Lucy: Hello, and welcome to today’s webinar, Optimizing Recruiting Efforts with Talent Intelligence. I’m your host, Lucy Keoni, Head of Customer Success for Censia. This will be the first of many webinars where we will discuss innovations that are challenging traditional thinking and streamlining old processes in human resources.
We’ll talk about how AI, machine learning, predictive analytics are all uplevelling recruiters, helping companies create people-first cultures and how those cultures are making for smarter, more engaged and more creative employees.
We will start with what is Censia? Censia is a revolutionary candidate discovery technology used to reduce bias and hire the best by predictably matching the most qualified people and opportunities, all powered by AI. Just as Netflix and Spotify revolutionized movies and music, Censia is enabling the discovery of top talent.
Recruiters need the most powerful tools possible to win today’s race for talent, and Censia’s talent intelligence platform brings that data science and predictive capability to make the most seasoned recruiters more efficient and boost the capacities of the most junior staff, eliminating manual work for everyone. You’ll model the ideal candidate and get a hiring slate of hot matches in minutes and start interviewing [unintelligible 00:01:31].
So today we’ll be talking with Miles Jennings. Miles is an entrepreneur and recruiting tech founder. He’s the founder and CEO of Recruiter.com, an expert network platform for recruiters that pairs employers with matched recruiters to fill a job across industries and specializations.
So before we get started, if you have any questions for us about the webinar, feel free to ask them in the side panel and I’ll try to get back to you during the Q&A at the end. So let’s go ahead and jump right in. Welcome, Miles. Tell our audience more about yourself and what led [unintelligible 00:02:14].
Miles: Thanks so much, Lucy, and thanks for doing this. Look forward to listening on the other side. So just a little bit about myself. I was lucky enough to get into recruiting pretty early, in my early 20s, and I really grew to just absolutely love the business. My wife happens to be in corporate talent acquisition so it’s a family affair, if you will.
I just really grew to love really going deep with hiring managers, discussing their needs, getting to the root cause of their problems and what kind of talent they need. I just really enjoyed making those matches, and it was also a great introduction to business in general.
I started doing a lot building online communities of recruiters. I worked in recruiting content and conferences and training, publication. Basically everything I could do to engage with and bring recruiters together online, because I thought that was a really important trend.
Essentially, now we have a software platform for community recruiters. So we now work with employers across the country, with internal talent acquisition and hiring managers, filling jobs at both large enterprises and startup companies.
Lucy: Wow, that’s incredible. You are definitely the best subject matter expert to launch our webinar with, so thank you again for joining us. So in your experience over the years, what have been what you’ve observed as some of the biggest challenges in recruiting?
Miles: So I would say for challenges it would really be about – for one, keeping focus as technology and processes change, right? Recruiting is one of these businesses where it’s one of those – you know, the more things change, the more they stay the same kind of industries, right? What I mean by that is that the industry has essentially been under constant upheaval. The first major trend that I saw when I kind of cut my teeth in the business world during when LinkedIn was coming about and a big new trend, and it changed the way people recruit.
People thought at that time that recruiters were going to lose their jobs or it was going to be a completely different type of profession. It turned out that that was not true, and there are more recruiting jobs and more types and variety of recruiting solutions and technology and professions than there were ten years ago.
But I think just really keeping sane throughout – keeping sane as a recruiter is the number one challenge. Really keeping focus on what’s important, getting down to the basics of talking to candidates no matter the different technology trends and changes that have happened.
I would say that the second big change is happening right now with the introduction of AI, etc. The challenge to recruiters is to optimistically push forward with this new technology and not to come to thinking, hey, you know, my job is done. This technology is going to replace me.
Lucy: Yeah, thanks for sharing that. I’m going to hone in a little bit on maybe some specific tactical challenges in recruiting in terms of the challenge of building a person profile with the hiring managers. What do you do when your clients or hiring managers kind of claim what they want, and how do you define an ideal candidate multidimensionally when oftentimes they can’t explain what it is that they want or how to quantify that?
Miles: I’m sure everyone on the call can really identify with that question, Lucy. It’s a good question. It’s very practical. So it really starts with the job description and the accepted process of what the hiring manager actually wants. It really begins at that point and it turns into, 90 percent of the time, something very different, right?
I would say that the main thing that I have learned over the years, as I’m sure your audience will appreciate, now in a nice way; you have to have the discussion and listen to what they are repeating over and over again and what kind of comes out of that conversation. People are very poor at saying what they actually need.
You know, I hired myself as a CEO, and I was defining my own job description. We were hiring for three different types of roles, and I found myself doing the same problem that every other hiring manager that I’ve worked with in the past does where I really wrote something that was completely divorced from what I really knew was to be true and needed, right?
