In the future, we'll all be robots. Or at least that's what some people think. While AI in recruiting is becoming one of the top trends, which is transforming the traditional hiring process, there are still many misconceptions and myths about AI. In this blog article, we debunk four common myths in AI recruitment and expose one truth.
Scary AI is actually very profitable
While there are many who still feel nervous about using AI to automate tasks, others are reaping the benefits of technological advancements. Although AI has been around for decades, recently its use in recruitment has grown exponentially. According to a report by LinkedIn, AI is expected to generate $9 billion in revenue by 2022—a massive increase from only $1 billion in 2017. To change the narrative around AI, we have debunked four myths and highlighted one truth.
Myth 1: AI will replace human recruiters
Today, there is empirical research that makes a strong case for AI leading to the complete automation of sourcing, screening, and matching. However, AI can never replace emotional intelligence which is exclusive to humans. It is therefore imperative that everyone in the corporate world realizes that AI is here only to assist recruiters. Especially since AI has the immense prowess to add value to the efficiency of recruiters and to help them manage their overwhelming workload.
Myth 2: AI tools are complicated
Another popular misconception about the integration of AI in recruiting is that AI tools are too complicated. The truth, however, is in stark contrast to this famous myth. In fact, as per Undercover Recruiter, 80% of recruiters assert that AI adds more efficiency and agility to their performance.
Myth 3: Recruiting with AI is expensive
This couldn't be further from the truth! Companies that have already incorporated AI in recruiting have been able to bring down the cost per hire by 35 percent. This validates the fact that AI in recruiting is not only time-effective but also cost-effective. Moreover, because AI in recruitment minimizes the prospects of hiring bad candidates, reduced cost of replacement is an indirect cost-benefit of AI in recruiting.
Myth 4: AI is only efficient for large organizations
Some people believe that AI in recruitment is only suitable for larger enterprises. But there is no proof that larger organizations would benefit more from implementing AI into their recruiting funnel. In fact, small or medium businesses will not have to think on the lines of having a big recruitment team in place given the immense efficiency added by AI. Having said that, AI in recruiting is everyone’s game to win!
Truth 1: Algorithm bias
But as exciting as AI is, there are still some kinks to work out when it comes to AI-powered hiring: namely, bias. Many algorithms are designed by humans who have their own biases and prejudices; these biases could potentially be reflected in the algorithm itself. This means that even if you're trying your best not to discriminate against certain groups of people, there may still be discriminatory practices embedded within the system. It is therefore crucial for AI developers to have ethical principles and strategies to continuously assess and mitigate bias.
Tengai combines conversational AI and behavioral science
Until now, recruiters and hiring managers have lacked tools that objectively assess soft skills and personality traits of applicants. But our AI interview is changing that. Tengai’s natural language processing engine and D&I software powered by 20 years of recruitment methodology provide new opportunities for recruiters and hiring managers. As a result, you get higher efficiency and quality as well as a unique candidate experience. Tengai's unique candidate interface also stands out when compared to traditional chatbots and video interview software.
To ensure a fair AI, without algorithmic bias, Tengai has developed ethical principles and several bias mitigation strategies. Because we recognize that our software can have an impact on individuals and society as a whole.
To find out more about how we can help you improve your hiring process please get in touch.