Recruitment is one of the most cost-intensive, time-consuming, and labor-intensive activities in any company. Despite the fact that companies, especially the small and medium-sized ones, are investing a significant amount of money in this field, the process of hiring a new employee is still quite inefficient. A recent study showed that the average small business spends around $4,500 on each new hire. All these expenses can be significantly reduced by automating conversational recruiting. Companies that have already started using chatbots report that they have managed to save around 50% of the expenses they spend on recruitment. On top of all this, they also have a shorter time to hire and a higher rate of conversion. In this article, we take a look at different ways a chatbot will help to streamline the recruitment process.
Chatbots are replacing the need for recruiters to do tedious tasks like scheduling interviews, finding information about entities, and sending out emails. This saves time for both recruiters and job seekers, which is why chatbots are becoming so popular in the recruitment industry.
Chatbots are changing the way we interact with businesses and websites by providing us with a more efficient and conversational way to communicate. Chatbots are an interesting new technology that can help job seekers or employees save time and effort and can help improve the applicant or employee experience. In fact, one in five companies are using chatbots in the hiring process. They are a great way to make the job application process easier and faster. There are many ways that job seekers can benefit from using chatbots. They can easily and quickly find more information about a company and a job role. Chatbots can help ,automate and manage the job application process in a quicker, easier and more efficient way.
But first, what are chatbots?
A chatbot is a computer program – often running on a web site or mobile app – that simulates a conversation with a human being. It is powered by a set of rules and if this set is written properly, it can ‘learn’ from its interactions with users.
As we are living in the century of Artificial Intelligence (AI), chatbots have become a buzzword in the recruitment marketing. Chatbots have the ability to answer questions and give useful information to users. They are programmed to help users to accomplish tasks, such as finding the best candidate for a job position.
In fact, the idea of using a chatbot in recruitment is not new at all. It has been used for the last few years in various areas. The first chatbot was developed in the 1960s by Joseph Weizenbaum. It was called ELIZA and it would engage in conversation with human users by searching a database for appropriate phrases. ELIZA was designed to simulate the conversation with a psychotherapist. ELIZA worked by using pattern matching to generate a response that was as close to human as possible. It had the ability to learn new behaviours by being fed more data. Through this, it became more and more human-like. And today, chatbots are more sophisticated than ever. Hence, it might be time to think about placing your recruitment process on a chatbot.
How does it work?
The bot first asks the user some questions about their skills, experience, and preferences in order to match them with suitable jobs. The chatbot then presents some of these jobs as potential matches and provides more information on each one as requested by the user. If they are interested in applying for any of these positions, they can submit their resume online or schedule an interview.
The underlying technologies that power chatbots are AI and Machine Learning. The chatbot uses Natural Language Processing to extract information from resumes, cover letters, and LinkedIn profiles. It then matches these details to one of the company’s open positions.
So, why use chatbots to source candidates?
For starters, employment is a very serious matter for most people. People are also busy and do not have the time to go through the same slow process of applications, interviews, and so on. Chatbots allow you to reach out to people in a way that is less invasive and faster. If you’re looking to source job candidates, chatbots are a great way to get the more talented people to come to you.
What is the goal of AI in recruitment?
The goal of ,conversational chatbots in recruitment automation is to make the hiring process more efficient and tailor it to the needs of both recruiters and candidates.
How chatbots benefit both companies and job seekers?
AI is critical for job seekers because it helps them find jobs that they are interested in and that match their skillset.
AI is critical for recruiters because it helps them save time and money. It also helps them ,find the best candidates for their company. Chatbots are already used in many companies to automate the recruitment process. They can answer questions about the company, conduct online interviews, and even schedule interviews with potential candidates. Furthermore,
- They reduce the number of missed calls and can provide a complete overview of the company activities
- Chatbots can help to improve the speed and quality of candidate search
- They can reduce the number of unqualified candidates
- Chatbots can reduce the cost of training new staff
- Chatbots can uncover talent and engage with candidates without human biases
- Human resource chatbots provide a cheaper solution
For a progressive future
Several studies have found that AI can eliminate bias in the recruitment process, thereby helping companies to recruit more diversely. Researchers from MIT, Oxford, Harvard, Delft University of Technology and Aalto University have shown that they could use chatbots to eliminate bias in the recruitment process. To summarise, they used machine learning to train a neural network that could learn about a job and the requirements for it, and then use this knowledge to conduct an ,unbiased recruitment campaign.
Chatbots can ,review resumes, analyse data, and even ,conduct interviews with potential candidates. And if you train your chatbot well, it can learn to eliminate human bias during recruitment. Chatbots are like humans, in that they can make assumptions based on their past experiences. However, chatbots’ algorithms are not as biased as humans’ because they’re not as easily influenced by their emotions. This makes them a valuable tool for eliminating human bias during recruitment. Humans can be hurtful and mean to each other. In fact, it’s pretty common to see humans being extremely judgmental. Most people do not realize how often they judge other people. We do it all the time, especially in a subconscious way.
A study conducted by MIT, for example, found that resumes with white-sounding names received 50 percent more call-backs than those with black-sounding names. Furthermore, a study was done by the University of Cambridge and their findings showed that AI could reduce this bias by up to 50%. The study looked at the recruitment processes at two different companies and found that an AI hiring tool could be as good as a human recruiter.
Chatbots can eliminate human bias by asking the same questions as human recruiters and eliminating candidates who do not know the answers. They also have access to more information than human recruiters. The bot could also track how long a candidate took to answer each question, how they answered it and how they responded to follow-up questions. It all adds up to a more complete picture of the candidate.
And so, Artificial Intelligence is the future of recruitment. Chatbots can be beneficial in every stage of recruitment and have the potential to become a game changer in the recruitment industry. The chatbot revolution is on and is about to change recruitment as we know it!
Want to try out a ,personalised recruitment chatbot to enhance your candidate experience? Request a ,free demo of Zappyhire now!