By: TSP Blog | @TSProckstars
The battle to attract and retain talent has only become more competitive in recent years. Today’s candidates have become more selective. Recruiters are feeling the pressure to step up their efforts, and AI technologies have become essential prerequisites for enhancing recruiting. The use of AI for talent acquisition is expected to increase as more employers are looking to streamline the process and weed out unqualified job applicants.
AI models are concrete and consistent at quickly evaluating candidates on the same criteria and offering valid predictors of success. The result is a well-rounded workforce that benefits candidates and employers. Here’s how AI is leveling the playing field in talent acquisition.
INCREASING THE TALENT POOL
Historically, recruiters have selected candidates from a limited talent pool. Given recruiters spend an average of 13 hours per week sourcing candidates for one role, there are only so many resumes and job applications that they can feasibly sift through. AI’s unparalleled ability to rapidly filter through millions of data points enables recruiters to identify high-potential candidates quickly. With AI, recruiters can tap into a wider talent pool to source candidates, including social media platforms, agency databases and online career boards.
IDENTIFYING PASSIVE CANDIDATES
One of the most lucrative advantages of incorporating AI into recruiting is the ability to identify passive candidates. 70% of the global workforce is composed of passive candidates. These are candidates that are currently employed but may be interested in moving jobs. Ignoring or undervaluing the potential of this talent pool can cripple recruiting effectiveness. There’s a reason that 98% of hiring teams state that passive candidates are an important source of talent.
IDENTIFYING FORMER APPLICANTS
Former applicants and employees represent another overlooked, yet lucrative, demographic that can enhance recruiting. Companies are sitting on hundreds of thousands of resumes that represent lucrative talent. AI has the ability to examine a company’s existing database of resumes and identify former applicants who are qualified for current job offerings. Since these applicants have already expressed interest in the employer, the recruiting cycle can be shortened.
FINDING THE RIGHT FIT
Employers are turning to software companies to establish online tracking systems for an improved application process. Applicant tracking systems analyze resumes and applications of potential hires to assign them an evaluation grade based on predetermined traits. These systems use keywords, word flows and other data points to analyze and prioritize thousands of applications. Validated questions can measure how candidates score on various competencies, including communication, compassion and empathy. AI is paving the way for highly predictive interviews that are based on data keypoints.
REDUCING UNCONSCIOUS BIAS
Human bias can influence recruitment. Nearly half — 44% — of applicants report having experienced discrimination in the hiring process. When evaluating candidates, hiring specialists are vulnerable to stereotyping and making subconscious decisions based on the personal factors of a candidate. For example, a hiring professional might subconsciously judge a candidate based on where they grew up or went to college.
AI can be programmed to disregard a candidate’s age, race, gender and background to ensure clear judgment. This allows recruiters to better assess talent through the applicant’s skills, knowledge and creativity. With AI, job applicants are ranked by objective information, paving the way towards a more diverse workforce.
Over the past few years, chatbots have quickly infiltrated business. After proving its potential to enhance relationships between businesses and consumers, chatbots forged into the recruiting domain. Chatbots allow recruiters to spend more time on the strongest candidates by taking on some of the administrative tasks like scheduling interviews and gathering basic information. Chatbots can also bring personalization to the recruiting process by responding to applicants’ questions.
AI algorithms and bots may take over recruiting jobs, but this will only allow recruiters to serve as trusted business advisors. Last year, 67% of hiring managers and recruiters surveyed by LinkedIn said AI was saving them time. Rather than posting job descriptions on websites, screening resumes and handing recommendations to hiring managers, recruiters can free up their time for more strategic tasks. Recruiters could begin examining elements for long-term success in certain jobs or tying candidates to new business initiatives.
The hiring and retention of top talent is the lifeblood of all successful companies. AI can be game-changing in terms of empowering recruiters to reach new, more lucrative candidates and engage with them in unprecedented ways. If you have not already, consider adding AI elements to your company’s recruiting strategy.