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New Delhi: Your job application may get rejected before it reaches a human for review.Companies across sectors are using artificial intelligence tools, including generative AI, for candidate sourcing, resume screening, skills assessment, predictive analytics and bias reduction in their recruitment process. Humans get involved only from the interview stage at some companies, while at some others, GenAI bots help managers conduct interviews.While there are several concerns, ranging from data privacy to risk of discrimination and inability to discover potential in candidates, HR executives say AI is making the hiring process quicker and more efficient for them.Professional services firm Genpact recently launched IMatch, a GenAI-based in-house resume parsing and job-matching engine.110427625Covering 40% of its new hires, AI tools have made the hiring process touchless till the interview stage, said Ritu Bhatia, Genpact's global hiring leader. Use of AI has resulted in a 15% increase in recruiter productivity, and an improvement in the speed to hire from 62 days to 43, Bhatia added.Improved Productivity for CosAI tools help analyse historical data, market trends and internal talent metrics, allowing companies to gain insights into emerging skill demands and talent availability, and develop recruitment strategies to address current and future talent needs.Simplilearn has been deploying ChatGPT — among other AI tools — for over a year to optimise job descriptions, craft proficiency assessments and conduct psychometric tests. “This enables us to reduce time on mundane tasks and improve productivity and efficiency,” said the edtech firm’s chief HR officer, Archana Krishna.According to Rajesh Bharatiya, chief executive of recruitment services provider Peoplefy, GenAI-based tools help customise the process; for instance to send a recruitment mass mailer based on each candidate's unique experiences and background. “Such customisation may require 10 times more time to customise manually,” he said.Infrastructure development firm Welspun Enterprises uses a GenAI bot that assists its executives in taking interviews. “Our hiring efficiencies have improved drastically. Before using the GenAI bot for interviewing, our selection ratio was 15%. Now this rate has increased to 55%, a 40% jump in my selection rate overnight,” chief HR officer Rajesh Jain said, adding: “This is big.”However, at the current stage of its development, experts believe there are certain pitfalls associated with deploying AI in hiring practices.These include ethical considerations about data privacy, algorithmic transparency and the risk of discrimination, lack of soft skills evaluation, bias amplification, and inability to discover potential.

Heat conditions intensified in Rajasthan where mercury touched 50 degrees Celsius, the local weather office said on Saturday. According to Met Centre Jaipur, the maximum temperature recorded in Phalodi during the day was 50 degrees Celsius, followed by Barmer at 48.8 degrees Celsius. In Jaisalmer, it reached 48 degrees Celsius, in Bikaner 47.2 degrees Celsius, in Churu 47 degrees Celsius, in Jodhpur 46.9 degrees Celsius, in Ganganagar 46.5 degrees Celsius, in Kota 46.3 degrees Celsius and in Jaipur 43.8 degrees Celsius, the centre said. Meanwhile, Rajasthan Pradesh Congress Committee President Govind Singh Dotasra targeted Chief Minister Bhajanlal Sharma saying that instead of finding a solution to water and power crisis in the state, he is busy campaigning for the Lok Sabha elections in other states. Dotasra said the BJP government in the state is not able to provide electricity and drinking water to people and, therefore, even in this scorching heat, so many people in the rural areas are forced to walk miles to get drinking water. "People in urban areas are spending a lot of money on buying water from tankers. Due to the government's negligence, there has been a severe power crisis in the state and the government is imposing undeclared power cuts of two to four hours in the state capital," he claimed. Dotasra said that in other cities and rural areas of the state, people are facing power cuts that last several hours. "The people of the state are suffering due to power cuts and lack of supply of drinking water while the chief minister is busy in campaigning in other states instead of finding a solution to these problems," the Congress leader said. Dotasra said that BJP MLAs, leaders and ministers are writing to the chief minister demanding uninterrupted supply of water and electricity in their respective areas, but the state government is not taking any decision to find a solution. "It seems that the entire government is being run by administrative officials and BJP leaders are busy in election campaigning in other states, leaving the distressed people to fend for themselves," he said. The Congress leader said that although the meteorological department had predicted severe heat in the state, the Rajasthan government failed to create an action plan to ensure a smooth electricity supply. As a result, there is a shortage of 600 lakh units of electricity per day for consumers in the state, he claimed.

Central banks worldwide are playing a pivotal role in driving the ongoing bull run in gold prices. This article aims to dissect the intricate connection between central bank actions and the surge in gold prices, shedding light on the factors contributing to this phenomenon.Understanding Central Banks' gold accumulationDiversification Strategy: Central banks are actively diversifying their foreign exchange reserves by increasing their holdings of gold. This strategic shift aims to reduce reliance on traditional reserve currencies, such as the US dollar, and mitigate associated risks.Hedging Against Inflation: With mounting concerns over rising inflationary pressures, central banks view gold as a reliable hedge against currency depreciation and inflation. Gold's intrinsic value and limited supply make it an attractive asset for preserving purchasing power in times of economic uncertainty.Impact on Gold Prices: The influx of gold purchases by central banks contributes to heightened demand for the precious metal in the global market. This surge in demand exerts upward pressure on gold prices, driving them to unprecedented levels.Market Sentiment: Central banks' endorsement of gold as a strategic asset class sends a strong signal to investors, bolstering confidence in the metal's long-term value proposition. Positive market sentiment surrounding central bank gold accumulation further fuels the bullish momentum in gold prices.Navigating the Bull Run in Gold: Investor Considerations: Investors should closely monitor central bank actions and statements regarding gold accumulation to gauge market sentiment and anticipate future price movements. Central bank purchases serve as a fundamental indicator of gold's value and long-term growth potential.Portfolio Diversification: Given the pivotal role of gold in central bank reserves, investors are encouraged to consider gold as an essential component of a diversified investment portfolio. Gold's unique properties as a store of value and inflation hedge make it an invaluable asset for mitigating portfolio risk and enhancing long-term returns.Conclusion: Central banks' active accumulation of gold underscores the metal's enduring appeal as a strategic asset class in today's uncertain economic landscape. By diversifying their reserves and hedging against inflation, central banks are driving the ongoing bull run in gold prices. Investors can capitalize on this trend by recognizing the significance of central bank actions and incorporating gold into their investment strategies for long-term wealth preservation and portfolio resilience.(The author is Vice President, Research Analyst - Commodity and Currency at LKP Securities)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)