TECH, BUSINESS AND CAREER INSIGHTS

How to Make Smarter Hiring Decisions Using AI

By: TSP Blog | @TSProckstars

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Human resources departments now have an abundance of technology and apps to utilize to gain information on potential employees. However, many hiring teams still rely on the traditional hiring routes, but in doing so they're missing the many benefits of using AI hiring tools.

Using artificial intelligence not only refines the process of hiring but also saves hiring managers the inconvenience of having to go through over 500 resumes for a position. An AI-powered talent search tool will make the resume sifting process much easier and provide valuable insight into potential candidates.

Hiring a great candidate increases the chance of better work performance. A bad hiring decision can cost the company a minimum of $50,000. So, keep reading to learn how to make smarter hiring decisions using AI.

HIRING PROCESS TIME
The hiring process time can create a dilemma for the recruiting and HR team between hiring the right person and hiring quickly. You need to find the right candidate fit for the available position, but you also need to fill the spot quickly. The longer you take to find the right candidate, the harder it may become for other team members to cover the responsibilities of an empty position.

An artificial intelligence system searches for the best candidates while analyzing their experience and skills. The software will also perform background checks, which will make your entire process accurate and efficient.

HIRING BY DEPARTMENT NEEDS
Using artificial intelligence also helps you understand which department requires a new hire. Whether it be a new or temporary position, planning is a necessity. Anticipating your staffing needs rather than waiting to hire during a specific time will simplify your process.

AI can collect data on the amount of time it takes team members to complete projects and their ability to meet deadlines. Once the data is collected, you can make an informed hiring decision. This way, you will not hire for nonessential positions. AI can also predict the types of jobs that may be required in the future, which you can use to build job descriptions and budget for salary needs.

SAVING MONEY
Improving your spending and budget using AI will drive smarter hiring decisions. Although your hiring process may be going smoothly, saving money is always a plus! AI will lower your cost per hire significantly. Efficiency in your hiring process is not useful without a reduction in cost.

Inefficiency, however, will result in a higher cost per hire with wasted time and resources. Using recruiting software will help you track your hiring metrics and refine your process to save time and money. Bad hiring decisions not only cost money but also can lead to damaged client relationships, decreased revenue and lost work performance.

UNBIASED DECISIONS
Believe it or not, humans are biased. When making hiring decisions, recruiters or the HR department may make unconscious biased choices. These choices make drastic impacts in ways recruiters and leaders may not realize. When recruiters make these choices, employers miss out on talented employees. Unconscious bias also leads to a lack of diversity which is crucial for a company. AI and machine learning help eliminate barriers companies may face when hiring more diverse candidates. Using AI software can help focus solely on talent and merit which will bring quality candidates to your company.

IMPROVED QUALITY
A poorly written job description will bring the wrong candidates to the company. AI helps write a more concise and accurate job description, which can bring the perfect candidate to the position. Your screening process becomes much simpler when using software to create standardized personality assessments. Make sure to use a more streamlined evaluating process to collect data from your candidates.

These software tools can test job candidates’ knowledge related to the job description, interview the candidates and even assess their personality and skills related to the job. Using the data collected, you can easily compare candidates in a short amount of time. The data will continuously update and allow a better understanding of the types of candidates required for your company.

The more you implement AI into your hiring process, the easier it will become to hire skilled personnel. Incorporating artificial intelligence can be beneficial for your business because you will find better candidates and increase the performance of current employees. AI also helps you stay ahead of your competition.

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