When it comes to hiring, artificial intelligence (AI) is more than just a passing trend. Software that utilizes AI technology is completely revolutionizing the recruiting world, and hiring managers are taking notice, with 55% telling Ideal they believe AI will be a standard component of HR within the next five years.
The benefits of incorporating AI technology into your recruiting efforts are numerous, ranging from time saved to a more diverse candidate pool filled with greater diversity.
1. Improving recruiting efficiency
Recruiters lose anywhere from 14 hours to 25 hours per week manually completing tasks that AI recruiting software could complete in a matter of minutes. This is huge boon to productivity as the ever-increasing volume of candidates is making it more difficult for recruiters to do their job well. 56% of recruiters told Zety they can’t make good hiring decisions because they get too bogged down by the lengthy hiring procedures.
Fortunately, AI-enhanced talent intelligence recruiting software can help drastically cut down or eliminate the time spent on these tasks.
Research from Deloitte has found that companies using AI technology for recruiting purposes are more successful in their recruiting efforts, showing 18% higher revenue and 30% higher profitability than companies that don’t use talent intelligence.
AI recruiting software can automate upwards of 90% of passive candidate sourcing and matching, freeing recruiters up to spend more time interviewing and actually hiring and training the best candidates for the job.
2. Cloning top performers
How many times has a hiring manager said to you, “What I’m really looking for is someone who exactly like ______”? Hiring managers often point out their top performers and expect recruiters to find that person’s clone—a next to impossible task when it’s just you and a stack of resumes.
Determining what makes a successful candidate takes a lot of analysis, creating clusters of skills, traits, and experiences that are often too complex to figure out quickly, let alone apply to hundreds of applicants.
This is one area where AI and talent intelligence really shine. The Censia Talent Intelligence Platform can instantly create a model of the ideal candidate and then applies that model not just to LinkedIn or your applicants, but can also search its own proprietary data platform containing more than 500 million professionals.
Within seconds, recruiters get a ranked list of candidates that meet their input parameters, complete with a machine-generated summary of their career trajectory and achievements.
Finding the right candidate is the hardest part of the job according to 46% of recruiters and hiring managers who spoke to Pandologic. But when you know what you’re looking for, and you have the right AI to back you up—locating those candidates who are perfect for the job can suddenly become as simple as waiting a few minutes for the results to appear.
3. Increasing diversity
Most recruiters want to believe themselves free of bias, but the stats don’t lie: Lever reported that resumes with white-sounding names receive 50% more calls for interviews than identical resumes with black-sounding names, and 79% of resumes with men’s names are deemed worthy of hire compared to only 49% of identical resumes with women’s names.
Whether we like it or not, unconscious biases impact the hiring process and AI recruiting software can help to eliminate those biases as much as possible by stripping candidate profiles of information about the race, sex, age and more, and then ranking them instead solely on their fit for the job.
Customers using Censia’s Talent Intelligence Platform have reported a threefold increase in their talent pipeline diversity, and are also able to instantly identify diverse talent within the organization that is ready for promotion.
4. Presenting only the best candidates
Hiring professionals have estimated that about 42% of the applicants they receive are unqualified for the jobs they are applying for. This only makes sense, since 78% of workers have said they would apply for a role they don’t match all the qualifications for.
You can’t stop unqualified candidates from applying to your job openings, but with AI, you can ensure you only spend your time evaluating those candidates who are the best fits for the job.
Censia helps you identify the candidates who meet every qualification you’re looking for, scoring and ranking potential candidates so you can immediately begin considering those best fits. Our software can resurface previous applicants who are perfect for new openings, and even identify employees already working for you who might be excellent candidates for moving up.
Gone are the days of having to sift through applicants who just don’t measure up. Instead of filtering through hundreds of applicants, you can now focus on only the most qualified.
5. Passive candidate sourcing
65% of recruiters say the current talent shortage presents their biggest challenge in hiring, and Forbes says this is in part because 95 percent of the people companies might want to hire aren’t actively looking for jobs, even though 80 percent of that talent pool would be open to new opportunities that might be presented to them.
Censia takes all the guesswork out of passive recruiting by scanning professional profiles from 2,000+ sources, analyzing the talent in your area, and presenting you with a list of candidates most likely to fit the job you’re looking to fill.
Passive candidate searches are the way of the future, with Lever reporting they are twice as efficient to hire as active applicants. Currently, 31% of all hires are proactively sourced. If you’re not performing passive searches, you can bet your competitors are—and they’re getting a leg up on hiring the best talent because of it.
Change can be scary, but AI is here to stay. And the world of recruiting is better because of that fact. Your job could be easier, more efficient, and all-around more enjoyable with the use of AI-enhanced recruiting software.
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