The Chatbots work on a version of artificial intelligence. For instance; some are based on simple and binary, on the other hand, some work from advanced machine learning.
The Silicon Valley left no stone unturned to leverage artificial intelligence (AI) and natural language processing (NLP) to ease different industry vertical, and recruitment is one among it. AI-fueled robots have already started invading recruiting industry. For instance; Mya recently raised over $11 million in funding.
There might be anxiety that AI chatbots will completely overtake the recruitment, however, recruitment is ultimate, a human-led industry. This will require the real person at some point, and the cycle is not going anywhere.
An effective chatbot makes life easier erasing complexities and speeding up your hiring process (like categories candidates or figure out facts in report building).
Chatbots are more of a dream assistant for the busy recruiter, as it takes in all the heavy-lifting and boring jobs, channelizing it in an efficient manner, that too in bulk).
Let's throw lights, how chatbots can help the recruitment industry!
Candidates Find Chatbots Interaction Comfortable
The survey by Allegis unfolds that 58% of candidates find more comfort interacting with an AI and recruitment, driven at the initial process. Numbers will surprise you even more - It was found that 66% of candidates wanted their scheduling and another process is done via AI and chatbots.
Moreover, another source - Randstad found that 82% of the job seekers believe innovative technology and personal human interaction makes the most ideal recruiter interaction.
A wide range of tasks is performed by Recruitment chatbots such as gathering information from candidates resumes for relevant information, screening questions on candidates feedback knowledge and skills, listing the candidates on metrics such as qualification, engagement or other activity and answer FAQ about the Job and the application process.
Chatbots makes the task easier and save time, in this competitive world time is equivalent to money. All the information can be collected in real life and simultaneously from hundreds to thousands of candidates. Further, the collected information can be fed into ATS or directly sent for follow-ups.
As we technology is advancing, the Machine learning component of the chatbot will undergo gradual transformation to understand the metrics based on the data it collects and ranking accordingly.
Data Analytics By Recruitment Chatbots: Saves Time
The cloud-based hiring bots enable to explore, evaluate and organize top job candidates affordably and that too easily. Further, unique assessment and filtering techniques of GECKO and similar video interview bots 360-degrees holistic view of the top applicants. If we talk about the machine learning component, a video interview bot comes with the ability to concedes the qualifying metrics of an interview and then based on the collected data it can rank the candidates accordingly.
It is estimated that chatbots can automate up to 80% of the top-of-funnel recruiting activities.
As per SHRM, the average cost of hire is $4, 129 and the average hiring time is 42. Well, automated scheduling and qualifying criteria in the chatbots, the cost of hire and time to hire will dramatically lower.
Moreover, a survey reveals that 65% of the resumes received for the job are ignored, and it's a lengthy process for a human team to process the data. chatbots are helping in the task that is already time-strapped.
With the immense business value that a chatbot offers, it finds applications in multiple industries. No denial, chatbots development services will helps in shaping the future of recruitment, and gradually it will make the recruiter's job robust and effective, checking redundant.