Can AI recruitment software reduce the cost of hiring?

Recruitment is a costly endeavor. The entire cycle from sourcing, screening, interviewing, and then onboarding talent is not just a physically daunting exercise but also heavy on the budget. 

But there’s a way to make the recruitment process cost-effective and process efficient, without losing the human touch with your candidates. This is where AI recruitment software plays a major role.

For a few years now, the HR space has been toying with AI recruitment software to automate the hiring process and people still have concerns about its efficacy and long-term benefits. One of the major benefits that large corporations have derived from using AI recruitment software is reduced hiring budgets while also streamlining processes and saving abundant operational time for HRs. And now, living in challenging economic and social circumstances, this might just be the answer to many questions recruiters are dealing with.

Why AI recruitment software?

The year 2020 has so far turned out to be the most uncertain, confusing, and financially tough for organizations. Companies have had to drastically cut down their workforce capacity and yet they need human resources in the right places. Hiring in such a cold, stringent market has become a huge challenge. Above and beyond tangible benefits, candidates are seeking more from their employers than ever before. This requires an investment of time and other resources, which costs a lot. With reduced hiring budget and hundreds and thousands of applications every day, it is impossible for recruiters and hiring managers to invest all their resources in every candidate. And yet you need to because regrettable hires cost the company a lot. It’s a catch-22 situation indeed.

Now, consider a software that is integrated with cutting-edge machine learning tools that use algorithms to read data points and analyze the candidate’s facial expressions, body language, sentiment, and gestures, along with assessing their personality and the ability to fit into the job role.

How AI recruitment saves cost

An AI-based recruitment software could literally cut down on resource cost and valuable operational time. And as time is money, especially now, it is as good as saving overheads.

For HR heads, the financial implications of every hiring exercise are vital. And if you can save on that, you can redirect the budget to other departmental activities that could add more value to candidates or existing employees and make a real difference.

Leading global corporations have benefited from using AI recruitment software and reduced their cost-per-hire by almost 30%. *

But what about investment?

Back in the days when there was no cloud technology, software of this type would usually entail a heavy initial investment by the companies. That too without clear visibility on whether this investment will yield the necessary results or whether a new technology will replace it and make the investment redundant.

But with cloud technologies, AI recruitment software can be deployed on a subscription basis. For instance, Oto_Code, an AI-based tool, can be used to hire for the duration you want without any long term investment. It helps you with

• remote assessment of technical talent
• assess multiple tech stacks and auto-generate reports
• use NLP to assess a candidate using his body language, expressions and actions taken during the test
• in-depth video analytics
• auto-generate scorecard for each candidate
• call only the most qualified talent for interviews, saving dev manager’s time
• integrate with ATS seamlessly
• serve fool-proof proctored tests

A quality hire saves costs on training, training time and contributes to the RoI of the role much faster.

Benefits beyond costs

Along with major cost savings, AI recruitment software also helps with identifying false information, generating interviews, reducing hiring bias (which is very common in physical interactions), and yields data-driven scientific results, so you can make a well-informed hiring decision.

Tags: Recruitment Process