Exploring the role of Artificial Intelligence in Closing the Unemployment Gap
“As per the reports, the global unemployment rate in 2021 was in the range of 6.3-6.5% of the total workforce”.
Unemployment has many adverse effects, including mental health problems, increased crime rates, and lower economic productivity and consumption. In the long term, it leads to lower rates of volunteerism and erosion of skills, which only harms the economy.
This is a cause of concern for HR execs globally, who are already running short of quality talent because of outdated recruitment practices. This is where AI in recruitment has a role to play in closing the unemployment gap.
It is time to deploy AI-powered solutions to reimagine job titles, talent hotspots, and hiring practices to close the unemployment gap. Organizations are now moving from job titles to skills-based approaches in hiring. In 2022, hiring is all about skills.
However, discovering quality talent in a skills-based approach has a lot of advantages, but it is tougher than the usual process. To smoothen the process, HR execs are utilizing AI-powered talent intelligence tools to discover, recruit and train candidates from global locations.
Let us discover the role of AI in closing the unemployment gap.
Discovering Global Talent
AI in recruitment lets you access the entire talent ecosystem and break down the latest trends in the talent market and how you can utilize them to close the unemployment gap.
AI is extensively being used to track organizations, industries, and individual profiles combined with job roles and universities that are relevant to the current market scenario.
Job roles are constantly evolving as we move forward with a digital-first approach. Hence, it is essential to prepare for the future, and for that purpose, forecasting becomes paramount in closing the unemployment gap.
AI in recruitment helps in preparing for the future by finding out:
- Digital technologies that are powering businesses
- Emerging new-age roles
- Skillsets needed for long-term success
- Present-day talent needs
- Any reskilling and L&D programs as needed
Going Bias-free in Recruitment
One of the more popular reasons AI is preferred instead of human beings in screening is the fact that AI is bias-free, meaning it has no psychological factors at play. AI in recruitment completely depends on data preventing bias from seeping into the hiring process. This is an essential element in closing the unemployment gap as bias results in quality talent lost and bad hires that harm the enterprise.
This helps organizations hire quality talent irrespective of their age, color, disability, gender, nationality, race, religion, sex, or sexual orientation. There are certain talent intelligence platforms that come with a ‘Blind Hiring’ mode to enable talent acquisition without seeing irrelevant information that may affect the hiring process.
Diversity and Inclusiveness is a Necessity
“Close to 78% of HR professionals say that diversity in the workplace impacts how they hire.”
When incorporating D&I, one has to choose the right people from a global talent pool while maintaining a balanced workforce. Closing the unemployment gap would largely depend on diversity and the utilization of global talent.
Each employee in an organization brings to the table a variety of perspectives, thoughts, and ideas, which help employers meet business challenges through different perspectives.
In 2022, a company has to be diverse and inclusive in balance if it aims to take over the global market with ease. With AI in recruitment, HR Leaders can visualize ethnic and gender diversity across business operations, geographies, and roles to pick suitable candidates for organizational diversity.
Deep-diving into the Candidate Persona
With huge chunks of data, the possibility of analysis-paralysis becomes a living reality. Hence, it is necessary to have access to correct data when hiring. AI in recruitment lets you deep-dive into a candidate’s persona and unravel the essential information needed to understand the person.
You get access to a 360-degree perspective on individual profiles across numerous parameters that break down the characteristics of a candidate for you. This helps in closing the unemployment gap as you hire quality talent that stays for long.
Finding a Perfect Match!
AI in recruitment has the ability to standardize the matching between candidates’ experience, knowledge, skills, and job requirements. To prevent a bad hire, AI lets you compare and match candidate skills with your workforce needs and vision.
Closing the unemployment gap for the short-term isn’t ideal; enterprises need to find loyal employees that shoot up their retention rates. If a particular candidate has the right skills and objectives as your firm, it results in a productive and loyal employee later on.
Talent intelligence platforms like Draup for Talent analyze recruitment funnels, workforce needs, and candidate information while delivering recruitment metrics essential to closing the unemployment gap.
Being leveraged by Fortune 500 companies, Draup successfully identifies, recruits, and helps to hire high-quality, relevant talent to reduce hiring costs and prevent costs incurred due to bad hires.