According to an ET report, these tools help in candidate sourcing, resume screening, skill assessment, predictive analytics and bias mitigation. In some cases, human involvement starts at the interview stage, while in other cases, GenAI bots help managers conduct interviews.
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Despite concerns about data privacy, potential discrimination, and not being able to recognize hidden potential in candidates, HR executives claim that AI is making the hiring process more efficient and faster.
Advantages of Gen AI Tools
Genpact, a professional services firm, recently introduced IMatch, an in-house resume parsing and job matching engine powered by GenAI.
“We now cover 40% of new hires with AI tools, making the recruiting process touchless right up to the interview stage,” said Ritu Bhatia, global recruiting leader at Genpact. Bhatia said the use of AI has increased recruiter productivity by 15% and reduced time to hire from 62 days to 43 days.
By analyzing historical data, market trends, and internal talent metrics, AI tools can help companies gain valuable insights into emerging skill demands and talent availability. This information helps companies develop effective recruiting strategies to address both current and future talent needs.
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For over a year, education technology company Simplilearn has been using ChatGPT and other AI tools to streamline job descriptions, develop proficiency assessments, and conduct psychometric tests. According to Archana Krishna, the company's chief people officer, “This helps reduce time spent on mundane tasks and improves productivity and efficiency.”
Rajesh Bharatiya, CEO of recruitment services provider Peoplefy, said GenAI-based tools can help personalize processes, such as sending mass recruiting emails tailored to each candidate's unique experience and background. “This kind of customization can take 10 times longer than doing it manually,” he said.
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Infrastructure development company Welspun Enterprises has adopted the GenAI bot to assist with executive interviews. Chief Human Resources Officer Rajesh Jain reports, “We have seen a significant improvement in our hiring efficiency. Before using the GenAI bot for interviews, our hiring rate was 15%. Now, this rate has risen to 55% – an overnight increase in hiring rate of 40%.” He highlights the importance of this improvement.
Despite these advantages, experts warn that there are certain drawbacks to using AI in recruiting at its current stage of development. These concerns include ethical considerations around data privacy, algorithm transparency, and potential discrimination. Additionally, AI may lack the ability to assess soft skills, amplify biases, and identify a candidate's potential.
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