Technology and Recruiting: Part II
How Artificial Intelligence and Machine Learning Provide the Insights You Need to Make the Right Hires
As we pointed out in our recent blog article that explored the role of chatbots in recruiting, ongoing advances in technology are driving business efficiencies everywhere you look. For professionals in HR, recruiting, and talent management, that means new valuable tools that can streamline business processes and help you find, land, and retain the best candidates before the competition does.
One area that’s enjoyed growing adoption in recent years concerns artificial intelligence and machine learning. Artificial intelligence (AI) utilizes computing power to perform functions and activities that have typically required intelligent human behavior, such as speech recognition and forms of decision making. Machine learning, a subset of AI, uses statistical techniques that enable computer systems to learn from data over time without further programming. For recruiters, the dynamic power unleashed into everyday business practices by such technology is considered among this year’s hottest recruiting trends.
Powerful Analytics Every Step of the Process
Among the biggest benefits of AI is its ability to quickly analyze vast amounts of data that humans can’t even fathom. In the digital age that means every piece of information, as well as every event at every touch point, has meaning that can be put into context. For rapidly growing companies in competitive industries, such capabilities can prove invaluable in sourcing through scores of candidates within their applicant tracking systems. It lets them gain insights into which ones might be the best fit for their organization once they’ve been engaged in the recruiting process. It also creates better engagement with candidates regardless of whether they are still at the interviewing stage or have already accepted an offer and are preparing to onboard.
The capacity of machine learning to produce “predictive analytics” gives recruiting teams the means to assess candidates on data generated throughout the recruitment process and determine the likelihood that they’d be a good fit for the team they seek to join. Employing predictive analytical models greatly reduces time to hire, which can keep teams humming along without missing a beat, saving organizations time and money, and keeping work environments vibrant and productive. From a talent acquisition perspective, firms that tap into AI and analytics also build stronger candidate profiles than help solve the problem of employee attrition caused by mismatched hires.
Removing Bias from the Hiring Equation
One area that’s proven a major challenge in recruiting over the years and left organizational hiring practices open to criticism is the degree of “unconscious bias” when evaluating candidates. By responsibly incorporating AI into the process, however, and relying on its results instead of human screeners, companies can automatically and systematically feature candidates based on their experience, skills, and aptitude rather than areas of which they have no control, such as their gender, race, and demographics.
For HR and recruiting teams this provides benefits in several ways. Candidates progress through the talent pipeline based on the skills and performance criteria that are most critical to the role for which they’ve applied; they aren’t judged one way or the other on factors that aren’t particularly relevant. In addition, by removing bias through AI technologies, companies are compliant with recruiting best practices and are less at risk of legal consequences, such as discrimination lawsuits related to their hiring processes.
Driving Business Efficiency
On an internal level AI and automation tools provides the same type of benefits they do for businesses across all industries—they greatly enhance recruiter productivity by enabling staff to cut down the time they spend on routine daily tasks. As we outlined in our last article, chatbot technology is one form of AI that is increasingly implemented to handle such roles, and is doing so effectively. Such tools allow members of your team to work on more strategic initiatives that can help your organization deliver more powerful engagement with candidates. Ultimately, this can mean the difference between landing the top available talent rather than simply bringing in new hires out of desperation to plug holes.
As predictive analytic models evolve thanks to machine-learning automation, your teams gain actionable insights that help them make better informed decisions over time. This includes help with budgeting and time management issues that directly affect the bottom line. And there are several key advantages that come with streamlining the recruiting process and nurturing applicants into candidates and new hires at a more rapid pace, such as increased productivity and additional revenue through roles within the company that would otherwise remain unfilled for greater lengths of time.
Of Course, AI Alone Can’t Replace Skilled Human Expertise
While artificial intelligence can be a boon for your recruiting team when applied correctly, it can never replace the manpower you have on staff when it comes to developing the principal strategies and key initiatives that propel your recruiting efforts. AI can help in these respects, but it can only do so much on its own.
If your company would like to grow its teams but needs guidance on how to strategically ramp up hiring, let us help you. HireLabs professionals have vast expertise working with startup and emerging firms across the country, especially in fields related to tech. Contact us today and let’s see what we can accomplish together!
As always, your comments are welcome.