How Can AI Streamline the Talent Acquisition Process?
July 20, 2020 by Allie Cooper
In today’s highly competitive world, simplifying the talent acquisition process is one of the most challenging aspects of today’s workforce, especially given the current pandemic. One of the most significant innovations in this field is artificial intelligence (AI), which enables computer programs to think and learn in a human sense. Previously, the effectiveness of AI has been demonstrated in several case studies.
For instance, gr8 People used our system to analyze a large number of resumes by extracting key information into specific fields. To add to this, here are several other ways in which AI can contribute to the talent acquisition process:
Speeds Up the Recruitment Process
As we’ve already mentioned, using a resume parser can help speed up the application process for recruiters and prospective job applicants. Business 2 Community describes how this software is an excellent way of eliminating manual fatigue when it comes to looking over resumes. Through AI, it accelerates the process by electronically gathering and storing key data in fields for education, skills, and contact details, eliminating candidates who don’t meet pre-set qualifications. By simply gathering and uploading submitted applications on the software, recruiters can view and organize relevant data, reducing costs, and boosting efficiency.
Filters Suitable Candidates for the Role
Recruiting the wrong person for the job can be costly when you take into account the time needed for onboarding and interviews. The financial cost of a poor hire can be in the thousands of dollars due to the time it has taken to train them and the lost revenue due to poor performance. This is a problem that companies have already addressed with explaining how personality tests like the Hogan Assessment are used during interviews. However, AI can help identify these mismatches much more effectively, ensuring that unsuitable candidates are identified and filtered out before they get to the interview stage. Not only will this help companies acquire the top talent who are fully committed to and well-suited for their role, but it will also reduce the financial pitfalls of even starting the process of hiring the wrong person.
Eliminates Recruitment Bias
Because recruiters are human, they may have an unconscious bias that is undetected during the hiring process. AI aims to reduce or eliminate this bias when it comes to sensitive factors such as race, gender, wealth, or education. To do so, The Undercover Recruiter explains how AI judges candidates purely based on their abilities from the information they provided. This enables companies to hire more diverse teams and makes hiring processes fairer. Some aspects that recruiters should focus on include skills, overall competencies, ambition, work experience, client relationships, volunteer work, and more.
Improves Overall Candidate Experience
Something that those involved in the talent acquisition process tend to ignore is candidate experience. These days, word of mouth can impact a business’ reputation, especially for applicants who weren’t hired. To help combat this, Forbes outlines how AI technology can help candidates identify opportunities that they are well-suited for, even if they don’t realize it themselves. According to them, studies show that women typically want to check off all the boxes when applying for a role. AI-matching tools can help encourage candidates to apply for a role even though they might lack one or two minor requirements. It can also help find similar roles that may be more suited for their skillset.
Boosts Talent Management Knowledge
Finally, AI can make a company more aware of how they can improve their talent acquisition process for future prospects. AI Business describes how an AI system can track and provide reports on all the information gathered from interested applicants. It can display information about an employee’s total time at a company, from the beginning until the end. Gaining business intelligence on typical success factors, talent sources, and specific skills will help recruiters hone in more accurately on the ideal employee.
As the world continues to evolve with the times, staying on top of the latest technology trends will help you find the best solutions for your firm. When it comes to sourcing the best talent management software for your business, prioritizing precision and depth will help you go a long way towards identifying the most suitable candidates at the right time.