Recruiters have been using Application Tracking Systems (ATS) to make their jobs easier and faster. Yet, 52% of talent acquisition experts say that identifying suitable candidates is the hardest part of recruitment.
As technology advances, finding top talent depends on the ability of the recruiter to automate workflow. Today, AI for recruitment and talent management rules the theme in hiring. Its technology can automate repetitive and high-volume tasks in the recruiting workflow.
For example, a recruiting software that applies machine learning to auto-screen candidates or a sentiment analysis conducting software to identify a potential biased language.
Benefits of AI-based recruitment
- Saves time: Manual screening takes much time weeding out unqualified resumes. Turns out that 75% to 88% of the resumes received for a role are unqualified. AI can automate this time-consuming, repetitive task and integrate it seamlessly with your current recruiting stack to prevent it from disrupting your workflow. Companies are less likely to lose the best talent to a fast-moving competitor.
- Improves quality of hire: Quality is a KPI black box due to the inability to measure what happens to the new hire after joining the team. The AI’s promise lies in using data to standardize the matching between candidates’ experience, knowledge, skills, and job requirements. Job matching may lead to productive and happier employees who are less likely to turnover. Early adopters of AI have seen a 75% reduction in cost per screen and improved revenue per employee by 4%.
A new perspective for AI in hiring
According to industry experts, the future of recruiting is in Augmented Intelligence. Augmented Intelligence does not fully replace human capabilities, but it enhances human aptitude and efficiency.
With Augmented Intelligence, hiring managers can conduct strategic hiring, spare time to build in-person relationships with employees and help determine their culture fit. Additionally, AI can close the loop as it uses data to show recruiting KPIs, including quality of hire.
What’s more, is that Augmented Intelligence can help talent managers figure out which employees to reskill or upskill.
Bridging the talent gap with AI
Despite knowing the value of reskilling to meet the next decade’s digital transformation demands, there has not been a radical approach to it. While accreditations and certifications have become way too familiar, we need to enhance jobs and job profiles across human-facing technology such as interface design and human behavioral analysis.
Moreover, it is a daunting task to get a sense of what their employees are capable of before manually mapping them to new positions. It requires time, money, and commitment. Integrating reskilling efforts requires collaboration and well-coordinated efforts.
The AI-based platform can play a crucial role in reducing employee turnover and save revenue. AI-powered talent intelligence can ingest data, analyze the broad trends and predict ‘under-threat’ roles due to technology disruption.
Being resilient – preparing for a pandemic situation
As business becomes dynamic and unpredictable, the importance of being resilient grows too. Besides, the recent pandemic has disrupted our notion of ‘normal.’ Accelerated technological evolution, the interconnectedness of the global economy to other social issues like climate change, these factors are stressing and stretching business systems.
Organizations must transform the internal ecosystem, understand the external environment, and eliminate external silos to operate as a united and resilient workforce. Organizations’ reskilling and upskilling strategy must align with a long-term digital transformation goal to establish a company that can effectively absorb the shocks and disruptions of any disasters like the COVID-19 pandemic.
A resilient workforce is open to challenges and new learning experiences. They can weather storms and add value to their organization. Employees who do not adapt hamper team building, inflate attrition rates and increase training costs. An AI-based platform like Draup gives users a systematic reskilling strategy.
Draup’s reskilling roadmap & operationalization strategy covers eight essential steps that can help organizations shift employees from the disrupted roles in the shortest possible time.
Draup for talent helps organizations as an advisory for in-house workforce across the organization, irrespective of sector and functional verticals. Our experience and deep insights into reskilling have translated into tangible, positive results for our clients, some of whom are industry leaders.