Of all the key factors that shape and build a company, the role of people will always remain the highest. Therefore, finding the best-fit candidate for your company is important. Over the years, the hiring process has undergone changes and recently, with AI becoming the talk of the town, it’s understandable that AI has also impacted hiring.
Are you a company shying away from adopting AI?
Are you keen on integrating AI into your hiring process but unclear where to start?
Fear ye not, from screening to onboarding, here’s how AI can revolutionize talent acquisition in your company.
Over the past few years, the expectations of employees have drastically changed. Beyond the paycheck, they look for a good onboarding process and a better workplace culture. Therefore, HR managers have no option but to shift from conventional hiring practices to a more modern hiring approach, facilitated by technology on which AI has an ubiquitous influence.
The impact of Artificial Intelligence(AI) on talent acquisition
Talent acquisition is the process of identifying, attracting, evaluating, hiring and retaining candidates for certain jobs in a company. It’s a must-have process as on the basis of this, you can build ambitious teams competent enough to take your company to great heights.
Research states that around 83% of 924 companies worldwide are still using basic hiring practices. The remaining percent of companies are using AI analytical tools, like an employee HR dashboard, to understand candidate and employee behaviors, thereby creating a proactive workspace. They can also identify gaps in their hiring processes and resolve any staffing shortcomings.
What is an employee HR dashboard and how does it work?
An employee HR dashboard is a commonly used tool that collects data and develops reports on the KPIs related to human resource management. Certain metrics are used on the platform that analyze and measure the performance of different departments and individuals. The collected data helps companies in quicker decision-making and presents valuable insights concerning the entire workforce.
The HR dashboard can integrate data from multiple HR systems, like recruitment platforms, payroll systems, and others.
It uses visual aids in the form of graphs, pie charts and tables to make the data easy to understand and interpret.
It’s also helpful in making people aware of their performance. If a performance metric isn’t met, it automatically sends an alert to the concerned person/team/department.
With remote working taking over, most HR dashboards are mobile-friendly. HR managers can monitor employees on the go.
The dashboard is updated in real time. All new data is consolidated into their respective categories in no time.
It’s always good to use tools that provide ample benefits, like an HR dashboard, if that means smoother business operations. This tool can track, analyze and manage the complete workforce from one location and pave the way for strategic planning processes in the company.
5 Ways AI is reforming talent acquisition
From streamlining candidate screening to improving employee engagement, talent acquisition practices have come a long way. Technological advancements have ushered in a new era where industries use AI to improve their business operations. Of all the industries, the only industry that is considered more human-centric, i.e., talent acquisition and recruitment, is also incorporating AI to make things straightforward, and rightly so.
A few fundamental ways AI is entering and simplifying talent acquisition are:
1. Optimizes talent development with an HR dashboard
Without a doubt, companies want the best employees to continue in the long run. Going through individual progress reports is a tedious task that most HR managers have no time for. With AI, you can make use of an employee HR dashboard that identifies high-potential employees and secures them for the company's future.
An employee HR dashboard is an intelligence plus a SaaS tool that aids HRs to track, analyze and measure the KPIs of each employee. From employee satisfaction to gender ratio in the company, you get all the data you need for your company’s success at one centralized location. The insights derived from the data will further enhance your methodologies for recruiting, workplace management and employee engagement while creating a more worthy talent pool.
2. Saves the recruiter’s time and efforts
AI automates routine steps in the hiring process, enabling recruiters to spend more time on high-value tasks like conducting in-depth interviews, personally connecting with candidates, evaluating hiring decisions and using resources adequately. This leads to a successful talent acquisition effort.
AI saves a recruiter’s time and effort in the following ways:
Uses ATS (Applicant Tracking Systems) to sort out resumes based on different criteria
Searches potential candidates across many platforms
Reduces the dependence on manually sourcing candidates
Writes compelling job descriptions
Engages and conducts initial interviews using chatbots
Automates and schedules emails, interviews and other follow-up sessions
Scans large volumes of applicant data to provide employers with insights regarding performance metrics, market trends, etc.
