Many people are concerned that AI is going to take their job, or somehow make the world a scarier place to live in. While there may be some cause for concern, especially in the distant future where we have limited predictive powers, AI is mostly going to change the world for the better.
Just like AI has the ability to transform our healthcare, education and transportation systems, this same type of technology is going to have massive impacts on recruiting. In fact, it’s already changing the lives of thousands of people each day in really positive ways.
To take a deeper look at how AI and machine learning is helping both recruiters and job seekers, I wanted to dive into a few statistics around how AI based recruiting chatbots are making a difference in peoples’ lives.
The Economic Benefits of Using Automation
While many of these benefits aren’t directly related to ROI, they are still important to understand and appreciate. Also, many of them can in fact be translated into a dollars and cents number that your CFO can appreciate.
For example, decreasing the amount of repetitive work that a recruiter has to do each day means that recruiters stay longer in their jobs. It also means they have more time to think strategically about the processes they are using to attract and convince job seekers.
Another example here is the removal of the resume black hole. Virgin found that their candidate experience was so bad, they were losing over $5 million each year as rejected applicants were moving to their competitors. Getting rid of the resume black hole means that less people feel spiteful towards your employer brand.
While there is no doubt AI will bring some negative change, we should be very excited about the long term benefits. Lastly, we should all be on the lookout for ways that we can take advantage of this trend right now in the present!
This post originally appeared on SelectSoftware's blog where we write about the latest in HRTech.