Daily Archives: October 15, 2024

How AI is Revolutionizing Business Recruitment – And What that Means for Your Resume

AI technologies are streamlining and optimizing recruitment processes, making them more efficient and precise than ever before. For job seekers, understanding these changes is crucial, as they influence how resumes are crafted and reviewed. This article explores how AI is revolutionizing business recruitment and what job seekers can do to stay ahead.
The Rise of AI in Recruitment
AI has permeated the recruitment industry through a variety of applications, including candidate sourcing, resume screening, interview scheduling, and more. AI-driven tools can build a resume instantly by mining information from a LinkedIn profile or other existing documents, and then tailoring it to match job descriptions. This technology enables job seekers to have resumes that align more closely with the skills and experiences that employers are seeking.
Recruiters now use AI algorithms to sift through hundreds of resumes in seconds, identifying the most qualified candidates based on specific keywords and data points. This saves time and reduces biases, as machine learning models can assess candidates solely based on their qualifications rather than subconscious human biases.
Streamlining the Recruitment Process
One of the most significant ways AI is impacting recruitment is by speeding up the hiring process. Traditional methods of manually reviewing resumes and conducting initial screenings can be time-consuming and susceptible to errors. AI solutions help eliminate these inefficiencies by automating repetitive tasks. 
For instance, natural language processing (NLP) algorithms can analyze and categorize resumes to highlight relevant experiences, skills, and achievements. This ensures that only the most suitable candidates proceed to the interviewing stage, improving the overall quality of hires. Additionally, AI can handle administrative responsibilities such as interview scheduling and follow-up communications, further streamlining the recruitment process.
Enhancing the Candidate Experience
AI is not only a boon for recruiters but also for candidates. With AI-powered chatbots, job seekers receive real-time assistance, allowing for a more interactive and engaging recruitment experience. These chatbots can answer frequently asked questions, provide updates on application statuses, and offer personalized recommendations for job opportunities, enhancing the overall candidate experience.
Moreover, AI-driven platforms offer tools that provide insights into how resumes are perceived by algorithms, enabling candidates to tailor their applications for better visibility. The use of AI-generated feedback can help candidates optimize their resumes for specific industries and roles, ensuring they highlight the competencies most relevant to the positions they are applying for.
Implications for Job Seekers
The integration of AI in recruitment has significant implications for how job seekers should present their resumes. As AI technologies focus on specific keywords and structured data, candidates must ensure that their resumes reflect the language of the job description. This means meticulously crafting resumes to include the necessary skills, experiences, and terminologies that AI tools are trained to recognize.
Additionally, maintaining an up-to-date digital presence on platforms like LinkedIn is vital, as many AI systems pull data from these profiles. Having a well-structured, detailed online presence can enhance visibility and provide AI tools with the necessary information to match candidates with suitable job opportunities.
Preparing for the AI-Driven Future
To prepare for an AI-driven recruitment process, job seekers must stay informed about the latest trends in AI technologies and recruitment strategies. Attending workshops, webinars, and courses on AI in recruitment can offer valuable insights into how these systems function and what they look for in candidates. Learning how to utilize AI tools for creating and optimizing resumes can also provide a competitive edge.
Ultimately, embracing AI as a tool rather than a hurdle can be immensely beneficial for job seekers. By understanding and adapting to these technological advancements, candidates can enhance their employability and increase their chances of landing their desired roles.
Conclusion
AI is transforming the recruitment landscape, offering both opportunities and challenges for job seekers. By leveraging AI technologies, recruiters can streamline their processes and enhance the overall quality of hires. 
For candidates, understanding how AI systems evaluate resumes is essential for crafting applications that stand out. As AI continues to evolve, adapting to these changes will be key to thriving in the modern job market. Embracing AI in recruitment not only aids in building a compelling resume but also opens doors to new and exciting career opportunities.