Handles administrative tasks like sending interview reminders, skimming through the talent database and other tasks.
When resources are allocated and used properly, it always works in the company’s favor. With hiring being a key business operation, you can rest easy knowing that your resources are optimally utilized and your TA efforts are more impactful than before.
3. Streamlines candidate sourcing and screening
Companies use multiple portals, like LinkedIn, to extract talent and reach their target candidates. Sometimes, the company’s website is also a reliable job search platform. AI-based recruitment software can automatically match a candidate’s profiles with jobs they’re skilled for and contact them via emails, texts or using data from different job-search sources. This eliminates extra expenses involved in finding talent, provides screening and personalized insights and significantly lessens time throughout the recruitment process.
After sourcing applications, the software can quickly filter through hundreds of resumes and only forward those highly qualified for the role. Several factors like educational background, work experience, required skillsets, and more, are carefully analyzed so that the best talent reaches the company. Your HR teams can save a lot of time while screening candidates and not worry about any partiality as AI eliminates bias of any form.
4. Ensures fairness and transparency
By implementing AI into the talent acquisition process, organizations can safeguard a company’s reputation by prioritizing complete fairness and transparency. Employers are more aware of educating themselves and their teams and giving each selected candidate a chance to prove their capabilities, despite their gender, race, creed, etc.
AI contributes to unbiased hiring practices in the following ways:
AI-powered systems evaluate candidates only on the basis of objective data and job-related skills, ignoring any other subjective bias.
AI can also remove bias-inducing information like demography or faith background before the resume reaches the recruiter.
AI standardizes evaluation assessments, ensuring everyone is assessed by the same standards.
AI increases diversity and inclusion efforts by providing insights into the diversity of applicants.
AI ensures that the company meets all legal requirements for fair hiring opportunities.
With more companies adopting different modes of working — hybrid, remote and onsite, they are also keen on having a global staff. This automatically implies that your people will come from different backgrounds and to encourage worldwide hiring, you must uphold absolute fairness during recruitment.
5. Improves employee onboarding process
AI can significantly improve the quality of the onboarding process. It creates a personalized profile for each employee where their interests, skillsets and roles can match with like-minded individuals in the company. Doing so will help employees find their circle in the company and increase their productivity within their teams.
AI can also assess employee skills and customize training and development modules to keep everyone updated on the changing job requirements. This is especially helpful for global companies with a spread-out employee base in the world. AI aligns the skills and interests of the entire workforce and uses the data to achieve business outcomes, as expected.
5 future trends of AI in talent acquisition to look out for
As AI’s influence becomes more widespread in talent acquisition and hiring process, some trends that will shape the near future are:
1. Advanced predictive hiring: AI will become more capable of analyzing candidate data and figuring out their success rate for the company.
2. AR and VR hiring assessments: AI-powered augmented and virtual reality tools will offer more immersive candidate assessments, especially for technical job openings.
3. Skill development training sessions: AI will create more personalized development programs for the holistic development of employees.
4. Credential verification: AI’s influence will be prevalent in verifying the candidate’s credentials and reducing the risk of associating with fraudsters.
5. Progress mapping and retention: AI will predict more accurately the retention rate of employees and will work on proactively engaging them for succession planning.
The role of AI in talent acquisition will transcend traditional methods by influencing key factors like engagement, retention, workforce segmentation, development, etc. Companies that leverage AI in their systems are better positioned to adapt to market trends and are future-proof compared to their competitors. The recruitment landscape will see fierce competition where organizations will go out of their way to use AI to not lose the best talent to others.
Going beyond the human touch in search of talent
The effect of AI on talent acquisition is nothing but a transformative force in the recruitment industry. It keeps recruiters a step ahead in finding and selecting the top talent globally. Surely, AI comes with its own set of risks, but when strategically used, it can make your company the most sought after by job-seekers. Marc Bennioff (Founder, Chairman and co-CEO of SalesForce says, “Acquiring the right talent is the most important key to growth. Hiring was - and still is - the most important thing we do.” AI-driven technology brings you one step closer to your best hire, a win-win for the employer and the employee.