The number of job openings have reached a 15-year-high, according to the Bureau of Labor Statistics. In fact, there are an estimated 15 million active job postings on LinkedIn alone. With so many postings online, it can be a challenge for yours to stand out—especially...
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How AI-Based Recruitment Technology Could Change Hiring Forever
We’re not just talking about artificial intelligence (AI) anymore; it’s now being utilized in almost every industry, and recruiting is no exception. In fact, AI in recruitment has really been dominating the recruiting technology space, specifically because of its ability to do two very important things: eliminate bias and identify top talent quickly and easily.
As we’ve begun to realize what AI is doing to recruitment technology, it’s clear that we can never go back. Let’s analyze how this landscape is likely changed forever.
Job Posting Performance
Traditionally, when recruiters post positions on their company websites and other job boards, the success of their performance was at best a guess. You could manually track the number of resumes coming from which sources, but that’s cumbersome and time-consuming, and has room for human error. AI allows you to know what postings and job ads are performing better on which boards, specifically. Not only does this allow you to target the best talent, but it helps you determine where it’s best to be spending your ad dollars.
Job Description Optimization
Writing job descriptions can be an exhaustive process, especially for larger organizations with hundreds of job titles. In the end, you’re not necessarily sure that the description is doing enough to target and attract the right people. AI helps to provide words and phrases that are more inclusive.
Existing Talent Pool
Perhaps one of the simplest yet profoundly effective uses of AI is its ability to tap into your existing talent pool. Having an applicant tracking system that uses AI to identify and recommend talent who appears to be a match and already exists in your database helps you quickly narrow in on a potential pool of applicants who have, at some point in the past, already expressed interest in your organization. Gone are the days of saving resumes in online files, tracking or trying to remember names, or re-reviewing long lists of former applicants.
Passive Job Seekers
Have you ever thought that there has to be a way to find out about that rock star out there who isn’t looking for a job? Most candidates we attract, and hire, are actively looking or at least somewhat interested in changing jobs. But passive job seekers take a little more effort to find and then convince that they want to make a move. AI can identify those people without you digging through industry network information and talking to everyone on the subway. It also uses algorithms to predict when someone may be getting to the point in their career where they’re ready for a change.
Social Candidate Discovery
Taking the recruitment of passive candidates one step further, AI can perform social candidate discovery. This means it scrapes social sites looking for people who may be a match for the position you’ve got open.
Every recruiter can attest to the hours and hours of each week spent reviewing resumes. This can not only feel overwhelming and stressful for the recruitment team, but more importantly, it feels like a waste of time that could be spent connecting with candidates and filling roles. An ATS with AI capabilities to filter through resumes based on keywords and phrases saves a significant amount of time. Beyond just time saving, however, is the elimination of bias. Recruiters try their best to be certain they’re not biased when it comes to selecting candidates, but it’s surprising how much bias we all have without realizing it. AI can filter through that, helping to narrow in on candidates who may have otherwise been overlooked.
Our job descriptions can be rigid, and if we’re doing searches based on only those keywords, we may unwittingly eliminate the very candidates we’re desperate to find. AI technology can find keywords that are similar to our job descriptions without being exact to ensure top talent isn’t overlooked.
Another way that AI assists in sifting through a mountain of applicants is by utilizing assessments. These are unbiased assessments that focus only on skills and experience and ensure that only those applicants who truly meet the qualifications required for the position are making it through to the recruiters and hiring managers. This doesn’t mean that the algorithms are so strict you’ll only see exact matches. On the contrary; as mentioned above, AI can identify words and phrases that are actually more inclusive.
Predictive Analytics Applied to Current Workforce
The best way to fill a position is to prevent it from becoming open in the first place. It’s difficult, not to mention costly, to replace employees. It’s especially challenging when the people walking out the door are top performers. It becomes even more frustrating when you didn’t see it coming. Predictive analytics applied to your current workforce can identify when your employees may become a flight risk, giving you time to identify ways to retain them.
Job Market Forecasting
Trying to explain to a hiring leader why there are no applicants or candidates for their opening is frustrating for recruiters, especially when it’s difficult to “prove” that they’ve been doing everything they can to find candidates. AI can eliminate much of that frustration by proving to the hiring manager or department that the talent simply isn’t there. It can produce accurate reporting showing specific regions, and what talent would realistically be available based upon the skills and experience required for the position. This gives the hiring leader the opportunity to either lower their expectations, provide additional training for their current team, or house that position in another region of the country if possible.
Chatbots have become almost the norm when interfacing with companies online. They’ve made their way to recruitment as well. Chatbots give potential candidates the opportunity to ask questions and make a connection immediately, helping to determine whether the organization feels like a fit and learning the best way to proceed in the process.
As AI dominates the landscape of recruitment technology, it’s not without good reason. AI is proving to reduce waste, select candidates without bias, quickly identify candidates, analyze the market and maximize the time recruiters spend on administrative tasks in order to spend more time connecting with top talent.
For more information on how an ATS can help your team identify top talent, contact TAM today to request a demo.