Artificial Intelligence (AI) is rapidly changing the job landscape, putting many jobs at risk. Many companies are widely adopting AI technology, not only for services typically handled by employees but also for recruitment processes. Traditionally, job seekers submit resumes to company recruitment boards, which then review and select qualified candidates for interviews. But now, AI is also taking over these interviews.
AI tools like candidate sourcing, resume screening, skills assessment, and predictive analytics are being used instead of humans in the recruitment process. GenAI bots assist managers in conducting interviews. HR officials say this technology speeds up the hiring process, making it more efficient. Professional services firm Genpact recently launched IMatch, an AI-based resume parsing and job-matching engine. According to Genpact Global Hiring Leader Ritu Bhatia, AI selected nearly 40% of new hires, reducing the hiring process from 63 days to just 43 days.
According to Rajesh Bhartiya, CEO of recruitment services provider PeopleFi, GenAI bots save time on interviews. Using GenAI bots increased their hiring efficiency, with success rates rising from 15% to 55% and selection rates increasing by 40%. While AI streamlines hiring, it also brings challenges such as data privacy, algorithmic transparency, lack of soft skills assessment, and ethical considerations.
