Recruiting top talent, engaging them and successfully onboarding them is a priority for every organization. However, hiring is also a highly resource intensive activity. According to SHRM, the average cost of hire is $4,129 and the average time to hire is 42 days.
Screening qualified candidates from the pool of applicants and engaging the top talent during the recruitment process is one of the critical hiring challenges that companies face. This is where technology and automation can come and save the day.
Chatbots are increasingly becoming our first point of contact as we browse across the web. From eCommerce stores to SaaS providers, chatbots are making their presence ubiquitous. Companies even have chatbots on social media for customer service and query resolutions.
As people get accustomed to using conversational software across various facets of their life, the field of HR and recruitment isn’t far behind at leveraging chatbots for streamlining the hiring process. Automated screening of candidates is rapidly becoming an integral part of the talent acquisition process.
Before diving deeper, let us first understand what a chatbot is, how does it factor into the hiring process and the benefits it offers for the HR professionals.
What is a recruitment chatbot?
A recruitment chatbot is an Artificial Intelligence powered software that is capable of mimicking human conversational abilities during the recruitment process. Hiring chatbots act as a conversational agent for engaging the candidates during the interview process, respond to any queries that they might have and result in an overall positive candidate experience.
With the advances in artificial intelligence, machine learning and natural language processing, chatbots today have come a long way from robotic responses and survey-like multiple choice questions for the respondents to choose from. Conversational AI lets the candidates have natural, human like conversations. This results in gleaning meaningful insights while reducing the workload on the HR professionals.
Benefits of integrating recruitment chatbots within your talent acquisition process
1. Improving the candidate experience
One of the most effective ways for making your business stand out from the competitors and building a strong identity in front of the potential candidates is ensuring a positive employee experience during the recruitment process.
You can ensure that the candidates have a good experience when applying for a position at your company by making sure that the downtime between the submission of CV and hearing back from the recruiters is minimal. Chatbots can help accomplish this feat.
2. Instant responses to FAQs
A research by Juniper research found that chatbots effectively answer 75-90% of queries and save an average time of over 4 minutes per interaction. Around the clock availability of chatbots ensures timely resolution of candidate queries irrespective of the time or day.
Chatbots can simultaneously interact with a large number of candidates in real time and respond to their queries instantaneously. Having a chatbot respond to candidate FAQs ensures that no questions are left unanswered. At the same time it takes a huge workload off the shoulders of your recruitment team. Since they are not occupied with answering the same queries over and over again, they can effectively use their time in more specialized and productive activities.
3. Automated screening of candidates
A recent survey by Allegis observed that 58% of candidates are comfortable interacting with AI powered chatbots for initial questioning in the application process. Interestingly, a larger group of candidates, 66% of them were comfortable with AI and chatbots overlooking interview scheduling and preparation.
Chatbots can interact with the candidates and ask them qualifying questions. With predefined screening criteria, based on the chatbot interactions, recruiters can automatically qualify and shortlist candidates from the wide applicant pool. Using chatbots for automated screening speeds up the screening process.
Following the online assessments, chatbots can also schedule an interview of the screened and shortlisted candidates with a recruiter. This results in streamlining the process and cutting down on the time and resources involved.
4. Data-driven hiring processes
It wouldn’t be an exaggeration to say that data lays down the foundation of a successful recruitment process. AI powered recruitment chatbots can prove to be a valuable source of structured and unstructured data that organizations can leverage. From segregating the sourcing channels which have proved to be most successful when filling up the talent pipeline to collecting candidate feedback, chatbots are a goldmine of valuable data.
Using this data, companies can restructure their hiring process to get most favorable outcomes. Performing data analytics on the candidates’ conversations with the chatbots can help in the identification of bottlenecks in the recruitment process and their subsequent resolution.
5. Lessening of recruiters workload
A longstanding belief has grappled the minds of employees all over the globe that artificial intelligence will take over their jobs. The reality cannot be further away from this assumption. By using chatbots to screen out unqualified candidates, recruiters save valuable time which can be better utilized for specialized tasks.
With the administrative burden lessened and mundane, repetitive tasks eliminated from the recruiter’s to-do list, they can spend their time forging meaningful connections with the shortlisted candidates. This ensures that the candidates have a positive experience interacting with your company and that the best talent gets recruited and onboarded, contributing to the company’s overall growth.
How to integrate chatbots within your recruitment process?
If you still have any doubts about whether or not you should integrate chatbots within your recruitment process, let me dispel them by stating this one last time.
“If you are looking to take your recruitment strategy a level up, save time and money while doing so, and quickly fill up your talent pipeline by hiring top candidates, an AI powered recruitment chatbot is something you need by your side.”
AI and chatbots are exciting and cutting edge technologies, however developing a chatbot for your business may turn out to be an extremely cost intensive activity, specially if you don’t have the technical acumen to do that. Fortunately, you don’t really have to do the heavy lifting yourself.
You can use an applicant tracking system (ATS) like MyNextHire that harnesses the power of AI and chatbots to engage candidates throughout the recruitment process. MyNextHire BOTs integrate with your Human Resources Management System (HRMS), letting you automate candidate screening, speeding up interviews, identifying and eliminating bottlenecks within your hiring process and reducing the overall time to hire.