Enterprises across industries are facing bottlenecks in the talent acquisition process, often resulting in lost talent and business opportunities as the search for the perfect candidate is getting harder by the day.
Earlier, recruitment was highly prone to human errors such as bias, insufficient screening, or inadequate knowledge of business goals. This often resulted in alarming attrition rates, lost productivity, and an unbalanced work culture.
HRs already had several talent management issues at hand, from evolving remote work archetypes to employee bonus programs. As a matter of fact, over 31% of employees quit their jobs within the first six months of starting.
80% percent of employee turnover is due to bad hiring decisions.Over time, these decisions will lead talent acquisitions teams to hemorrhage significant costs..
That is when artificial intelligence was starting to be seen as a tool for eliminating recruitment bottlenecks.
Organizations needed a tool to streamline recruitment and match their specific requirements, including:
- Automating repetitive tasks such as resume screening, assessing candidates, or scheduling interviews.
- A hiring tool that can determine candidates without bias, based on their skillsets instead of their CV or experience.
- A platform that integrates with their current tech stack to make the process smoother for the store managers.
There are several different ways how AI is being used today in recruiting. Some of the prominent use cases of AI recruiting are covered below.
Acquiring without Bias
One of the popular reasons AI is preferred instead of a human in screening is the fact that AI has no psychological factors at play. Since AI entirely depends on data, there is little scope for bias to seep into the hiring process.
AI-backed talent intelligence platforms have become a necessity ever since enterprises found out these loopholes in their recruitment system. A Talent intelligence platform could collect global talent data and present it to you during the hiring process to prevent bad hiring decisions.
Today, these platforms have become hyper-advanced and suitable for all organization types. They are backed by AI and data analytics, working together to analyze candidate profiles and deliver insights.
This helps organizations hire global talent irrespective of their age, color, disability, gender, nationality, race, religion, sex, or sexual orientation.
Specific talent intelligence platforms even come with a Blind Hiring mode that enables talent acquisition without the need to see the factors that affect the hiring process. This means you only see what is necessary to the organization irrespective of any personal information that could affect your judgment.
Becoming Diverse and Inclusive from the roots
When avoiding bias, it is crucial not to let personal information come in. But when incorporating D&I, it becomes imperative to know the person well.
Achieving diversity in the workplace is not just an ethical metric but also an essential fiscal metric. Studies have shown that companies who rank highly in diversity are ~36% more likely to have financial returns above their industry peers’ medians.
Each employee in an organization brings different perspectives, thoughts, and ideas, which helps employers have different views on various business challenges and opportunities.
Around 78% of HR professionals say that diversity in the workplace is impacting how they hire. Diversity is to an organisation what ingredients are to a dish. A company must be diverse and inclusive in balance to match the workforce needs for today and the future.
AI in recruiting helps HR Leaders visualize ethnic and gender diversity across business operations, geographies, and job roles and pick the right candidate for organizational diversity.
By utilizing the insights from a talent intelligence platform, HR leaders can also plan out the career paths of minorities and achieve actual diversity and inclusion.
Meeting the Person
With large amounts of data, the possibility of analysis-paralysis becomes dominant, so it becomes a necessity to look at just the correct data when hiring.
With AI, you get to deep-dive into the candidate persona and look at the necessary information for hiring. You get a 360-degree perspective on individual profiles across numerous parameters and, in a way, that you can just skim through it.
This saves a large portion of your time, and you end up analyzing various applicants within a small time frame.
But just because the data is easy to read and you can skim through it doesn’t mean it lacks depth. This is one of the most robust capabilities of AI. It can organize large amounts of data into sections and pieces that help HR teams get accurate data in the most organized way possible.
Crafting Experiences that Inspire
From applications to onboarding, the experience of the candidate matters. Taking candidate experience lightly often results in candidates either refusing the offer or quitting soon after joining. Candidates refusing offers is one of the significant concerns of HR teams.
AI is being used in diverse ways to smoothen candidate experience. HR teams are asking themselves questions including:
- Can candidates apply via smartphones and tablets?
- Is the process streamlined or organized?
- Do we provide contacts for candidates to get back with their questions to?
- Do we provide enough information for the candidate to be satisfied with the job listing?
- Are there too many interview rounds that may overwhelm potential candidates?
- Is the onboarding process smooth? How can we make it better?
With such questions in place, HR teams then start optimizing candidate experience with the help of AI-backed insights. Candidate experience matters the most in recruitment process since 60% of applicants abandon the recruitment process if it is too complex and stressful.
AI helps smoothening candidate experience by providing you with a 360-degree view of the global talent ecosystem, talent trends, and specific insights on streamlining talent acquisition.
Finding a Perfect Match!
As discussed above, AI has the capability to organize data in a way that is easy to understand. Still, AI also excels in analyzing this data on its own and delivering insights on talent.
The ability of AI to improve the quality of hire lies in its use of data to standardize the matching between candidates’ experience, knowledge, and skills and the job requirements.
With AI, organizations compare and match candidate skills with their workforce needs and future goals to prevent a bad hire. If a particular candidate has just the right skills and vision as your company, it results in a retained, productive and loyal employee later on.
Hiring a candidate and hiring a suitable candidate that matches with company vision are two different things. So it becomes imperative to hire a qualified candidate, not just for short-term goals but for the organization’s long-term vision.
Talent intelligence platforms like Draup for Talent analyze personality traits, tech skills, soft skills, adjacent skills, employee information, engagement guidelines, and a hiring opportunity index to suggest candidates for a profile.
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.