If you were born before the ’70s, you’d clearly remember the protests against the introduction of computers in banks. Protestors would go on strikes in a fight to safeguard the interests of the employees of public sector banks.
Despite the concerns, technology has so far been proven to be a net employment generator than otherwise, and therefore when automation hit the recruitment industry itself, there have been more cheers than boos. Recruiters today have realized that AI and other automation technologies can supplement their work instead of competing against them. From resume filtering to validating the potential candidate’s certificates, there are a whole lot of activities that are part of a recruiter’s daily life that isn’t all sunshine and roses. AI helps cut down on these boring yet necessary activities while allowing recruiters to focus on more meaningful work.
In this week’s edition, we bring to fore some of the ways different companies in India are already leveraging AI in HR processes and are not only cutting down on manual labor but also seeing massive savings, and in cases even higher revenues.
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Making AI do all your grunt work
When the companies grow at a higher rate, it becomes nearly impossible for humans to scan thousands of CVs and profiles to select just the right candidates. So, the companies have started automating their systems to scan these CVs and find the right talent from the market.
“AI makes it possible to efficiently screen a far wider selection of candidates, increasing the likelihood of finding scarce talent in today’s talent wars. Specifically, it helps in the process of shortlisting out of a large number of applicants bringing some transparency and consistency of the decision-making process, reducing scope for mistakes and biases. There is an increasing use of AI based assistants for writing more effective job postings and recruiting emails as well,” said Prashanth Kaddi, Partner, Deloitte India.
Here’s how CSS Corp reduced hiring cost by 50%
The majority of hiring in CSS Corp happens through resume scanning which flows in the system through various sources. To go through those resumes, the company has developed a cognitive search integrated with the internal system that identifies the right candidate. CSS Corp calls this system TAMS (Talent Acquisition Management System).
TAMS identifies the right resumes which flow into the systems and matches them to the resource requirements and then presents the top 10 resumes that the team can look at and call for interviews. This is being done with Microsoft Cognitive search and integration with other backend systems.
Here’s how GlobalLogic is using AI for Talent Acquisition
The AI based approach to Talent lifecycle especially on the acquisition side plays a major role in the Recruitment effectiveness, productivity as well as Talent experience. This enables not only Higher Velocity and faster scaling of teams but also ensures optimization of the time spent by the engineering teams in shortlisting the right talent thereby improving their motivation and productivity.
“While the initial Models resulted in the reduction of Resume perusal volumes by 30% by way of match between the job description and the potential candidate’s skill set, the effectiveness and fitment of the identified repository has gone up by 50% thereby enhancing pipeline to selection ratio significantly. While this is the initial bootstrap model training period, we expect the model efficiency to go higher and impact ramp up velocity between 30 – 40% enabling a much faster onboarding of teams,” V. Padmanabhan, Vice President – Engineering, GlobalLogic explained.
How automation helped this recruitment firm nearly double its revenue
When the candidates submit their applications for a job posting, they are automatically sent the pre-screening tests. These are on three levels. First is the technical abilities, second is psychometric test and the third is competency mapping respect to the various KRAs of job description. Based on the results of these tests and the applications made, the system intelligently screens and filters the candidates for recruiters to interview.
“It is a one time investment and it is surely worth investing in. We were able to break even in a matter of a few months. More than reducing the hiring cost for us, it has helped us generate more revenue. A very important factor to consider here is ROI. The time that our recruiters saved with the automated and intelligent system was used to close multiple other high-value positions . Since our team of recruiters were not getting filtered profiles, they gave more time and focus on closing high value positions which lead to an increase in revenue by 70%,” Suvarna Ghosh, Founding Partner at Maxima Group explained.