Modern technologies do not stand still and are constantly evolving and artificial intelligence (AI) is no exception. This technology has come a long way since it first came into being. Now it’s used for self-driving cars, facial recognition, and even has applications in recruiting. AI is the ability of a machine to adapt to changing circumstances and act in an “intelligent” manner.
Recruiters say that it has become very challenging to search for candidates. There are simply too many applicants and it’s impossible to get through them all. Reviewing applications, tests, resumes, and conducting interviews all take time. And that’s not all! Candidates still need to call, schedule an interview, and then summarize all interviews — all this is too time-consuming and requires some automation.
In 2014, Amazon commissioned its developers to create an automated system for selecting candidates based on artificial intelligence. A year later, a problem emerged: fewer women were recruited than men. Since the algorithm was trained on the resume of the company’s employees over the past ten years; there were more men, so the system gave more preference to them. By early 2017, the company had phased out this system. These kinds of problems can be avoided by checking for implicit biases and investing in system vetting. However, you should also keep in mind how to control and save your money so the entire budget of the company isn’t wasted.
Application in practice
Nowadays PEO services integrate AI into their hiring strategies. Global PEO services outreach to Germany, Singapore, Canada, and many other countries. You can also find good examples of an Australia PEO. They all use artificial intelligence to validate entry-level employees. The company announced considerable success in recruiting its employees using AI. Job seekers can be interviewed in a unique application on their smartphones. The program takes video and audio data from interviews, analyzes them, and gives recommendations for further actions for recruiting agencies.
Artificial Intelligence solutions and analyses
The artificial intelligence used to recruit employees does all of this in minutes. It can also analyze, select, and call candidates. What’s the point of using a robot to make calls? It can examine the facial expressions and voice of the applicant in more than a hundred different parameters, like mood, honesty, character. For example, a bot-recruiter asks a job seeker questions about their attitude to alcohol, gambling, or something else that affects a person’s personal qualities and spills over into business ones. When a person starts to get nervous, his voice may change noticeably or even gradually – this is what the system is designed for. At the same time, short answers like “yes” or “no” are not accepted — the recommended length of the answer is 7–10 words. The analysis takes only a few seconds. The robots can even check for interesting personal finance statistics for this year.
After all the analysis, the AI gives a grade, determining whether a potential candidate will be called for a job. A person will already be looking at the grades and calling for work. The assessment is also influenced by the analysis of pages in social networks. This is also done by the system, not by the person. However, in this way, it will be possible to find specialists of the lower and middle level — cashiers, salespeople, all kinds of operators, and managers. The accuracy of the recruiting system is over 90%.
Investing in the Artificial Intelligence Market
The number of companies engaged in artificial intelligence in the world is overgrowing – the share of AI startups grew fivefold from 2015 to 2018 and amounted to 3,465, over a third of which were in the USA. The most significant number of such companies in 2017 was registered in the USA, almost 3,000. Companies continue to invest in the development of machine learning applications. At last count, $ 31.7 billion was invested in this category. Also, significant funds are invested in speech recognition programs. This segment is projected to grow to $ 12.4 billion by the end of 2021.
As the practice of the world’s largest companies shows, the automation of routine processes can improve the efficiency of a business. The use of innovative technologies based on AI can save time that previously had to be spent by people to process and analyze data manually.