NOVEMBER 20198iring has long transcend-ed from just finding peo-ple to finding the right people. The exponential and highly disruptive changes in technology have caused HR de-partments across the globe to revolutionize how they hire. Arti-ficial intelligence (AI) and Machine Learning (ML) are clearly the front runners in the list of disruptive HR technologies. What was once thought as a threat is now an op-portunity for recruitment leaders and entrepreneurs.A report by CB Insights, one of the largest global research firms, states that global invest-ments in HR technology stood at $2 billion in 2017 (up from $400 million back in 2012). India's multi-billion dollar HR industry is not far behind either and is in-creasingly adopting HR technol-ogies in recruiting, on-boarding and managing talent.Enterprises are highly opti-mistic about the possibilities of technology changing the way recruitment is happening and its ability to improve organizational efficiency & effectiveness. Data analytics and ML algorithms, more than ever, are being used to create sharper people insights and offer decision-making sup-port. Users of data science and AI will agree that these tools are capable of increasing recruiter efficiency by as much as 70 per-cent and dramatically reducing cost-per-hire. Data science and predictive analytics bring objec-tivity to hiring processes making them more democratic in nature. They are also useful in collecting and compiling prospective candi-date and current employee data quickly and without human error.Data science led technologi-cal advancements have remark-ably revolutionized the talent assessment space. Scientific as-sessments are more reliable and accurately measure candidates' competency and skills. They fur-ther help you sieve misfits from getting hired (Type-1 error) and prevent the right people from getting rejected (Type-2 error). This significantly reduces the cost of a bad hire, which is way more than just monetary for organiza-HBy Himanshu Aggarwal, Co-Founder & CEO, Aspiring MindsAn alumnus of IIT Delhi, Himanshu created one of the India's leading personal finance portal and currently leads overall business strategy and management at Aspiring MindsRECRUITMENT 2.0: HOW AI, MACHINE LEARNING & HR TECH IS CHANGING THE FUTURE OF RECRUITMENTIN MY OPINION
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