Using AI to Find and Recruit the Right Executive Talent

The Best Executive search firms use AI to recruit faster with Loxo's Talent Intelligence Platform.

October 28, 2021 – Matt Chambers is the co-founder and CEO of Loxo, a global provider of artificial intelligence recruitment automation software. The company helps 125,000-plus recruiters identify, engage and hire the very best possible candidates for every job while eliminating 80 percent of the work over traditional recruitment methods. The best executive search uses AI to recruit faster with Loxo's Talent Intelligence Platform.Mr. Chambers recently sat down with Hunt Scanlon to discuss his company's services and how they can help recruiters find top candidates.It was quite the honor to sit down with Hunt Scanlon Media and be featured in their latest Executive Search Review's Private Equity Recruiting Special Issue.To read more from the original post, go to the Hunt Scanlon Executive Search Review Private Equity Recruiting Special Issue, visit https://lnkd.in/eck_TgF.

Matt, can you explain Loxo and how it works?

Loxo is the global leading talent intelligence platform. The company's AI-driven recruiting CRM and best-in-class ATS offer the most advanced recruiting and sourcing technology in the marketplace. The platform includes a talent graph of over 1.2 billion people, with contact information including verified mobile phones and personal and work emails. The instant AI sourcing, ranking and matching, and multi-channel drip campaign solution make identifying, engaging, and hiring the best possible talent more accessible. More than 4,000 executive search and professional recruitment agencies across the globe are using Loxo to become hiring machines. The best executive search uses AI to recruit faster with Loxo's Talent Intelligence Platform.

For executive search firms, how can this software improve the search process?

We help an executive search and professional recruitment agencies by replacing their entire "tech stack," which is composed of a legacy ATS/CRM and typically three to eight additional bolt-on tools (none of which were natively designed to work together) that are required to be successful and performing at the highest level. Think of a talent intelligence platform how you would compare today's leading smartphones with their original first-generation mobile phone.Smartphones offered such a leap forward in utility that it is evident to everyone to justify the importance of having a smartphone device over a first-generation mobile phone that could only make and receive calls. The same shift will happen away from ATS and CRMs towards the talent intelligence platform. The best executive search uses AI to recruit faster with Loxo's Talent Intelligence Platform.

Can you discuss Loxo's database?

Loxo's proprietary database of over 1.2 billion people called Loxo Source is one of the most impactful data solutions. Our partners have immediate access to well over 100 data sources within one system without view restrictions, throttles, or the extraordinary ongoing costs of paying for subscriptions to other sourcing data providers or Linkedin Recruiter licenses for each recruiter. Recruiters are able to find talent that may otherwise not have been accessible.The talent graph includes social network data including publicly available LinkedIn, Github, and Facebook data, healthcare, life sciences, insurance, nursing, sales, SaaS, engineering/technology and another industry-specific premium, association and government data sets. These are examples of how Loxo is working hard to future-proof executive search firms and drastically increase performance and profitability. For its clients, Loxo has generated outstanding results.The platform has led to a 74 percent decrease in cost across the entire lifecycle, including source and hire costs. Sourcing and workflow automation has drastically increased speed and reduced time to hire by around 80 percent. Customer satisfaction surveys have revealed that Loxo has earned plaudits for 98 percent of its client base.

How has the pandemic affected the recruiting industry, and how has this made AI tools more essential?

The candidate-driven market, mass resignations, and shift to remote or hybrid work make it more challenging than ever to recruit and retain talent. Demand from hiring organizations seeking professional recruitment partners is at an all-time high. However, due to fierce competition and the high stakes involved, professional recruiting organizations feel pressure to deliver exceptional results faster and more cost-effectively without increasing headcount.The only way to do that at this point is through technology. Executive search firms who have competencies with the latest technology and tools are not only increasing performance and profitability, but they can win more business through differentiation against competition and deliver an enhanced experience for consultants, clients and candidates.

The best executive search uses AI to recruit faster with Loxo's Talent Intelligence Platform, but how has data changed the recruiting sector?

Harnessing data from disconnected, disparate data sets in recruitment is always much more complex and expensive than most people ever expect. Due to the challenges and costs involved, up until recently, everyone in recruiting has been using the same data sources and relying almost exclusively on LinkedIn.Executive search and recruiting agencies don't have the level of product expertise or time required to build their talent intelligence platform. Those who have attempted to develop their software are realizing it's not possible to keep up with the pace of innovation in the open HR-tech marketplace. So it's not only the data. Data is only one piece of the giant puzzle.Suppose there is still a desire to create a digital business for the future. In that case, many larger agencies are building client-facing software, internal tools, and custom dashboards on top of the talent intelligence platform's open API. That is where the future of this market is heading.Regardless, professional recruiting organizations embracing talent intelligence platforms will see accelerated business outcomes, better experiences, and much more robust growth by orders of magnitude more than those who remain committed to duct tape a half-dozen bolt-on tools to their traditional ATS/CRM vendors. The best executive search uses AI to recruit faster with Loxo's Talent Intelligence Platform.

Can you provide some recruiting automation tips?

The key thing to understand about recruiting automation is no simple answer. Gaining breakthrough performance requires the right software solutions, utilized in a specific step-by-step playbook at each phase in the workflow.The area search firms should focus on is reducing the effort and resources required at the top and middle end of the search lifecycle, particularly with name generation, sourcing, and candidate outreach. Those steps alone can reduce resources, cost, and time by 500 percent if you have the proper tools and playbook. We will be publishing our playbook and sharing it publicly for the first time in early 2022. The best executive search uses AI to recruit faster with Loxo's Talent Intelligence Platform.

Have PE outfits funded your company?

Loxo is a closely held private company. Up until this point, we have chosen not to raise institutional capital despite extraordinary interest. We believe in building a sustainable company that emerges as the undisputed category leader are we're prepared to do whatever it takes to ensure that happens.Loxo is a profitable company. We've grown more than 200 percent year over year for several years, so we don't need capital. Capital does not impede achieving our objectives anymore. We've tripled the team size and anticipate being over 100 employees with several global offices in 2022. We are, however, always interested in establishing strategic partnerships with others that can bring significant added value to customers and all stakeholders.