Time to Hire and Quality of Hire are the two metrics most commonly used when judging recruiting effectiveness. Most CEOs would acknowledge that finding great talent is amongst their top five challenges, yet the recruitment function is tasked consistently with becoming more efficient and effective.
The strain put on recruiting by this demand has led many HR professionals and recruiters to wonder if artificial intelligence could aid a more efficient talent acquisition process. One of the most common questions asked at any recruitment event or forum is: how will artificial intelligence affect recruiting and hiring?
Time to Hire
A company's ability to find and hire great people will often play a pivotal role in determining its success. One of the most obvious ways that AI can help recruiters is by reducing time spent on repetitive and mundane tasks that occupy much of their day.
Technology like Candidly is easily integrated into the recruitment process and will manage interview scheduling and automate the application process.
Candidly uses AI to screen CVs for keywords and build skills ontologies that identify the best candidates for roles.
Studies estimate that recruiters spend 40% of their time inputting data into an ATS or sorting through resumes. This time could be better spent building candidate relationships and improving the candidate experience. Giving back the currency of time to recruiters is one of the ways that artificial intelligence can help talent acquisition teams be more efficient and effective in their jobs.
Up to now, SMEs have been excluded from using AI as part of their recruitment function because it takes volumes of data for artificial intelligence to mimic human behaviour. Data that most SMEs do not hold.
However, Candidly gathers data from all of its members and provides this insight to smaller enterprises, which gives SMEs access to this level of functionality for the first time.
Quality Of Hire
When talking to our clients, many identify finding the best hire from a large talent pool as one of their toughest challenges. It really is like finding a needle in a haystack. AI and machine learning can ease this burden by instantly searching through a substantial data pool to find candidates who meet the specified search criteria. The best part is, the more a recruiter uses the AI, the more it will learn what outcomes the user wants. This technology is especially helpful when identifying passive candidates.
The number of qualified passive candidates is usually greater than the number of applicants actively seeking the open role. Having the ability to search for possible candidates allows for a more inclusive and effective search. Thus, the recruiter can identify more candidates worth consideration than otherwise would have been found.
AI can provide information in a matter of seconds that may have taken weeks to find only a few years ago.
Clearly, the winning talent acquisition strategies of the future will rely heavily on AI. Companies that deploy AI, or use it to supplement their current talent acquisition professionals, will prove the most successful in the future battle for top talent.
If you are looking to improve your Time to Hire and Quality of Hire, Candidly's AI functionality makes the recruitment process easy. Please get in contact with our team to learn more.