The Future of Talent Acquisition is AI
Over the last decade, the advancement of AI (Artificial Intelligence) has accelerated the progress made in various industries worldwide. Recruitment systems and talent acquisition make no exception as AI is beginning to reshape HR departments.
In the following paragraphs, the Whaii team will explain what caused this rapid evolution of AI. Furthermore, we will also dive into defining how this growth is starting to influence talent acquisition strategies for companies and what they should expect in the future. One thing we can definitely say is that recruitment is going to be a lot easier, more accurate and efficient in the years to come.
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The Rise of AI
One thing to mention is that the AI revolution did not just happen 10 years ago. In fact, based on current data, it’s said to have started around the 1950s. It’s only that in the last decade or so, we can really observe the exponential boost with tangible results. So, how come we are witnessing this in such a short time spawn? One factor is the overwhelming demand for AI-based products, simply because of their capacity of practicability output. Technology gets better, cheaper, and faster at rates biology can’t possibly match.
While the catalyst might be the demand, it’s strictly connected with old technology getting cheaper. In fact, the latest breakthroughs we have witnessed were possible due to the “old-generation” AI being more accessible to everyone. Today, AI is one of the fastest-growing areas of recruitment.
How can AI perfect Talent Acquisition?
So far, the most immediate challenge of HR regards finding the right candidates for the job position. This translates to them fitting into the organizational culture and identifying whether the top talents fit the company’s needs. Artificial intelligence is evolving to solve this problem and also to reduce the time spent on such a challenging process. Advanced algorithms are already set in place to help organizations not only filter through candidate data but also be able to leverage it at scale and distinguish what sets one candidate apart from the other.
Here are 5 factors that assist AI tech in talent acquisition and the digitalization of HR.
Crawling candidates
Candidate screening
Job posting
Evaluating all types of candidates
Eliminating biases
1. Crawling candidates
Otherwise known as candidate sourcing – it represents a process where companies usually build a talent pool or talent database. The tricky part is when it scales up with the business. Statistically speaking, when organizations reach a “large enterprise” status, they are able to be self-sustained by an organic number of applications. Naturally, some will get the job, but a considerable portion of them won’t – and instead are being kept in the above-mentioned talent pools. It can be quite draining for companies that reach this level to keep up with applications ranging from hundreds to thousands.
This is where AI is able to sophisticate the process. Firstly, by reducing the time spent by recruiters drastically due to the screening speed. Secondly, by sourcing a large number of potential candidates from recruiting websites, social media, and job portals. Workable is an excellent example of a one-click action that reaches broadly.
2. Candidate screening
Being able to screen candidates at an outstanding speed is not groundbreaking for AI-powered recruiting software in 2021.
The big game-changer in today’s candidate screening software is how they’re capable of personalizing the recruiting process based on different variables. For example, some AIs have evolved to such an extent that they can pinpoint what skills or personal values would make a good fit with a company.
Evaluating applicants based on personality, values, and culture is slowly becoming the status quo, simply because both parties have a more efficient and personal approach to recruiting in general.
3. Job posting
Those annoying cookie policies that are popping up on every website also contribute to the AI’s self-learning process. They play a key role in determining which users are appropriate for specific job positions or requirements by displaying relevant ads.
The right candidate audiences vary across multiple platforms, and AI’s are starting to figure out how to access all of them at once by implementing centralized databases. Of course, it’s also essential to understand how to create a relevant job ad and make it attractive for the candidates. The format of both job postings and resumes will play a pivotal role in the future of recruitment.
4. Evaluating all types of candidates
Further developments into AI predict a more accurate screening and experience for part-time job seekers and remote workers as well. Often it’s hard to assess the full spectrum regarding qualities and skills of part-time workers due to their limited interaction with the company. Having said that, future HR software will be able to identify traits that could be overlooked in personal interactions.
In this way, companies can be sure to assess skills that may not be revealed in the application or interview. Similarly, these principles apply to remote hiring as well. In recent years, remote working has become more and more prevalent, especially within a global pandemic context. Companies worldwide are already leveraging AI tools to get a more accurate picture of what physically distant candidates are capable of doing.
5. Eliminating biases
Another perk of these tools concerns promoting more Diversity and Inclusion at the workplace. Again, since we’re talking about software handling the recruitment process, for the most part, most subjective gut-feeling will be eliminated. AI will have the ability to disregard gender, race, or age as qualifying for hiring, however, necessity of awareness and learnings about the use of AI is still needed. As a result, diverse teams can benefit from a range of benefits themselves – increased innovation and creativity.
To sum it all up, we can expect to see a great deal of innovation within the field of AI at an even more accelerated rate in the foreseeable future. Simple candidate screening is already the status quo for many businesses, and that’s why these tools are evolving to provide more personalized insight from candidates.
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