more efficient, contact Halcyon Finance & Accounting Recruitment today. We can help you to develop your team and grow your business.



How can we help? Please let us know how we can support you or your business?

_________________________