AI plays a key part in the hiring process, assisting recruiters in sorting through thousands of CVs to find the best applicant and automating manual processes that would normally be required.
But how exactly can AI impact recruitment? What role does artificial intelligence play in the hiring of ideal candidates?
Let’s have a look at the AI in recruitment statistics on the tremendous impact that this rapidly growing technology has had on recruiting, as well as the enormous significance it has had in terms of the automation of manual processes.
From challenging capacities to integrating new programs and optimizing procedures, AI has the potential to have a tremendous influence on the recruiting business. In general, it strives to bring together human and artificial intelligence in order to advance the cause of development. And because of this, the “AI Recruitment Market” is anticipated to expand significantly between 2022 and 2028.
By 2028, it is predicted that the market size for AI recruiting will increase to USD 890.51 million (Facts & Factors)
Facts and Factors projects that the value of the worldwide AI recruiting market will rise from USD 610.3 million in 2021 to USD 890.5 million in 2028, expanding at a CAGR of almost 6.5% during the forecast period.
How can recruiters discover methods to make their lives simpler and their duties more bearable when there are so many people vying for a much smaller number of positions? Artificial intelligence (AI) has the potential to be useful in situations like these.
In the process of recruiting new employees, 58% of recruiters that use AI have found that it is most useful for sourcing candidates (LinkedIn)
58% of the recruiters who used AI in the recruiting process found that it was most helpful with sourcing candidates; 56% of the recruiters who used AI in hiring found that it was most advantageous in Screening Candidates; and 55% of the recruiters who used AI in the recruiting process found that it was most beneficial in Nurturing Candidates.
Automation made possible by AI helps recruiters to shift their focus to the applicant and reduces the potential for bias in the hiring process. They are able to improve the quality of their recruiting decisions by looking at massive data collections from the talent market and maintaining regular communication with prospects. Because of this, employers are now able to more accurately represent applicants.
92% of human resource professionals want to use AI in the process of talent acquisition (eightfold.ai)
According to a recent study conducted by Eightfold AI, change agents in HR are increasingly embracing the potential of AI to help them make better-informed personnel choices at scale. In point of fact, 92 percent of businesses have plans to expand their use of AI in at least one sector of human resources (HR), which may include recruiting process, management procedures, the processing of payments, and the onboarding of newbies.
HR executives are using artificial intelligence in:
Benefits of AI in Recruiting
AI is an investment that not only provides a great value but has minimal ongoing costs. It is powered by algorithm-based programming that can be tailored to aid recruiters in meeting the high recruiting needs of their respective firms.
Almost 67% of HR experts think AI has several advantages and a beneficial effect on the hiring process (Tidio)
Individuals believe that artificial intelligence will save the recruiter’s time, making it simpler for the recruiter to do their work and give significant insights throughout the recruiting process.
42% of recruiters believe that artificial intelligence will make it possible for them to work more strategically (Aptitude Research)
Artificial intelligence doesn’t appear to be a concern for recruiters anymore (AI). According to the report, 42% of recruiters think AI will enable them to operate more strategically. According to this survey, recruiters are adopting AI. It makes them more effective and enhances the applicant’s experience.
It seems that AI HR software is likely to play a significant role in the future of recruitment, which promises to be an interesting development.
According to 84% of corporate executives, artificial intelligence (AI) is the trend that will enable them to maintain their competitiveness and gain an edge in the job market in the future (Forbes)
According to research published by Forbes, business leaders believe that artificial intelligence (AI) is the trend that will help them to retain their competitiveness and acquire an advantage in the job market in the future.
By 2030, there will be 6 million enterprises utilizing recruiting software globally, up from the current use of over 4.8 million (SkyQuest)
Recent research conducted by SkyQuest indicates that demand for recruiting software is on the increase. More than 4.8 million enterprises throughout the world are already making use of recruiting software, and it is anticipated that this figure will rise to 6 million by the year 2030.
Nevertheless, the use of such AI-based technologies, which are able to conduct competency-based interviews in a proper manner, removes any possibility of human bias from the selection process. This is the objective for many people researching the issue of using machine learning in HR and recruiting. And going even further, AI may assist in overcoming the difficulties posed by the employment environment that is now undergoing rapid change.