AP Business SummaryBrief at 11:13 p.m. EDT

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Trump uses interview on economics to promote tariffs and riff on his favorite themesCHICAGO (AP) — Donald Trump has seized on an opening to sound his frequent argument that imposing huge tariffs on foreign goods would amount to an economic elixir — one he claims would raise enormous sums for the government, protect U.S. firms from overseas competition and prod foreign companies to open factories in the United States. Appearing Tuesday before a friendly audience at the Economic Club of Chicago, Trump asserted that tariffs are misunderstood as an economic tool. “To me,” Trump said, “the most beautiful word in the dictionary is tariff. It’s my favorite word. It needs a public relations firm.” If tariffs need an image makeover, it’s probably because mainstream economists say they actually amount to a tax on American consumers.Trump’s economic plans would worsen inflation, experts say
WASHINGTON (AP) — Donald Trump has vowed that if voters return him to the White House, “inflation will vanish completely.” Yet most mainstream economists say Trump’s policy proposals wouldn’t vanquish inflation. They’d make it worse. They warn that his plans to impose huge tariffs on imports, deport millions of migrant workers and demand a voice in the Federal Reserve’s interest rate policies would likely send prices surging. Sixteen Nobel Prize-winning economists signed a letter in June expressing fear that Trump’s proposals would “reignite’’ inflation, which has plummeted from 9.1% in 2022 and is nearly back to the Fed’s 2% target. The Peterson Institute for International Economics has predicted that Trump’s policies would drive consumer prices sharply higher two years into his second term.Small business disaster loan program is out of money until Congress approves new fundsNEW YORK (AP) — The Small Business Administration has run out of money for its disaster assistance loans, delaying much needed relief for people applying for aid in the wake of the destruction caused by Hurricanes Helene and Milton. The SBA offers Economic Injury Disaster Loans to businesses and people affected by disasters. The organization said earlier this month that it expected to soon run out of funding. Congress can approve more funds, but doesn’t reconvene until after the election. The SBA is pausing new loan offers until it gets more funding. SBA Administrator Isabel Casillas Guzman said people should keep applying for the loans, however.After hurricanes, the business of rebuilding lives means navigating the insurance claims processNow that the threat of Hurricanes Helene and Milton has receded, millions of homeowners and business-owners across Florida and the Southeastern U.S. are faced with traversing the often long and laborious process of using insurance to rebuild their lives. Immediately after disasters like these, property insurance is likely not top of mind as people secure their safety and basic needs, but insurance claims are part of the process of resetting. Many buy the policies in hope they can help protect them when disaster strikes. But oftentimes insurance doesn’t cover what the policy holder thinks it does — or thinks it should.Walgreens to close 1,200 stores as US pharmacies struggle to define a new roleWalgreens is planning to close around 1,200 locations, as the drugstore chain and its rivals struggle to define their role for U.S. shoppers who no longer look to them first for convenience. Drugstores that once snapped up prime retail spots across the country are in retreat. They’ve been battered by shrinking prescription reimbursement, persistent theft, rising costs and consumers who have strayed to online retailers or competitors with better prices. Walgreens’ announcement Tuesday comes as rival CVS Health wraps up a three-year plan to close 900 stores and Rite Aid emerges from bankruptcy, whittled down to about 1,300 locations.

