How can an Enterprise increase its overall revenue by deploying an AI-powered Talent Acquisition platform?
Surveys and reports have shown that over 28% of future job openings will go unfulfilled, resulting in a loss of billable work hours. This in turn reduces an organisation’s top-line, which inevitably hurts stakeholders across the enterprise.
With the onset of digitization, automation and intelligent systems, analysts predicted a global shift in the hiring order. Jobs and skillsets that were relevant today, would slowly start to become irrelevant by the dawn of the next decade.
And this calculated assumption has held its ground. Over the last 5 years, various IT and Tech related job profiles have either become obsolete or redundant. And inevitably, a regular job profile has evolved into an entity that requires new skills and experiences.
In light of this cataclysmic shift, organisations are finding it increasingly difficult to source the right talent. The hiring methodology that relied on ‘Human Instincts’ is gravely flawed and has resulted in over 40% of organisations declaring that they lack ‘Qualified Talent’.
So, what went wrong? Why has the entire Talent Acquisition pipeline for an enterprise turned sour?
The answer is simple: inadequate disruption across the hiring channel.
With the arrival of intelligent platforms powered by Artificial Intelligence (AI) and Machine Learning (ML), the ability to process data and infer insights became a regular norm for enterprises all over. By applying the same concept to the hiring process, companies have seen a noticeable improvement.
Over 22% of organisations utilising AI-ML for talent related decisions have fared better than others in the departments of hiring, retention and diversity. How?
Finding the right talent: Bad hires v/s Bottom-line
No longer a novelty in the space of hiring, AI has made its entry into the field by displaying immediate results. With the help of ‘Contextual Analysis’ and ‘Data Analytics’, AI platforms were able to identify prospective employees by inferring their overall qualification, experience and skill-sets possessed.
By doing so effectively, the platform is able to source the right talent for diverse profiles, departments and verticals with lesser time. Furthermore, by assessing overall fitment, the right candidate is sourced accurately. Companies spend over 10,000 USD annually to train a single employee. Hence, bad hires affect the bottom-line.
Internal Fulfilment for Cost Effectiveness
In the wake of the COVID-19 outbreak, organisations all over the world are now looking to fulfil arising job openings by sourcing the right talent internally.
Workforce Optimization has gone beyond resource utilization, and will now become a matter of corporate profits. In order to reduce hiring and training costs, organisations are deploying AI-powered platforms to optimise their bench.
Benched candidates, that are suitable for other openings across the enterprise, can be allocated immediately. Furthermore, with the help of Intelligent Learning Recommendations, these benched executives can be up-skilled appropriately to undertake new profiles and job roles.
Removing the Human Bias
Researchers have stated that the Human Bias has been repeatedly responsible for bad hires. Hiring Managers that rely on their gut instincts, do so without quantifying the logic behind undertaking a hiring decision. Often, the best employee is ignored in favour of a flamboyant smooth-talker, which could yield poor results for a company. It has been observed that, that an average IT/ITeS enterprise spends over 250,000 USD for training new hires.
AI-powered talent decision platforms have the ability to scan through a resume, gauge skill-sets and appropriately stack-rank them according to fitment.
Through this process, a hiring manager can see the most ideal candidates based on their overall score. Also, by setting certain constraints/filters, the most ideal fit for a company can be sourced quickly.
The positive attributes behind an AI-powered Talent Acquisition platform is far beyond what you’ve just read. The platform taxonomizes the skill-sets, breaks down hiring bottlenecks, reduces the hiring cycle-time etc.
Hence, at a time when saving money is of utmost important for an organisation, spending millions on bad hires shouldn’t be in existence.
AVR EdGE Networks