How AI based Recruitment Tools Are Reshaping Hiring In Fortune 500 Companies

hellobharadwaj

• 3 min read
AI based Recruitment Tools

Artificial Intelligence (AI) is no longer a buzzword that gets recruiters excited about the future. It is the present, it is the reality that is shaping a new recruitment process altogether. Fortune 500 companies like Amazon, Apple, Google etc. have redesigned their recruitment process to optimize the hiring pipeline with AI tools at the forefront. 

Research is now showing that 99% of Fortune 500 companies have some kind of AI recruitment tool within their tech stack for hiring talent. 

All MANGA (Meta, Amazon, Netflix, Google, Apple) companies have not only added AI tools to their recruitment process, but they are also developing them in-house for optimization and customization. 

In this blog, Tobu experts will share how and why recruiters in large companies are embracing AI and Machine Learning (ML) tools to optimize hiring. 

Let’s first understand the need for AI in large companies. 

Why Is The Recruitment Process Important For Big Companies?

Recruitment is one of the most crucial yet undervalued processes in large multinational corporations. Effective recruitment supports organizational goals and helps them in achieving faster growth and higher profits. 

The recruitment process delivers high-quality employees that impact business performance and productivity. This adds value to their products and services and increases their brand value.

When a company is a globally recognized mammoth organization consumers expect more and they expect you to deliver on it. It is impossible to innovate and deliver exceptional quality products and services without the right talent in the organization. Recruiting high-quality, diverse, inclusive, and brilliant talent from the global pool of applicants is therefore key to the organization’s growth. 

How Has AI Impacted The Recruitment Process In Large Companies?

Job applicants come from every part of the world. The talent pool is unlimited but also crowded. It is easy to find candidates but difficult to find the “right candidate”. 

There is always a huge demand for talent and no one wants to lose the most relevant candidate, right? This is where AI recruitment tech steps in and simplifies the job of a recruiter. 

Capabilities of different AI recruitment tools – 

  1. Tobu – Email resume extraction 
  2. Ideal – Resume screening, pre-screening of candidates
  3. Zoho Recruit – Resume Parsing and CRM 
  4. HireEZ – Candidate Sourcing 
  5. Paradox – Conversational AI for screening and interviews
  6. HireVue – Video assessments and interviews
  7. EVA – Hiring analytics and predictive decision making
  8. Textio – AI and ML-based tool that eliminates all bias from the brand language in the recruitment process
  9.  Pymetrics – Gamification and behavioral assessment recruitment AI tool

Impact of AI Recruitment Tech On Fortune 500 Hiring 

  1. Elimination of Manual Tasks 

AI has automated all manual tasks. Resume collection, screening, and adding every candidate to the database are no longer done manually AI tools like Tobu take care of it. Tobu can extract resumes directly from your inbox and add them to the database while smartly classifying them into lists of experience, job type, relevance etc. without any manual intervention. Check out our video demo to learn more. 

  1. Wider Reach 

Thanks to AI the applicant pool has expanded exponentially. Recruiters can reach out to interested applicants on job search engines, Google Adwords, and social media platforms as well. They can source the best candidates globally at the click of a button effortlessly. 

  1. Collaborative Hiring 

AI tools let the entire team collaborate in the hiring process. It is possible to clearly define roles, entertain suggestions and inputs and customize the process for more efficient and effective results with Machine Learning and Artificial Intelligence technology. 

  1. Better Decision Making 

Accurate analysis, factual data, fast processing, and elimination of bias through AI result in better decision-making. AI recruitment tools enable recruiters to make better decisions – decisions that are made from a well-informed perspective and decisions that focus only on the betterment of the organization as a whole. 

  1. Fast Hiring 

No need to spend weeks and months on the hiring process. With AI recruitment tools, you can save yourself a ton of time! And focus on other important tasks that AI is unable to do. Chatbots and AI interviews will help speed up the hiring process too.

  1. Improved Candidate Experience and Engagement 

Candidates are looking for the same enthusiasm and engagement from the recruiters that they feel when seeking out exciting job opportunities. AI tools are finally giving recruiters the time to engage in productive conversations with applicants. Big companies have especially been able to engage better with candidates thanks to AI. This helps candidates in feeling heard and such candidates can be nurtured more easily in the recruitment process. 

Final Thoughts

Fortune 500 companies like Walmart, Intel Corporation etc. have seen tremendous improvement in their recruitment process with the advent of AI and ML. At Tobu, we love AI and it drives our core algorithm as well as our vision and mission. AI is definitely here to stay and grow in the recruitment world.