UK inflation falls below 2% target for the first time since 2021 – business live

Newsflash: UK inflation has fallen below the country’s 2% target for the first time in three and a half year.In a milestone moment in the cost of living squeeze, the consumer prices index (CPI) fell to 1.7% in September, new data from the Office for National Statistics shows, down from 2.2% in August.This is the lowest reading for inflation since April 2021.That should cheer the Bank of England, after it hiked interest rates through 2022 and 2023 to fight rising prices, before making its first cut in August. This may mean a second cut in November.Investors had expected inflation to fall to 1.9%.An important reminder: This drop in inflation doesn’t mean prices are falling, simply rising at a slower rate compared to a year ago. The level of prices for many items is still much higher than before the inflation spike of 2022.Details to follow…The pound has dropped on the foreign exchange markets, after UK inflation dropped faster than expected in September.Sterling has lost half a cent against the US dollar, to $1.302, down from $1.307 before the CPI data hit the newswires.Cheaper petrol and flights helped push UK inflation down last month.But there was a pick-up in food inflation.ONS Chief Economist Grant Fitzner says:
“Inflation eased in September to its lowest annual rate in over three years. Lower airfares and petrol prices were the biggest driver for this month’s fall.
“These were partially offset by increases for food and non-alcoholic drinks, the first time that food price inflation has strengthened since early last year.
“Meanwhile the cost of raw materials for businesses fell again, driven by lower crude oil prices.”
Newsflash: UK inflation has fallen below the country’s 2% target for the first time in three and a half year.In a milestone moment in the cost of living squeeze, the consumer prices index (CPI) fell to 1.7% in September, new data from the Office for National Statistics shows, down from 2.2% in August.This is the lowest reading for inflation since April 2021.That should cheer the Bank of England, after it hiked interest rates through 2022 and 2023 to fight rising prices, before making its first cut in August. This may mean a second cut in November.Investors had expected inflation to fall to 1.9%.An important reminder: This drop in inflation doesn’t mean prices are falling, simply rising at a slower rate compared to a year ago. The level of prices for many items is still much higher than before the inflation spike of 2022.Details to follow…The cost of living squeeze is not abating for tenants, new data this morning shows.Rightmove reports that average advertised rents have hit new record levels in the last quarter.Its data shows that the average advertised rent for new properties outside of London hit a record of £1,344 per calendar month (pcm). That’s a 5.2% increase on a year ago.Within the capital, rents have also reached a new record, with an average of £2,694 pcm – a 2.5% rise compared to last year.A record proportion of former rental homes are currently on the market for sale, the property portal reports.Rightmove’s Tim Bannister says:
“While we’re seeing some signs of improvement in the market’s chronic levels of demand and supply imbalance helped by a slight increase in the number of available rental properties, affordability remains a key challenge for renters as prices continue to hit new records. Tenant competition has eased slightly from last year, but the market is still far from balanced.
“We are seeing some landlords choosing to exit the market with potential tax changes and stricter EPC regulations as additional factors in landlords’ decision-making. With rental supply under strain, incentivizing landlords to invest in energy-efficient upgrades or offering tax relief could help maintain rental supply and, ultimately, ease affordability pressures for tenants.”
Deutsche Bank predict UK inflation will drop to 1.8% in September, which will be a “cyclical low”, they say.The bad news for consumers is that Deutsche also believe “upward momentum” will likely gather pace, pushing inflation up again.Sanjay Raja, their chief UK economist, told clients:
The recent run of energy deflation will likely come to an end shortly. Indeed, pump prices are likely to reverse course in October, while dual fuel bills will see a hefty 10% rise.
The upcoming Autumn Budget also raises risks to short-term inflation, with alcohol and tobacco duty increases potentially in the offing. A 10-15% net increase in VAT is also expected for private school fees come Jan-25. And lastly, an unwind of the fuel duty cut also looks likely in March/April.
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Today could be an important day in the UK’s battle against rising prices.Economics predict that UK inflation fell in September, to around 1.9% – crucially below the Bank of England’s 2% inflation target, for the first since since April 2021.Such a fall would be a relief for the Bank of England, which has been trying to squeeze inflation out of the economy through higher interest rates, and could pave the way for a cut in borrowing costs in November.In August, inflation was recorded at 2.2%, and many in the City expect the rate of price rises slowed last month – further away from the peak of 11.1% in October 2022.Economists at Pantheon Macroeconomics have predicted a 1.9% reading for the month, driven by the sharp fall in motor fuel prices last month.Pantheon added that falling air travel fares are also likely to contribute to a dip in inflation, although these could be partially offset by higher domestic hotel prices.Investec analysts have suggested CPI could drop as low as 1.7%, largely driven by that “hefty” fall in fuel prices.We get the data at 7am…The agenda

7am BST: UK inflation report for September

9.30am BST: House price and rental costs data from the ONS

Noon BST: US weekly mortgage approvals

2pm BST: IMF to publish a chapter of its World Economic Outlook

Capital A shareholders approve disposal of aviation business…

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