Finding a job is harder nowadays. It takes longer to hear back from employers, especially since the job market is still feeling the effects of the post-pandemic period. Companies, on the other hand, want to save money, even if it means cutting jobs of high-ranking employees. But with a growing economy, businesses need to hire more people to meet demand. That’s where Indeed, the biggest job-search site, steps in with its new AI-driven solution.
Rajatish Mukherjee, the head of Indeed’s employer-focused division, shared that it takes over 50 days on average to fill a job position. To tackle this issue, Indeed introduced “Smart Sourcing,” an AI-powered system. It does everything from sorting through job applicants to writing messages to potential candidates.
Employers can use Smart Sourcing by paying between $1,150 and $3,840 per year. In tests, companies saved about six hours a week with this system. Mukherjee, who has personally benefited from it, mentioned how it used to take him up to an hour to write a message to a potential candidate.
This technology comes at a crucial time as many recruiting jobs are being cut. Major companies like Google, Amazon, Meta, and even Indeed itself have reduced their recruiting staff. However, Indeed is also helping job seekers with an AI tool that creates a compelling work history summary and simplifies the application process.
Currently, 300 million job seekers on Indeed have opted into Smart Sourcing. While it promises to reduce bias in hiring by focusing on skills rather than background, some concerns remain. AI has been known to perpetuate biases, as highlighted by examples of candidates being rejected due to irrelevant factors like hobbies or age.
To address these concerns, some places like Illinois and New York are implementing regulations on AI use in hiring. However, there are still doubts about the effectiveness and enforcement of these laws.
Source: Fortune
