Baseball may be “on hold” until at least July, but that doesn’t have to stop you from tracking important stats—ones that reflect your staffing vendors’ performance.
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The global recruiting industry is $200 billion and nothing is disrupting it quite like artificial intelligence-based hiring technology. In 2019 alone, venture capital firms invested a total of $3.2 billion in HR tech companies. Of this, talent acquisition technology was one of the biggest magnets for investment, and for good reason.
According to Ideal, AI-powered hiring technology has reduced cost-per-screen by 75%, decreased turnover by 35%, and improved revenue per employee by 4% for early adopters. As a result, recruiters have time to focus on hiring strategically and building human connections.
When companies understand how AI works, they can find the right hiring technology for their needs. But for many companies, AI and ML are simply elusive acronyms. Fifty percent of HR leaders surveyed by KPMG felt “not at all prepared” to respond strategically to AI and machine learning in recruiting, and fewer than 10% felt “prepared” or “very prepared.”
If that hits close to home, don’t worry. Here’s a crash course on AI, ML, and how you can effectively leverage them for staffing.
Simply put, artificial intelligence is an umbrella term for technology that mimics human intelligence to accomplish different tasks. By contrast, non-intelligent technology is only capable of following exact instructions. Artificial intelligence learns from experience to generate insights and act on them, often better than humans can.
Essentially, AI automates tasks that humans previously had to do the hard way, like looking through candidates to find the ones that could be the right fit for your open position. That way, you’re able to use technology to your advantage and focus on the things that AI can’t do, like talk to candidates on the phone.
Artificial intelligence and machine learning are often used interchangeably, but they shouldn’t be. Machine learning uses algorithms to learn from existing data and make predictions without human intervention. It is a subset of AI and the engine of many AI-powered technologies.
For example, hiring tools that automatically screen resumes or predict candidate success use machine learning to analyze the candidate pool and identify the best ones. They look at data from thousands of past hiring decisions to identify the patterns of successful hires: whether they possess a critical common skill, come from the same schools, or have the same interests.
AI-powered hiring technology can do things like automate candidate sourcing to find viable candidates by pulling information from online job boards, talent pools, and social media. Instead of combing through candidate applications or profiles, AI technology uses your requirements to filter candidates so you’re served the top ones. This can mean open staffing requests take a shorter time to fill.
Other tools use sentiment analysis to analyze job descriptions, weeding out potentially biased language, therefore, attracting a more diverse pool of candidates. They can also give you an idea if the language you’re using is speaking to the right audience and industry.
AI-powered technologies screen hundreds of resumes to shortlist viable candidates, run skill tests, and rank candidate performance by the likelihood of success at work. They use data to provide insights that would take humans much longer to uncover. AI can even automatically schedule interviews with shortlisted candidates without the back-and-forth, and answer candidate queries through chatbots.
By leveraging the power of AI and ML, you’re freeing yourself up to concentrate on interviewing, negotiating, and more.
But it all comes down to the right AI-powered technology. When thinking about which tools to use, identify the key problems in your recruiting process. Once you have your list, make sure that your preferred solution meaningfully solves them. Ask yourself if you want one solution, multiple tools, or what aspect of staffing you need help with the most. Then do your research on the available options.
Innovative hiring technologies like Crowdstaffing’s AI-powered vendor management platform provide an all-inclusive recruiting solution to address your hiring needs, from sourcing to hire. We use intelligent matching to distribute open jobs to the most qualified talent suppliers in a globally-connected network. All candidate data lives together, and you can fuse tasks into one platform to optimize every part of the recruiting and hiring cycle. Want to know more?