The Recruitment Industry is going to witness a massive revolution in the coming decade.
The future of talent acquisition will heavily rely on AI and automation in all the processes. Although companies and HR professionals will hugely benefit from this impact, adapting to the future trends in recruitment will be a huge task for everyone.
The talent acquisition transformation will significantly impact how businesses approach recruitment, their recruitment strategies, and their frequency of hiring. Let’s look at how the future of the recruitment industry is going to shape out and what effects it is going to have.
Future of Recruitment Industry
A research study conducted by Deloitte revealed that from 2018 to almost 2028, the job market would experience a massive skill gap. This gap would result in over 2 million jobs being unfulfilled.
Consequently, global recruiting will face demand, as companies need to source the skills they require. And, the pandemic just brought in the acceleration that the market required in remote hires.
Companies have begun leveraging employee collaboration technologies for improving work efficiency and effectiveness with an increased number of employees working remotely. In addition, businesses are working on global recruitment strategies to widen their recruiting reach. They aim to take advantage of the vast pool of available talent to find their exact right fit.
The emergence of new job titles
Artificial intelligence (AI) and automation will significantly exploit the current job titles and roles.
According to The World Economic Forum (2016), over 60% of the current primary school students would end up working in jobs that are not even present right now. In 2016, it was obvious no one would have predicted that AI would cause drivers to lose their jobs in the future. However, Deloitte suggested that it’s the wholesale and retail industry, which will experience the greatest impact of automation.
Cognizant’s IT Experts predict many new job roles in the IT industry; some of them include Quantum Machine Learning Analyst, AI-Assisted Healthcare Technician, Cyber City Analyst, Master of Edge Computing, Data Detective, etc.
Gone are the days when recruiters used to personally go through the piles of CVs and shortlist the candidates. However, even today, digital screening all applicants is a hefty and time-consuming task for any recruiter. Plus, the probability of making an error is relatively high, as it takes just six seconds on average for a recruiter to consider an application.
This point is where Algorithm based shortlisting comes to the rescue. Algorithms of powerful computer programs would analyze data in extensive databases and shortlist the most appropriate applicant for that particular job title. Additionally, the involvement of Machine Learning would help eliminate bias in hiring.
Recommended Read: The Ultimate Applicant Tracking Systems Guide for 2021
Recruiting for Learning Quotient
In 2017, Jennifer Carpenter, a recruiting specialist, suggested that a candidate’s learning quotient should be the prime ability recruiters prioritize while screening applicants.
A candidate’s ability to experience new situations, adapt to them, and make the most out of them, is a highly critical skill for a future that witnesses constantly changing industry and job roles that demand new skills.
Understanding new markets, learning new skills, and leveraging them will be one of the deciding factors for an employee selection. Furthermore, with AI taking over the bulk of jobs, other skills like creativity and critical thinking would be in great demand.
Improved quality of hire (AI assistance)
AI-enabled tools would be the most incredible and inevitable addition to the hiring processes. These tools add a layer of intelligence to your hiring process.
AI-enabled tools can filter thousands of applicants almost effectively and diminish tedious manual errands. Furthermore, the quality of hires for your company gets a major boost by AI assistance. The machine learning algorithm utilizes data to learn and enhance its ability to match the applicant’s skills with the job requirements.
Integrating AI with your recruitment process can help make the whole process simpler, faster, more effective, and streamlined, from sourcing applicants to screening the right fit and from selection to succession. Plus, it becomes effortless to track your hiring metrics and adapt your recruiting strategies accordingly.
The change in the recruitment industry is going to be profound in the next decade. And with the pandemic in 2020, the whole scenario has just been accelerated. So, it’s not too far when AI takes over recruitment, and most recruitment practices are automated.