It’s evident that AI is gradually becoming a necessary part of our daily lives. Not only is generative AI now a go-to facet for a variety of industries, it has been integrated in a multitude of applications, reshaping how how use and depend on technology.
Naturally, it has also become an integral part of the recruitment landscape, revolutionising traditional hiring processes and shaping the future of work. But with the global economic slowdown, do we need to worry about how prospective employees are screened for a job interview? What about AI bias? How will it play into the process? Can AI understand diversity?
Based on the insightful interview with Raj Mukherjee, Executive Vice President and General Manager at Indeed, let’s delve deeper into how AI is affecting the job market and the implications it holds for both job seekers and employers.
HOW AI HAS TRANSFORMED THE HIRING PROCESS
In the current job market scenario, AI is playing a pivotal role in addressing labor and skill shortages.
“In 2023, businesses experienced challenges in finding the right talent to fill their open roles, and AI can help address this issue,” says Mukherjee.
Human resource and talent acquisition teams in various companies are using AI tools to automate various aspects of the hiring process, such as resume screening and initial candidate assessments. They are also summarising résumés and generating interview questions.
By doing so, they can expedite the recruitment process and ensure a more efficient talent acquisition process.
Raj Mukherjee emphasises that AI-driven predictive analytics can also help forecast future workforce needs, enabling proactive planning to bridge skill gaps. And let’s not forget how AI-based personalised learning programmes are helping not just young students but also employees during their training period.
Indeed, a prominent player in the recruitment industry, has been harnessing the power of AI for over two decades.
“Our AI-based sourcing tool goes beyond basic keyword searches. Employers can now analyze nuanced aspects of resumes and job postings, such as required skills, desired experience, and even company culture,” Mukherjee explains.
It also creates customised messaged that employers can send to job seekers and provides summary reports for hiring managers.
This not only saves time but also facilitates better candidate-employer matching, leading to improved overall efficiency in the hiring process.
“AI can augment human capabilities, not replace them, and it is clear that 2024 is the year of AI adoption in recruitment,” says Mukherjee.
IMPACT ON TRADITIONAL HIRING PROCESSES
The integration of AI into traditional hiring processes is causing notable shifts in the job market. While AI tools are saving time for talent acquisition teams, there are concerns regarding biases embedded in AI algorithms.
“At its core, AI depends on data, which ultimately comes from people. However, humans, being imperfect beings, inject their biases into this data. This reality is prominent in our field, where we see significant hurdles and biases in the hiring process,” Mukherjee says.
Thus, human biases can inadvertently influence AI-driven decisions, potentially exacerbating existing inequalities in hiring practices.
Moreover, AI adoption is reshaping the demand for skills in the workforce. There is a growing need for expertise in building and utilising AI systems, as well as cybersecurity skills to safeguard data and systems, Raj Mukherjee says.
TACKLING AI BIAS AND ENSURING FAIRNESS
“AI bias is a deep concern because AI is powered by data, data comes from humans, and humans are flawed. AI bias occurs because human beings choose the data that algorithms use, and also decide how the results of those algorithms will be applied,” explains Raj Mukherjee.
When AI models are built from data with embedded bias, the resulting models replicate and scale that bias, he adds.
Addressing concerns about bias in AI-driven hiring practices, Indeed has implemented Responsible AI principles to ensure fairness and inclusivity. They rigorously evaluate their products’ fairness from the initial design stage, using both quantitative and qualitative data, incorporating diverse perspectives to mitigate biases in AI algorithms.
This is the era of data and data analysis. Thus, the ‘fairness’ and effectiveness of AI-based hiring depends all upon the quality of the data it is built upon.
“In order to make successful matches, AI needs to possess a deep understanding of both the skills possessed by job seekers and the requirements of employers, as well as the ability to connect the right job with the right person,” Mukherjee says.
“It’s crucial to adopt a data-driven approach, which involves incorporating artificial intelligence and machine learning components, among other things,” he adds.
By building diverse teams that reflect the world’s diversity, Indeed aims to incorporate lived experiences of job seekers and employers into the design of their products, promoting fairness and inclusion in the hiring process.
TIPS FOR JOB SEEKERS IN THE AI-DRIVEN JOB MARKET
For job seekers navigating the AI-driven job market, Raj Mukherjee offers valuable advice. Leveraging the power of keywords and showcasing authentic strengths and experiences are crucial strategies to maximise job opportunities.
Firstly, keywords are the key. Since AI systems rely on data inputs for initial screening, highlighting unique value propositions can help job seekers stand out from the crowd and make a lasting impression on potential employers.
The same goes for employers as well. The need to incorporate appropriate requirements in the job description using the correct keywords that AI can scan easily.
“We have found that there is a direct correlation between more and better applies and the richness of data in the job description,” Mukherjee says.
Secondly, while keywords can help with the initial screening, it is your unique skills that matter more.
“Don’t be afraid to stay true to your authentic self and showcase your unique strengths, experiences, and personality. Some AI systems can analyze language patterns and soft skills within your application materials,” he says.
He adds that you should highlight your passion, accomplishments, and genuine voice to stand out from the crowd and make a lasting impression on potential employers.
These two strategies can significantly improve your chances of landing that interview.
TRENDS IN HIRING AND TOP JOBS OF 2024
The global economic slowdown leading to mass layoffs and hiring freezes have led to young job seekers facing heightened competition and limited opportunities. Raj Mukherjee clarifies that AI adoption in the overall job market isn’t the sole contributor.
“Economic shifts, industry-specific demands, and geographical variations are some of the reasons that can contribute to these slowdowns,” he says. AI plays a supporting role in shaping these trends.
Indeed has recently shared a list of the top 20 jobs of 2024 based on availability, salary, opportunity growth and the number of postings that sheds light on the evolving job market landscape.
The top jobs aren’t limited to hardcore tech expertise but also include titles like business manager, digital marketer, content manager, social media manager and finance manager.
Mid-management roles across sectors like finance, accounting, social media, supply chain, and customer care are also in high demand.
“While the number of tech jobs on the list has decreased compared to previous years, it doesn’t signify their disappearance. Rather, it reflects ongoing transformation and adaptation within the tech industry influenced by new technologies,” Mukherjee says.
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Thus, the impact of AI on the job market is profound, transforming traditional hiring processes and shaping the future of work. While AI offers opportunities for efficiency and improved candidate-employer matching, concerns about biases and inclusivity remain pertinent.
By adopting responsible AI practices and leveraging AI tools effectively, both employers and job seekers can navigate the evolving job market landscape and unlock new opportunities for growth and success.
Source Agencies
