Ethical Artificial Intelligence in recruitment makes solid financial sense | Technology
|Ethical Artificial Intelligence in recruitment makes solid financial sense|
Ethical AI in recruitment makes good business sense
By quickly and efficiently analyzing large volumes of data, AI significantly reduces the time spent recruiting great potential candidates.
Since the pandemic, more companies have been incorporating automated AI and machine learning-based platforms to help with employee selection and hiring. According to a recent study by The Sage Group, 24% of companies have started using AI to acquire talent, and 56% of managers plan to adopt these technologies in the next year. AI can augment the recruiting process by automating time-consuming recruiting and hiring tasks to more accurately identify the right candidates for a position, ensuring diverse and fair selections, and reducing bias in the workplace, a goal common that companies seek to achieve.
Recruiting teams face tremendous pressure these days to hire for business growth while keeping up with rising turnover rates, which can have a costly impact on the business. A broad estimate shows that the average cost per hire is just over $4,000 per employee and the cost of turnover is even higher, about a fifth of an employee's annual salary.) With the ability to efficiently analyze large volumes of data instantly, AI significantly reduces the time spent finding and recruiting great potential candidates. Smart hiring platforms integrate artificial intelligence, automation, and predictive analytics with pre-hire screenings and a variety of interview tools to more accurately identify qualified candidates and increase hiring efficiency and quality. Using AI in candidate evaluations can help identify those who are likely to pose a churn risk.
How does this work? AI is powered by data, and the more information an AI-based platform has, the better it is at delivering results based on that data. Due to its machine learning capabilities, AI looks for patterns in data and makes assumptions based on its findings. Therefore, in recruiting and hiring, AI can be trained to look for the skills and competencies of a job candidate to determine that person's potential for a particular role. You can find statistical correlations between applicant characteristics and the various skills required of the job opening to determine the applicant's success rate, rather than focusing on past experience or "cultural fit" (i.e., similar characteristics, qualities, and interests).
Interview advances through Science and Technology
As in many industries, AI is not intended to replace the human aspect of talent recruitment and acquisition, but it has the ability to improve many aspects of the process. This is especially the case when it comes to conducting and evaluating interviews. The interview itself is usually a long drawn out process with many different steps. Using AI to suggest job-specific interview questions to recruiters, for example, increases objectivity and fairness, as well as consistency and speed. Having structured interview questions that have been tried and tested by science improves the experience for both hiring teams and candidates.
Whether an interview is conducted on demand, by text or phone, on video or in person, asking consistent questions focused on factors directly related to job success is more efficient for hiring teams, and more ethical, as candidates are specifically evaluated. based on your answers related to the position. AI is also useful for quantifying data; Interview responses can be automatically and objectively scored based on job-relevant competencies, again ensuring fair selections and mitigating bias.
Virtual hiring tools and AI-powered interviews can also make the entire hiring process more meaningful for candidates through more frequent and timely communication on behalf of the hiring organization, and more opportunities for candidates to engage with each other. express in their own words directly related to the position. Nobody likes long and cumbersome hiring processes. AI can increasingly help shorten the experience while ensuring results are even more predictive of new hire success.
Artificial Intelligence in Question
Yet for all the benefits of AI in hiring, the technology is also vulnerable to bias. If AI-based tools are not designed or implemented correctly, they can end up increasing bias. To avoid this, developers need to be aware of the data they use to build algorithms. Even then, the results of algorithmic tools should be regularly monitored to ensure that they do not cause unexpected results.
For the power of AI technology to be fully realized, it must be carefully harnessed and intentionally applied. That means only factual information should be built into algorithms so hiring teams can focus only on characteristics relevant to job success. When this is done, recruiters and hiring teams can create an inclusive hiring process and improve diversity. Having visibility into how data is collected and used, and monitoring models for new deviations and making adjustments as necessary, is key to the long-term success of this technology.
Due to possible bias in AI, we are seeing new regulations emerge. New York just passed legislation that aims to limit the discriminatory use of artificial intelligence technology in the recruiting and hiring process. The White House Office of Science and Technology Policy is exploring a bill of rights that contains principles to protect against the dangers of AI, while globally, the United Nations Educational, Scientific, and Culture (UNESCO) has created recommendations on the ethics of AI. This is good news for the AI recruiting industry. Considering the significant benefits that AI can provide to recruiting and hiring teams, it is worth having legal requirements to ensure ethical procedures for AI development and regular bias testing and monitoring.
When done right, AI can lead to ethical hiring and a more diverse workforce. It can promote fair selection, interviews, and evaluations, and can highlight when unconscious human bias exists, helping employers actively address it. It can also ensure that a company identifies the most suitable talent, which places the right people in the right positions. This increases job satisfaction and decreases turnover. Machines cannot explain their decision-making: it is the humans behind the technology who must ensure that AI can be trusted in recruitment.
Source: Modern Hire, Benefits Pro, Direct News 99