Original article can be found here (source): Artificial Intelligence on Medium
AI and Humans — can we be friends?
So you’ve acknowledged the need for a hire and have worked out the exact skillsets needed to strengthen your existing team. You know what you want and so you start looking for it. The question is when you find that ideal candidate, do they want you?
In this day and age with the augmented power of social media, copious amounts of information and opportunities are readily available online. Candidates in turn can afford to be more selective with their decisions.
With global pains such as diversity, gender equality and global climate change — candidates are aligning themselves more with captivating mission statements rather than hypnotic financial gains. This freedom, although a positive milestone for our future candidates, can be arduous for recruiters who face increasing competition in a landscape that is slowly merging into a blur.
On average a human consciously makes 35,000 decisions a day, each with a consequence that can lead to positive or sub-optimal outcomes. In recruitment, decisions can have an opportunity loss cost associated that can evolve to affecting business morale and even potential revenue down the road. Companies lose 89% of potential candidates due to prolonged screening processes and with 81% of candidates expecting continuous feedback to entice their engagement, recruiters reach a spiral of perpetual workload. So how can AI help you?
Automatic audit of talent pools
AI has an assiduous ability to sift through millions of data points, highlighting high performing candidates faster than a human eye reading one resume. A major benefit to using AI comes handy when sourcing the 70% of passive candidates out there, candidates that have 120% more likelihood to impact a strong, positive change in your organisation.
Improve experience and engagement
With 81% of job seekers stating continuous communication will improve their experience in the recruitment process, the rise of chatbots becomes key. Updating candidates on their applications, verifying content and answering questions along the journey plugs the silence that would otherwise push candidates away to the next company. Chatbots also become your extended team ensuring that conversion rates of prospects to committed applicants are strengthened.
Tasks can also become automated to provide more bandwidth for recruiters to conduct meaningful conversations and in turn, reduce time to value for your candidates. Repetitive tasks such as scheduling can become a thing of the past, ensuring at the early stages that all willing candidates are acknowledged and supported in your talent pool.
Organised & cost-effective workflows
Automated organisation using AI allows full visibility over every candidate, ensuring top talent are not lost in the process. Data is collated and presented in a simple display providing insights into candidate performance. AI therefore will reduce your need to hire additional recruiters and will provide positive ROI by hiring more diligently and strengthening your data-driven decisions.
85% of talent leaders feel pressure to increase diversity yet they rank referrals as the most important source of talent. However with a simple logic that we tend to like people more if they share our own beliefs, backgrounds or have partial similarities — does this really introduce a diverse talent pool? AI can be used here to produce more inclusive job descriptions to target wider audiences and contact details can be anonymised. This helps considering ethnic minorities with non-english names have to send 85% more resumes to receive the same outcome as a white applicant.
Artificial Intelligence has quantifiable benefits when used hand in hand with humans. The reduction of time to value to make data-backed decisions are a key benefit to an industry that is evolving. We, at Elixivity, believe that although AI is key to survival in this competitive space for talent, the human touch in the process should always be present.
After all, one machine can do the work of fifty people but no machine can do the work of an extraordinary person. This is why, we partner the two together using our unique engagement models. For more information, please get in touch.
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