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Praveen Madire

Founder and CEO, Techfynder

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How AI Enables Businesses To HIre Highly Experienced Global Technology Contractors

In the sphere of recruitment, AI has been gaining hold catering to the most time- and resource-consuming aspects of it.

The potential for AI to make an impact in all domains is huge, and recruiting is no exception. In the recruitment technology landscape, AI has been strengthening its position for a few years now. AI for recruitment is the integration of Artificial Intelligence into the recruitment process, tackling the most time- and resource-consuming aspects of it.

On one hand, it opens the way for hiring managers to achieve superior productivity by setting them free from recurring, time-consuming, and fatigue-causing processes. On the other hand, it brings superior precision to repetitive business functions while also decreasing their turnaround time.

In the wake of the global pandemic, we are observing the rise of ‘Contract Workforce’. Contract work has now become today's economic reality. This is true for every industry, but the technology industry is leading the way. Tech contractors are in high demand, and companies are looking for individuals with the specialist skills needed to meet their digital transformation and operational needs. Here, AI is gaining ground in recruiting, hiring, and the contracting industry. As companies revisit their hiring processes to include more contractors, technological innovations such as AI Recruitment opens the door for various cutting-edge AI-driven platforms that matches the exact criteria for both contractors and businesses, thereby making the recruitment process easier and more efficient than ever.

Hiring Managers with the help of unified AI platforms now no longer have to wait for multiple weeks to find highly skilled technology contractors in Banking, Accounting & Finance, or IT/tech roles globally. 

Before we delve deeper into this topic, let’s first understand what AI is and how does it impact recruiting.

The Inverse Relation of Business Growth and Application Screening:

It goes without saying that, as a Hiring Manager, one of the most challenging operations is to find the right technology contractor. With every successive application, hiring managers have to virtually race against time to ascertain the credibility of all information while diving deep into voluminous data. The job is still half done after this exhaustive process.

One needs to then ensure that the applicant is a cultural fit and has the right skill set for a given process. The challenge only intensifies when it needs to be done for all hundreds (and sometimes thousands of) resumes received.

Therefore, screening resumes continue to be a major problem in talent acquisition. According to market research, 52% of recruitment leaders say the hardest part of recruitment is identifying the right IT contractor from a large applicant pool. Since the relevant business process functions non-optimally meanwhile, such delays also dent a company’s business growth and revenues. Here, AI and its automated approach bring about a massive difference. Leveraging AI technology, we can skim through thousands of data points to extract relevant insights and the best part is it can be done for multiple applications simultaneously.

AI-driven recruitment can easily bring down the initial applications from hundreds and thousands to a handful that are best suited as per the company’s end-to-end needs. It is while eliminating biases, errors, oversights, and fatigue involved in the exhaustive process. Using this approach, hiring managers also interview the final set of IT contractors while maintaining optimum productivity and a fresh mind.

There’s no surprise that a majority of recruitment companies have started using (or are learning to use) AI solutions in their recruitment process. In this new norm, AI is probably one of the most important technological game-changers.

Let’s look at some benefits of AI-powered recruiting.

  • Addresses the holistic needs of an organization

A single hire may take 23 hours for an organization to screen completely. So, it's natural for the exhaustive recruitment process to become biased midway. For example, hiring managers have to manually scroll through numerous technology contractor profiles and then follow up with the said contractors. This tedious process could lead to misinterpretations of some given information. By introducing AI to the process, we eliminate such biases and misinterpretations. It can further help recognize what type of contractor would fit the team or what skills the team lacks and suggest how the hiring manager can identify the right fit for the said position.

  • No more overlooked technology contractors

Without AI, hiring managers are forced to search for contractors from a massive database with just certain keywords at their disposal. Thus, there is a huge risk that a great tech contractor might get neglected. This is where AI steps in and saves the day for recruitment manager. It can help review contractors by looking at their documents as a whole and finding specific areas of expertise as well as skills without being limited to certain keywords. Thus, ensuring that all technology contractors are assessed in-depth and no talent gets left behind in the pile of data.

  • Finding the perfect technology contractor

By adding a predictive-analytics component to your hiring process, you'll see firsthand how AI can help hiring managers assess technology contractors. By identifying historical patterns in data, predictive analytics can provide recruiting and HR managers with insights on likely future occurrences.

Making sure you’re getting quality talent to fill your positions will result in more productivity down the line. And this is crucial, especially considering the costs associated with a bad hire. On the other hand, predictive analytics can process data about previous or current employees, and find correlations between best performance indicators and individual applicants. Through this, companies can make predictions as to how long a contractor is likely to stay with the company. AI can also confirm a technology contractor’s skill set based on solid data points. This can help companies select a technology contractor for specific jobs.

In short, if you want to make talent identification more organized, it’s important to look beyond existing methods, particularly if technological innovations enable us to predict, understand, and match people on such a large scale.

  • Machine-Learning-driven resume parsing for contractors

Formally speaking, resume parsing is the conversion of a free-form resume document into structured information suitable for storage and reporting by a computer. Resume parsers extract the desired information after analyzing it. They insert the information into a database with a unique entry for each contractor. Once the process is complete, hiring managers can then search the database for keywords and phrases to get a list of relevant contractors.

  • Improved contractor engagement

AI solutions can readily accommodate applicants’ queries as well as automate the screening, scheduling, and sending out reminders or instructions. If there is difficulty answering a query, the discussion will then be passed on to a human recruiter to guarantee that it is handled correctly.

Apart from the above-mentioned benefits of AI, some platforms have innovated further and incorporated features such as:

  • Audio-Video Interviews

Using pre-recorded or live video interviews to screen applicants or contractors provides organizations with all the insight they need at a time. This way, hiring managers don’t need to meet contractors face-to-face in the first round, which reduces costs and scheduling issues. Additionally, AI and Video Analytics have made it possible to evaluate body language, facial expressions, and so forth. It also allows an organization to make data-driven decisions starting with the first round of interviews.

  • Digital contracts and e-signature

Digital contracts and e-signatures make contract management simple, shorten sales cycles, improve compliance, and eliminate risk. However, many people are also concerned with their security and wonder whether e-signatures on digital contracts are legally binding? The short answer is yes; provided electronic signatures remain legally valid and will, therefore, most likely have the same legal standing as signatures using pen and paper.

Now, that you’ve read all the benefits of AI in recruitment, imagine having all of the above mentioned features under one roof. Yes, there are innovative companies that provide recruiters with the complete package. This means that Hiring Managers will no longer need to stay late at the office when everyone else has gone home. They can work faster, more efficiently, and conveniently - thanks to AI-powered recruitment platforms! Artificial intelligence is currently transforming the HR industry and is here to stay.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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