In this fast-paced digital world, where the race to attract and secure the best talent is more intense than ever, traditional hiring processes no longer cut it.

Gone are the days when HR professionals could afford to spend hours reviewing stacks of resumes and conducting time-consuming interviews. Today, efficiency and speed are paramount. Research has shown that recruiters using AI-powered hiring experience 12% more placements per recruiter, 34% more submissions per head, and a remarkable reduction of 8.5 days in time-to-fill positions. Additionally, with the time saved by augmenting these processes, the same research found that the recruiters could form more meaningful connections with the qualified candidates, resulting in a staggering 64% higher fill rate and a remarkable 21% increase in redeployment.

Unleashing the Power of AI in Hiring Process

In the face of these statistics, it's safe to say that you're falling behind if you're not using AI-powered hiring in today's competitive talent market.

One revolutionary piece of AI technology that has been transforming the recruitment marketing and hiring industry is ChatGPT. Powered by natural language processing (NLP) and machine learning capabilities, ChatGPTis widely used in:

• The skills identification for a particular role;

• Assisting in creating job advertisements;

• Providing insight into the lexicon to use in job advertisements to appease broader demographics;

• And helping identify keywords for boolean searching.

But what makes ChatGPT stand out is its ability to screen and assess candidates in a fraction of the time compared to traditional methods - with more accuracy, clarity, and objectivity.

Streamlining Resume Reviews

Traditional methods of shortlisting candidates for job postings involve manually reading CVs and cover letters, which takes time and can be highly subjective due to bias or lack of attention to detail. ChatGPT helps automate this process by extracting key information from a candidate's profile based on the job description provided and summarising their skills and experiences.

By removing the human element of subjectivity from the recruitment process, ChatGPT can reduce bias and increase fairness in the screening and hiring process. Of course, this depends on whether the information in the job description is accurate and unbiased. But when used correctly, ChatGPT can help employers to make more objective and informed decisions in their hiring process, leading to a greater diversity of employees.

Job-Specific Candidate Assessment

To further help you with shortlisting candidates, with its ability to simulate a real conversation, you can prompt ChatGPT to indite job-specific questions based on the job description and your unique company culture, yielding insights about job vacancies and each candidate's potential performance. You can even ask it to create behavioural-style questions based on the demands of the job role.

Then when you have that first initial interview, assuming that the candidate consents to a recording, load the transcript into ChatGPT to assess each candidate against the job specification, breaking down their suitability for the role into a list of pros and cons.

But if you want to go a step further in automated candidate screening, invest in AI-powered hiring tools to help facilitate chat-based interviews and job boards. These are great for first-stage interviews, as you can set up a series of questions where the AI will ask each candidate and assess their answers to decide whether or not they progress on to the next stage of the interview process.

And, hiring managers don't worry about these chat-based interviews hindering the candidate experience. Research from Allegis Group found that 58% of job seekers are comfortable interacting with a chatbot during the hiring process, so you can be sure applicants won't feel uncomfortable or out of place.

And the best thing about chat-based interviews is that, unlike humans, these natural language processing (NLP) algorithms can handle multiple conversations simultaneously. So you can quickly and efficiently screen candidates without having to dedicate as much time and resources to the process, allowing you to focus on creating more meaningful connections with your applicants and improving the employer brand overall candidate experience.

Creating a Speedier Candidate Experience

On the note of candidate experience, according to a research report by People Scout, organisations that invest in a strong candidate experience are 70% more likely to improve their quality of hire. However, the same report also found that 48% of candidates do not receive application feedback. And those who received feedback stated that the comments were often too generic to be of any value.

ChatGPT can help to counter this issue by creating comprehensive and detailed feedback for you as hiring manager to send to every candidate who applies, no matter where they are in the process. Ask it to assess a candidate's answers and provide detailed feedback in the form of an email, and just like that, you can give each of your applicants the recognition they deserve.

But again, answering every candidate on their application's progress and providing valuable feedback is very time-consuming. Therefore, it may be worth investing in ChatGPT-integrated communication tools such as Mailgun to automate the process, providing timely feedback and updates to all of your qualified applicants.

ChatGPT for Data-Driven Hiring Processes

The Natural Language Processing (NLP) capabilities in ChatGPT can help HR departments to speed up the hiring process while offering more fair and unbiased decision-making in hiring. Let's add in the machine learning element of this revolutionary tool. In that case, we can use it to create data-driven insights into hiring processes, helping to improve the overall recruiting and recruitment strategy.

Take, for example, JP Morgan. While they may not have used ChatGPT in itself, as Ian O'Keefe, during his tenure as Global Head of Workforce Analytics at JP Morgan, highlights on the Digital HR Leaders podcast, by creating their own internal machine learning tools, they were able to use their data to:

"...understand basic decisions across the applicant flow. Is a candidate likely to be reviewed and passed along to a manager and then hired? And then stay in that job posting in his or her seat longer than 180 days, which is roughly a productivity breakpoint on a lot of the high-volume, high churn, in some cases, roles that we have that are in our call centre environment, that are in our operations environment."

With ChatGPT, you may not be able to analyse these large data sets (yet). However, it can still help develop a more data-driven approach to your recruiting process by helping you make the most out of your data. Ask it to help you identify which data sets you should be collecting or how you can draw insights from your existing data to help you better understand the perception of your company amongst job seekers. Either way, it is an invaluable tool to help you make the most out of your data.

The Future of HR Hiring Processes

Ultimately, ChatGPT and AI-powered hiring has the potential to revolutionise HR in many ways. From skills identification to automated resume reviews and job-specific candidate screening, as well as creating a speedier and more meaningful candidate recruitment experience, these technologies can drive data-driven hiring processes and elicit unbiased decision-making.

HR professionals who embrace these advancements will be the real winners of the future of talent acquisition. So if you're looking for an edge in your HR hiring processes and recruiting teams, ChatGPT is worth exploring.

Enable Your People Analytics Leader and Drive Business Success With Our Insight222 Consulting Service

The right partner can help you on this journey. That's why at Insight222, we have created our 'Enable' consulting services to support you in developing a successful people analytics program and empower your new People Analytics Leader. Through this process, we will help clear the path for the new leader by understanding the current state of your people analytics, identifying key stakeholders, and supporting them during their first 100 days.

Our experienced team of people analytics consultants can help you maximise your HR analytics initiatives and unlock greater business value. So, if you're ready to take your people analytics to the next level, contact us today.