Economic headwinds and volatile labor market conditions have taken aback the global staffing and recruitment industry. The time is not the best of friends with our industry as workforce problems like the great resignation and talent shortages have further aggravated the effect of post-pandemic challenges. Thus, there is an urgent need to direct efforts for collective success and utilize modern-day technologies like artificial intelligence to improve operational effectiveness and efficiency.
Artificial intelligence has been around for years, but its unprecedented boom came only after the Covid-19 pandemic when automation became the key to coping with worker shortages and high labor costs. AI helped businesses optimize operations and compensate for the lack of human resources. For instance, 25% of the companies adopted AI applications to address the pressing concern of labor shortage.
One such application of AI is ChatGPT!
Any conversation on artificial intelligence is incomplete without mentioning ChatGPT.
The world was taken by storm as soon as OpenAI announced the launch of the AI-powered chatbot – ChatGPT in the market. The chatbot had a record adoption rate and garnered more than 1 million users within the first five days of the launch. In February, tech giant Microsoft announced the third-phase partnership with OpenAI and invested multi-billion dollars to accelerate AI breakthroughs worldwide.
ChatGPT quickly went viral and made it to the world headlines for all the good and not-so-good reasons. While the technology industry embraced it as a generative AI milestone, many in the education sector were left far from impressed and raised concerns over its potential use for cheating.
But what does ChatGPT hold for the staffing and recruitment industry? Is it a companion that will improve things or a nemesis that will wreak havoc on the job industry? Let’s look at some possibilities to conclude.
Given the first-hand benefits, ChatGPT could prove a valuable tool for recruiters as well as for candidates. Recruiters can use ChatGPT to streamline the recruitment process, find suitable candidates, and make the hiring process more efficient and effective. On the other hand, candidates can use it to write resumes. For instance, as per a Korn Ferry report, 54% of professionals use ChatGPT beyond their daily work – like for crafting their resumes. Another survey by Resume Builder adds that 46% of job seekers use ChatGPT to write their résumés and cover letters.
Now, it is also interesting to note that the number of qualified applications has increased since ChatGPT launched. The Resume Builder survey adds that 61% of hiring managers noticed an increase in the number of qualified applications since ChatGPT’s launch. Coincidence? Maybe or maybe not!
Here are some other ways ChatGPT can be beneficial in the staffing and recruiting business-
Original ChatGPT response for Interview Question Bank
Original ChatGPT response for Email Outreach
Original ChatGPT response for Application Rejection
ChatGPT is in its early days and subject to continuous improvements. However, it surely has the potential to disrupt industries – just like Uber did to the taxi industry, Airbnb to the hotel industry, and Netflix to the television industry. For instance, more than 46% of the professionals are currently using ChatGPT as a part of their daily work while 83% plan to use AI in the future.
But beware, there are some downside risks you should be wary of!
ChatGPT limitations as per ChatGPT
Another downside is that, as of now, ChatGPT can provide information only till September 2021. Thus, if you are looking for data that dates after September 2021, chatGPT might not provide answers.
Undoubtedly, ChatGPT has a lot of potential. But is it better than humans? Maybe on some fronts but definitely not greater than the “Human Kind”.
No matter how advanced a technology may get, personalized experiences fostered by humans always have, and will continue to have, an upper hand. Humans have critical thinking abilities and values that help them take better decisions. But will ChatGPT take human jobs? To be honest, it may – like any other technology. Technological advancements have been taking jobs and replacing people for many decades. However, new technologies also create new job opportunities in the market. In such scenarios, the role of the staffing industry becomes much more crucial in bridging the skill and talent gap.