The recruitment landscape is being reshaped by the advent of Artificial Intelligence (AI). With the job market becoming increasingly challenging, talent acquisition leaders are leveraging AI to bring ease and efficiency into their recruitment processes.
AI has been adopted widely across various sectors, with 80% of 400 HR officials expecting a significant impact on HR and recruiting. Around 55% of companies are investing in recruitment automation, believing it enhances efficiency and facilitates data-driven decisions. A striking prediction suggests that AI could contribute to $15.7 trillion in global economic growth by 2030.
AI streamlines recruitment by automating online communication with candidates and everyday tasks, reducing the workload by at least 20%. For instance, recruiters using AI have seen up to a 30% reduction in cost-per-hire. Furthermore, 99% of Fortune 500 companies utilize talent-sifting software, and 55% of HR leaders in the U.S. use predictive algorithms to support hiring.
However, the use of AI must be tempered with an understanding of the increasing regulatory restrictions. Recent legislation requires organizations to conduct impact assessments of AI-enabled decision processes.
If you’re interested in delving deeper into how AI is revolutionizing the world of recruitment, download the full infographic here.