And I needed one of my staff to talk me through it, and after 20 minutes of a conversation I found myself revealing what I actually needed, right? So you need that – it’s a really necessary process and the expertise of the talent acquisition person or recruiter, the expertise and kind of dragging that out is a lot like – it’s a lot like a psychologist.
Lucy: Yeah, I hear you. Awesome. Well, thanks for that. In terms of technology – you mentioned that earlier – how has the standard ATS come about and evolved, and what has it been lacking? And how has our platform, talent intelligence, how is that different from a standard ATS?
Miles: Yeah, so there’s been a lot of transformation in the industry over the last few years. Just having an ATS is something that is – even that is relatively new. This has moved from Excel spreadsheets and file folders into, essentially, a centralized repository or database.
I would say that in ATS, it’s essentially evolved from being an internal database to being a consolidated source from multi-data sources such as job boards or social media. You’ll notice that more modern ATS’s pull in from separate data sources and append different points to the profiles to build more robust or rich applicant profiles, right? So you’re getting all that information into a centralized place. I would say that provides step one.
What has been missing is having ranking mechanisms, sorting mechanisms, ways to filter people, get the most relevant people up to the top. That’s something that’s really just coming about now. And it’s really – I believe it’s really only been made possible through machine learning and AI, because keyword matching is – you know it essentially doesn’t work for something as complex as resumes and people.
Lucy: Right. And speaking of keyword search, what’s the difference between LinkedIn and Censia’s talent intelligence?
Miles: Yeah, so that’s a good question and, you know, I have some thoughts on it. I would say that LinkedIn is essentially an online database, right? It does a very good job – now they’ve won, right. They have aggregated a tremendous amount of data in one place, and now they’re monetizing that data very effectively through their recruiter solutions, etc.
What they don’t really know is the relationship between a job and a candidate. If you already know what you’re looking for, you can find somebody. Like if you know you’re looking for Miles Jennings, if you are meeting with me and you want to find something out about my profile before you meet with me, it’s very effective at doing that. I’m sure all of us use it throughout the day for that purpose.
It’s also very good for keyword searches. I want to find an accountant to do my taxes in my town. It can be a good resource for that in kind of the background check aspect of things.
Where it kind of leaves off is in the – I don’t know the technical word for it – but it’s the relation to the job, right? To what you’re doing. It’s a pretty complex process to match the job to the candidate. You’re working in this area, Lucy, you can speak to this. But that’s really the difference.
There is a process of matching that – that’s where the technology comes in. And it’s basically surfacing not what you’re trying to find, not who you’re trying to find, but who you need to find, right? It’s a very different aspect and I don’t think it’s – it’s really like not even – it’s probably not even competitive to your product; it’s a different type of service.
Lucy: Right, thank you. So just to summarize and share a little bit more key stats. Most of you in the audience will probably know this, but here is what we know about today’s challenges. For active candidates, on average per role, there are about 250 resumes that come in. Only 88 percent are – I mean 88 percent are actually unqualified. Most people are spending 23 hours of screening resumes per hire, and about 75 percent of qualified applicants are automatically rejected by ATSs.
On the passive candidate side, it takes about 33 hours from the moment that you open a req to getting a slate, and that’s not even a ranked slate. LinkedIn, as you mentioned, is great for keyword search, but oftentimes recruiters will lean on the same search strings and end up with the same talent pool. And then there’s the internal cost of sourcing, which on average is about $1,700 per role. And that’s like $85,000-$86,000 per 50 roles, so things to keep in mind.
With Censia’s talent intelligence our goal is to not replace the human element, as Miles you were mentioning, but really to improve efficiency and uplevelling recruiters with the knowledge that they would – knowledge and understanding that they would take to really get into the nuances of each of the roles, right, in the various industries.
So what we’re doing is allowing recruiters to focus on the moments that matter in the process. The important moments that you mentioned earlier. We solve for three major pain points so, as you mentioned, hiring manager alignment and preparing that job description and that person’s profile. Like how can I reduce the number of unqualified candidates applying for my job? That has to be really targeted in the job posting.
You really have to understand what it is the hiring manager wants, right? It takes a little bit of psychology, and oftentimes they will just say, “Well, you know, I want Joe Smith. Can you get me a bunch of people that look like Joe Smith?” So that’s what talent intelligence says. Sourcing passive candidates oftentimes is – the question is where do I find rock star candidates who aren’t applying, right? Oftentimes we have people that aren’t looking, the best people are not looking. They’re happy in their job.
Developing and ranking a shortlist is another major pain point, right? How can I fairly and efficiently filter hundreds of applicants? And then diversity, you know, we should probably talk about this a little bit in terms of those hidden pockets of talent. Changing that keyword string that everyone keeps going back to. The same pools that they keep searching from, to a shift of modelling real top performers and enabling discovery. [Insistency] intelligence will remove or reduce bias by removing subjective filters.
