How can AI change your Talent Acquisition strategy for hiring success?
The impact of intelligent tools and algorithms, such as Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP), in the field of HR Technology has increased over the last five years.
Talent Acquisition continues to be an arena of distraught as organisations struggle to grapple with the global shortage of skilled labour, as well as balance employee attrition.
The lack of adequately skilled personnel, overall skill gap and absence of mid-career individuals are some of the contributing factors, amongst many.
The advent of smarter tools into ATS systems, coupled with hiring intelligence, is now becoming the fulcrum in efficient hiring for these burdened industries.
Initially, augmented writing was seen in content development and writing tools such as Grammarly, which understood intent and delivered textual or grammatical corrections for writing emails, blogs or other worded documents.
However, today NLP can be used to scan voluminous quantities of contextual data and analyse a multitude of details regarding an open job position (such as skills required, working environment, experience etc.) to create accurate and concise job descriptions.
This has become extremely important to hire the right talent, as studies have revealed that most new candidates leave their jobs before completing 6 months due a miscommunication regarding the provided job description versus the actual one.
Sourcing, Searching and Matching:
Even though searching for candidates and prospects have improved over the last 20 years, attributed to the presence of business networking sites like LinkedIn, finding the right talent for your organisation isn’t as simple as looking for a resume online!
In a Sierra-Cedar report for the year 2019, companies lose around USD 500 a day, for an unfulfilled position. This roughly translates to around USD 200,000 a year for a single open position. The United States Labour Department announced that over 6.6 million jobs were created in the country during a single year (for 2019), which affected recruiters all over.
The biggest challenges faced when looking for the right talent boils down to imperfect Job Descriptions (JDs), poorly written resumes and incomplete candidate profiles.
AI-powered tools have the ability to scan thousands of resumes in a short span of time, analyse them thoroughly and extract relevant details regarding experience, fitment and skill sets. Furthermore, each and every resume on the list is scored based on their relevance to the job position and ranked in accordance. This helps recruiters find the most ideal candidate for a job position. Hiring timelines have reduced seismically with the introduction of AI-enabled recruitment.
Becoming the Workforce of the Future:
More so often, when talking about the Workforce of the future, experts tend to leave out the topic pertaining to the development of employee skills.
With the entry of the millennial workforce, employers have begun focusing on improving their corporate culture, increasing compensation/benefits and developing an employer brand.
However, one of the most pivotal criteria for employees to become the ‘Workforce of the future’ is to be ready for the future. As businesses evolve constantly, so do their enterprise demands. Hiring fresh talent to tackle these requirements is heavily cost incurrent and time consuming. Hence, employees will need to be upskilled/reskilled to meet future enterprise goals. In a SHRM survey report, more than 70% of recruiters have found it hard to source skilled talent and over 40% of them are sceptical as to whether they can ever find the right talent for a job!
AI platforms for the Employee Experience have helped organisations overcome this very obstacle.
As candidates regularly update their profiles, the platform infers skill gaps and areas of improvement for the employee, and accordingly, provides the right instructions and learning materials for the employee to upskill/reskill themselves.
Furthermore, the platform can also fathom the employee’s inclination and recommend the right career path. This improves the Employee Experience, thereby helping organisations retain the right talent.
AI is being used to assess the candidate’s technical skills, as well as reduce bias while hiring candidates.
Despite the constant involvement of intelligent tools for recruitment, the final mile for any hiring process is the regular F2F or Face-to-Face interview.
It has been observed that numerous candidates who enter the final mile of a recruitment drive are passive seekers (employed individuals who are only on the lookout for another job). Also, most candidates accept offers but end up refusing the job at the eleventh hour. Face-to-Face interviews are time consuming and draining, and when it yields no results, can become highly frustrating.
Now, candidates can be screened virtually whilst the AI analyses body language, interest and confidence to deduce the candidate’s probability of taking up the job. This is done through analysing facial expressions, Speech Analytics and NLP to gauge grammar and syntax.
As we step into 2020, job opportunities are growing exponentially, and business demands are evolving constantly. So, in order to ensure continued business excellence, the advent of intelligent tools into the hiring process has become necessary, as opposed to just being relevant.
Content Development Specialist