March 21, 2024 - Tracker

Artificial Intelligence (AI) is transforming businesses worldwide, helping them reduce operational costs, increase efficiency, and grow revenue. In recruitment, the appetite for AI is there - 94% of staffing firms plan to use AI in the next five years. But appetite doesn't necessarily equate to readiness. The critical question is: Are recruiting firms ready to leap into an AI-driven industry? Here are some key topics to consider: Concerns about AI utilization Current and future AI use cases How Tracker is utilizing AI to empower recruiters How Prevalent is AI in Recruitment? During a recent webinar poll, we found that 62% of attendees already utilize AI in some way to help their workflow run more efficiently. But 38% aren't using it all. What Types of AI Are Used in the Recruitment Space? AI has been around for a while – for at least 10-15 years. In ATSs, for example, AI ranks candidates (short and long lists), and semantic AI improves search and information findability. Machine learning already exists in recruitment software to help recruiters by applying additional ranking factors to candidates in the database over time. More recently, ChatGPT introduced AI into the non-technical sphere. Language learning was a step change in the current use of AI and brought it onto everyone's radar. Now, many ATSs pepper basic generative AI into their offering to aid content creation. In addition, many niche players are entering the recruitment space, providing task-specific AI tools, such as tech that looks purely at interview transcripts. However, some of this technology is flawed, making it difficult for recruiters to navigate the information and understand it. Recruiters must be careful not to be carried away by the AI buzz and adopt technologies that take them down a rabbit hole. There are so many new AI players that it is hard to know which ones are credible and which will survive. Is Predictive Analytics a Standard in the Recruitment Industry? Simply put, not yet. But it’s heading in that direction. AI has a vital role in driving value in the business. It's not necessarily about replacing staff but more about generating additional value from their data, their interactions with people, and ensuring better data-driven decision-making. What Are the Top Concerns With AI Utilization? Many working in recruitment are concerned that AI will replace recruiters. But we mustn't forget that recruitment is a people-led industry. Every working person has been touched by recruitment in some form. AI is not the magical solution for everything. It cannot detect soft skills, facial expressions, mannerisms, politeness, hesitations at poignant questions, etc. A human talking to another human can't be replaced, and AI can't effectively understand people for cultural fit. Let's say a recruitment firm can use AI to achieve 39 percent efficiency. They could lose 39 percent of their staff, or they could keep staff and choose to deliver a better, higher-quality service. AI can improve workflow and make recruiters better at what they do—engaging with clients and candidates. Another key concern is AI's infallibility. It only knows what it knows, and it can be biased because it is only as good as the data fed into it. On the positive side, AI will open opportunities as it thinks in a different way to humans. Consider SatNav as an example. We might always drive the same route, but SatNav could suggest a better, nicer route, so even if the drive is 2 minutes longer, it might feel easier and less stressful. In recruitment, AI will also help users think outside the box. That said, its limitations must always be considered. This aspect isn't so concerning for things like working on resumes or job descriptions, as these tasks involve facts, but on a wider level, AI can get things wrong, which could result in incorrect information being communicated. It can also make recruiters lazy or lose skills, for example if they rely on content purely generated by AI and do not check it. Future Use Cases of AI The future use of AI can be divided into three main areas: Generative AI for content creation, summarizing complex data, data enrichment, and translation. Pushing engagement – disseminating information and showing where information is missing so recruiters are better primed to know what questions to ask in an interview, for example, and providing automated help with screening or comparing resumes with job descriptions. Intelligent data—finding information about your business that you may not know, such as sourcing ROI. AI is improving data farming and providing natural language interfaces. Andy Jones, Tracker's CEO, believes it is incumbent on software providers to do the research and understand how AI helps the process we support. The basic rule for recruiters and agencies looking for better solutions is: Does the tech drive efficiency savings, operational effectiveness, or business development? If so, run with it. How is Tracker Leveraging AI to Empower Recruiters and Speed Up Hiring? Tracker has always had its finger on the pulse of AI. AI has evolved significantly in terms of the engines we can plug in and how data is used. A Single Source of Truth: the Long Game The beauty of Tracker is that it holds one single source of truth – Tracker's front, middle, and back office all sit within one solution. This is a critical point. As we evolve with AI, you don't want several data sets. So, in this sense, Tracker is primed for the further development of AI. Generative-AI Content For now, Tracker ticks all the boxes for generative AI: job description creation, polishing, basic communication writing (WhatsApp messages, texts, emails, marketing templates), candidate resume polishing, and summarizing resumes. Improving Recruiter Preparedness Regarding engagement, we have launched a new product called CompAIr. This enables recruiters to analyze a resume against a job description or set of questions to quickly ascertain a candidate's strengths and where follow-up is required. These aren't weaknesses; they are follow-ups. Any deficiencies can drive candidate screening questions. This enables recruitment consultants to gather rich information about the candidate quickly and reduces the likelihood of fatigue when interviewing numerous candidates for a position. Reverse Engineering Tracker's reverse engineering also enables recruiters to use resumes to search for jobs within the Tracker system and out on the web rather than matching job descriptions to candidates. This is a potent tool for recruiters in terms of business development. Natural Language Interface EVA is Tracker's soon-to-be natural language interface, an evolution voice assistant or chatbot, directly within Tracker. This completely changes the dynamic of people working with software. Having a natural conversation with a piece of software, which then gives you back the information, becomes a very different process (i.e., opening this record, filling in these fields, sending this email, and so on). If you are talking to the system, you can ask, 'Can you find all candidates with a particular skill?' or 'Can you email John Doe saying this?' 'Can you assign Bob Smith to Job 1234?', 'Where are most of my temp industrial candidates coming from?' 'Which clients should I talk to this week?'. This is where natural language in AI wields the most power – taking that information, breaking it down, summarizing it, and giving back information that adds value. This feature will be coming in the Summer of 2024, so stay tuned! Next Steps Since most recruitment firms plan to use AI in the future, it is surprising that 45%of staffing firms still don't know what type of AI to adopt. Yet, AI isn't a decision that can be delayed. Experts predict that 39% of recruiting activities will be replaced with AI in the next three years. Knowing what recruitment tech is available and testing options will be crucial to firms looking to adopt the next generation of tech. If you would like to embrace recruitment tech that incorporates and develops AI as an integral part of its platform, speak to us. Tracker is at the forefront of using AI in recruitment.

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Is the Recruitment Industry Ready for AI?