If identifying quality candidates and long-term retention are top of mind for your company, consider this: Your competition may be about to achieve those goals with the help of artificial intelligence.
According to the current issue of The Investor, a survey of 200 US-based human resource managers showed 37 percent would like to add AI tools to their recruitment process. Those tools include things like aptitude tests with shortlisting and ranking capabilities, virtual interview programs, and chatbots that can pose questions and provide real-time answers.
Globally, Forbes has reported that 35 percent of companies are already using AI, and an additional 42 percent are now looking into it.
That sharp uptick in interest can be attributed to the pandemic, during which time virtual recruitment became standard procedure. Three years on, the only question is how to improve it.
In addition to streamlining the candidate qualifying process from a distance, early adopters have been touting the financial benefits for about six years now, with 75 percent reporting a reduction in cost per screen, and a 35 percent reduction in turnover (Dataconomy).
Saving money on qualifying candidates is huge, but in the current, hyper-competitive job market, one intriguing aspect of AI is its impact on retention.
Here’s a look at what it can offer your company:
Machine learning algorithms can collect and analyze data from resumes and social media profiles to identify patterns. Those patterns can then be used to help predict which candidates are most likely to be successful in which roles. It’s a win-win.
A chance to demonstrate flexibility.
Using AI in recruitment shows you value technology when it comes to accommodating staff and streamlining your workplace. It offers the benefit of connecting with candidates who could not make an in-person meeting: people with physical disabilities, those who live in remote locations. A flexible employer who understands the future of business is something workers are looking for long-term: Gallup research shows that only 2 in 10 US employees are now fully on-site, and just 6 percent of remote-capable workers want to be fully on-site down the road.
Personalized follow-up and feedback.
AI-powered tools can be used to provide candidates with personalized feedback on their interviews, and guidance on how to improve their chances of success in the future. The reality is that time-strapped hiring managers can’t always reach out to declined candidates to tell them why they weren’t selected, let alone provide tips on what they could do better next time. If someone really wants to work for your company, it only makes sense to offer them the best shot at acing the qualifying process.
AI can be a useful recruitment tool, but is by no means a replacement for humans when it comes to connecting the right people with the right job opportunities. RPO offers a combination of both technology and human expertise, as well as research-informed insight on which AI tools might be best suited for your HR team. Let’s talk!