In terms of capabilities, we’re changing how companies search, find, engage and hire the best candidates with accuracy and speed. We model top performing talent to provide ideal candidates. We have a passive sourcing pool of 500 million top professionals globally. We rank inbound applicants instantly. We have an internal mobility matching capability, integrate with the matching candidates internally to open reqs. And this is important for really massive enterprise-level companies that have global teams.
And then lastly, candidate rediscovery. So candidate rediscovery within your existing ETS or CRM that resurfaces past candidates that are qualified for open jobs. And so again, you know, touching base on what you said earlier, Miles, and addressing pain points with talent intelligence, we are improving recruiter performance, an increase in annual placement numbers, elevating recruiter knowledge regardless of their experience, improving sourcing quality and efficiency and immediate recruiting and hiring manager alignment, which seems to be the crux of the problem. So given all that, how does leveraging Censia improve your process and boost your recruiters’ efficiency?
Miles: Sure. So just in general I want to say that I like recruiting tools and technology that mirror real world practices. What that means is it should do essentially what recruiters do already, except make them do it faster and better and get to the things that matter, which are essentially conversations with the candidates.
Everyone knows that hiring managers do say, “Get me that Joe Smith,” right? A lot of times after that one conversation, what comes out of it is, “Hey, who I’m really looking for is…” and then it’s that name. And that is a very real world kind of process, and it’s very, very helpful. And I know that that is – especially with Censia – that’s the first thing that my team latched onto.
They said, oh, I can put in an ideal candidate and then get matches based on that. So that was a very important feature for our internal team, and I think it really does a good job of mirroring just the regular, normal workflow of the recruiter’s day.
Lucy: Great, thanks for sharing. And I also wanted to add to that I know that you guys have loved talent intelligence so much that you’re now working on extending that beyond just your internal use and now offering freelance recruiter base. Do you want to talk more about that?
Miles: Sure, it’s something we’re very excited about, and we’ve enjoyed working with your team on developing this product offering for Recruiter.com. What we’re doing is integrating Censia’s talent intelligence into Recruiter.com and providing that as a sourcing tool for our independent recruiters.
So now it’s another point of engagement on Recruiter.com. Recruiters can access matched candidates and then submit them against our jobs for placement and earning opportunities. So we’re very excited about it. We think it’s going to transform how recruiters work with us and engage with us. It’s almost a little strange to give recruiters jobs and candidates and say, ‘Hey, all you have to do is give them a call.’ So we think it’s going to be a very attractive offering, and we feel like it’s going to really resonate with our network of recruiters.
Lucy: Awesome. Well, last but not least, I would love to hear more about why you love Censia?
Miles: Yeah. I would say that one thing when you’re evaluating different tools – and this is something that – it gets kind of breezed over a lot of times with different vendors. There are two basic types of recruiting technology offerings. One is either its data or its technology. So it’s usually either, hey, I’m going to get that job board subscription. I’m going to access LinkedIn, for example, right? I’m going to pay for some kind of special access to some kind of special database in order to get access to those candidates and get access to job postings, etc.
Or it’s some type of CRM, ATS-type application that’s going to do something for me, right? Perform some kind of process better, automate something, etc. Usually they are two very distinct types of technology. Censia is a bit unique in that it’s really both. It’s providing the source of the data as well as the technology to match it.
And as I understand, you integrate with various HR tools rather like we do as well. So I think it’s very interesting to offer this bundled package, and it’s different when comparing it to other tools. A lot of times those two are rather conflated or it’s easy for people to neglect the cost of, for example, using data to make the tool actually do something, right? And so it’s a little bit different than, I think, what’s normally out there.
Lucy: Well, you know, we are so honored to have you as a partner and also a speaker on our very first webinar here in this series. And really excited about the future together in terms of offering this to your recruiter base and helping your internal recruiters as well. And really having a business impact overall for Recruiter.com.
With that, I’d love to open it up to the audience with any questions that you might have for Miles or myself. We don’t have any questions yet in the side panel, but we’ll give you about a minute or two. Then please note that for our audience today, you can download the Modernizing Recruiting Through Artificial Intelligence datasheet and learn more about how to leverage talent intelligence for your recruiting team’s efficiency.
Also note that this webinar will be on demand shortly on our website. We will also be sending it out to you via email through Bright Talk. And yeah, that’s about it. I don’t see any questions here from the audience. If you do have additional questions or if you want to get in contact with me, my email is just email@example.com. And if you’d like to get in touch with Miles and learn more about Recruiter.com, feel free to email me as well. Miles, do you want to share contact information for our audience if people are interested?
Miles: I’m going to think twice about this, but I will give it out. It’s firstname.lastname@example.org.
Lucy: Awesome. Well, thank you again, Miles, for joining us, and thank you all in the audience for your time today. Really, really excited for the next episode. Stay tuned. Thank you.
Miles: Thank you, Lucy.