With average of 73 applicants per role, AI eases process: report
It is taking employers across the world nearly six weeks to hire a new employee, according to a new analysis of 85 million job applications across 95 countries.
The analysis, carried out by SmartRecruiters, found that the global median time to hire is 38 days.
In this duration, hiring teams are taking six days to review job applications and another 14 days to interview the most promising jobseekers.
"Global and industry variations can be explained by the variances in hiring requirements across industries and countries," the report read.
Hiring teams in Australia and the United States are the "most efficient" when it comes to recruitment, with their time to hire just taking 32 and 35 days, respectively.
On the other hand, German hiring teams record the longest hiring period for jobseekers with 55 days, according to the report.
"Hiring in Germany entails the involvement of the Betriebsrat, or Worker's Council, which slows down the median hiring time to nearly two months," the report read.
The findings come in the wake of surging job applications from employees across the world as AI makes it easier for them to generate resumes and CVs.
SmartRecruiters' report found that employers worldwide receive an average of 73 applicants per role, with only three getting interviewed.
"The average of 73 applicants per role means recruiters either rely on automation technology or they simply can't examine and respond to the majority of candidates that come in for each job posting," the report read.
In the wake of a shifting recruitment landscape because of technology, the report warned that organisations that can't or won't innovate will be left behind.
In fact, it noted that companies using AI in their recruiting processes hire 26% faster.
TestGorilla, a software firm, said on its website that using AI in recruitment can also:
AI can be applied in the recruitment process in various ways, such as idea and script generation when talking to candidates, as well as applicant screening to save time and resources, according to IBM. Other applications of AI in hiring are:
According to IBM, AI will only become a "more powerful force in talent acquisition" in the future.
"HR teams use AI in their daily activities, and AI will increasingly handle some functions like job postings and resume screening," it said. "As organisations trust more actions to AI, they must work hard to ensure that those systems are free from bias and set up in a way to identify diverse candidates across all industries."
