In the world of recruitment, you need an edge. It would also help if you had a way to reduce the time spent uncovering talent. According to Express Employment Professionals via Visual CV, the hiring process took an average of 27 days in 2020. Read on to learn about how artificial intelligence (AI) sourcing can positively impact your business, saving time and money.
Have you ever listened to Spotify or used dating apps like Hinge? These platforms utilize artificial intelligence (AI) to suggest songs and partners. In the case of AI sourcing, the system recommends candidates for jobs. You can also use the software to send text messages and emails to automate recruitment conversations. You’ll save time and limit the number of fruitless conversations.
AI sourcing tools allow you to create your own parameters. For example, if the job you need to fill requires lifting 50-pound boxes, you may list that as a criterion. The AI scans resumes for you to find the candidates that list “hand carrying” or “lifting 50-pound boxes.”
You’ll only look at the most relevant candidates who already meet your requirements. You can also automate essential communications, such as invitations to apply, offer letters, and more.
AI sourcing tools can help you make the recruitment process more efficient. The benefits include automatic candidate sourcing, reducing recruitment bias, and better candidate matching. You’ll develop better employee value propositions, improve engagement, and analyze facial expressions during interviews.
Automatic candidate sourcing: You can develop a pipeline to identify talent that meets minimum qualifications drawn from resume databases, newspapers, social media, and discussion forums. You can also program the AI to contact recruits with personalized messages that keep them in the pipeline.
Lower Risk of Bias: Using AI automation can reduce discrimination in the recruitment process. AI ignores gender, gender identity, race, creed, and age. Computers only care that the candidate performs well. This addresses the discrimination more than 44 percent of job applicants have experienced.
Candidate Matching: You can set parameters to choose the top candidates. This saves you time since you can skim only relevant resumes rather than weeding through many. You can set keyword matches, such as those that signal management experience and job skills.
Improved Employee Value Propositions: AI analyzes resumes to determine which benefits mean the most to a candidate. For example, a recruit’s last two jobs allowed two work-from-home days per week. If your company doesn’t offer that, it may not be a good match.
Improved Engagement: AI can automate more than 75 percent of recruitment process communications. You can program the software to answer common questions, verify qualifications, and send updates.
Facial Expression Analysis: Conducting video interviews is necessary these days. Many hiring managers have avoided virtual interviews because they cannot see the candidates’s body language. You can overcome this problem by using AI. The AI algorithm analyzes candidates’ self-presentation, energy, confidence level, facial expressions, and other factors.
You can headhunt without hiring a headhunting firm. You can contact the 73 percent of candidates in the passive candidate pipeline, rather than sifting through many sites. AI reduces the time spent getting the highest-quality candidates into your pipeline.
You can use AI to uncover talent and find potential employees that you wouldn’t have due to bias. According to Express Employment Professionals via Visual CV, 63 percent of employers said they had trouble filling positions in 2020. At the time of the survey, 31 percent reported having open positions they couldn’t fill.
The availability of talent shrank for some sectors of the economy. This hurt businesses’ efforts to rebuild in the wake of COVID-19. Still, companies leverage AI sourcing tools to attract passive candidates. It isn’t just tough to find good people in the 21st century. Keeping talent is a whole other challenge.
According to the Bureau of Labor Statistics, the days of “the company man” are over. Today, the median employment tenure of an employee sits at 4.1 years. Younger employees stay even shorter periods with a company. On average, those aged 25 to 34 remain with a company for 2.8 years.
Due to COVID-19, those who had jobs at the beginning of the year didn’t typically leave. Rather, they practiced “sheltering in a job,” hunkering down in place and keeping what they had. By February 2021, 52 percent of employed adults had begun a job hunt.
This gives your business (especially if you’re rebuilding) a new use for AI recruitment tools. You can cherry-pick those that fit your company culture and provide the benefits that resound with them, such as remote work.
Most products in the AI sourcing sector address only a piece of the problem. According to Select Software Reviews, Loxo created “a fully-fledged recruitment CRM that has also done a good job at leveraging AI technology when it comes to helping recruiters find the best talent.” Loxo earned the only AI recruitment CRM honors in its field of top AI-related recruitment software applications.
To stay ahead in this competitive market, you need to use the best AI sourcing tools available. You can use tools like Loxo to cut down on time spent managing talent. Learn more about how Loxo’s AI Sourcing tool can reduce your workload and find top candidates faster.