6 Quick-Read Stats About AI and Talent Acquisition
Artificial Intelligence (AI) is made up of powerful algorithms with the capability to reshape the way companies operate. They identify, assess, and hire top talent, driving customer success and organizational growth. AI is revolutionizing modern hiring practices and transforming the talent acquisition process for the better. Reflecting on this interesting age of AI transformation in the HR space, here are six key statistics to focus on.
1) Join the masses, up to 81% of HR leaders are using AI
According to a recent study from Gartner, 81% of HR leaders have explored or implemented AI solutions to improve their processes and become more efficient within their organizations. Moreover, automating CV screening, scheduling, and initial assessments can empower hiring teams to have more meaningful interactions with candidates.
2) Save up to 75% of the time taken for resume screening
A study by Talent Board And Phenom found that AI-powered screening tools can reduce the time spent on résumé reviewing by up to 75%. CV screening is often a time-consuming and tedious task. AI's ability to assess candidates’ potential removes the human element of fatigue from the equation.
3) 80% are saving time on interview scheduling with AI
A study by Phenom found that 80% of organizations that used AI tools to schedule interviews saved 36% of their time compared to those who did it manually. AI algorithms can identify available time slots for interviewers, match them with candidate preferences, and schedule interviews automatically. This powerful approach saves time by coordinating activities efficiently and preventing any potential scheduling conflicts.
4) Use AI to make smarter hiring choices by up to 46%
A study by Harvard Business Review found that companies that use AI in their hiring process are 46% more likely to make successful hires. AI considers greater amounts of data to recognize patterns and make decisions. It also does so somewhat objectively (discussions of AI bias aside). This fairer assessment removes the influence of personal opinions or common beliefs, making sure hiring choices rely on candidates' abilities only. This in return, helps companies foster more diverse, inclusive, and high-performing teams.
5) Get 20% greater hiring efficiency using AI
A study by McKinsey & Company found that AI-powered hiring tools improve hiring efficiency by up to 20%. AI's ability to learn and adapt over time is a massive benefit in talent acquisition. As your company grows and changes, AI algorithms get better at finding and evaluating candidates to meet a company’s evolving needs.
6) Stay relevant as 80% of HR professionals plan to adopt more AI
According to a recent study by Linkedin, 80% of global HR professionals believe that AI will be a tool to help them with their work over the next five years. Adopting AI and developing the skills necessary to work with it efficiently is the key for HR professionals to set themselves up for success in the future.
AI on the Rise Among HR Professionals
AI frees up time and helps recruiters focus on the human side of hiring. This includes building connections with candidates, ensuring cultural fit, and making thoughtful hiring decisions. It allows hiring teams to build better relationships with candidates and gain a deeper understanding of their skills and true potential.
AI also offers a data-driven, efficient, and fair approach to identifying, evaluating, and hiring top talent. AI is not just a trend or a temporary solution, it’s the future of hiring – and we’re just getting started.
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