In today’s increasingly volatile labour market, many organizations are seeking a competitive edge when wishing to hire only the best talent.
To further disrupt matters, AI (artificial intelligence) or machine learning technologies have fast become front and centre as very valuable enhancements to typical talent management.
Whilst many are concerned that the introduction of AI will start a wave of huge human job loss at the expense of this automation, most experts are convinced that AI will enhance and evolve jobs, as opposed to eliminating them.
So what exactly is AI, or machine learning as it is also referred to? In essence, AI employs machines that are capable of carrying out increasingly complex learning, decision-making processes and execution of tasks.
Teaching computers to think based upon accurate and proven data, coupled with strategic algorithms, present the genuine potential to provide countless benefits across the entire talent management lifecycle, especially in the realm of recruiting.
Recruiting presents organizations with one of their biggest and most important challenges. Whether it be lengthy and expensive selection processes or hiring the wrong candidate, restarting a hiring process from inception cost thousands per candidate and adds up very quickly as considerable hard costs.
Now, with availability of more data than ever before, innovative organizations are implementing AI to enhance their entire talent acquisition process.
How then does implementing AI benefit your organization’s hiring practices and results?
- Improved Efficiency
A primary benefit of AI is its time-saving capabilities, especially for hiring managers, such as menial tasks like sorting and scoring resumes. This new found time empowers hiring managers with more time to focus on meaningful candidate dialogue and recruitment. AI-assisted software automatically sources, selects and ranks candidates in addition to providing valuable assessments.
- Target the Right Audience
Implementing the correct AI software quickly ascertains whether or not an applicant successfully aligns with your job description and offer, by virtue of objective, unbiased and data-driven delivery. We humans find it very challenging to source and select the correct job applicant due to standardized resumes, biases, and unclear job descriptions. AI renders the full picture, articulating which candidates are the more likely to succeed, or indeed fail, at an organization.
- Reduced Boundaries
AI readily assists in breaking down barriers relating to geography and workforce mobility. In the modern age of globalization, AI is successfully assisting organizations source talent from anywhere in the world.
- Hiring Effectiveness
With strategic AI implementation, organizations can now effectively devise job descriptions by taking advantage of predictive analytics that analyze job descriptions from a variety of job resources. AI accurately differentiate between low and high performing job descriptions, providing an organization with the advantage of the best-aligned job descriptions that ultimately attract a more qualified candidate pool.
What role do competencies play in this equation? As a reminder, competencies are the knowledge, skills, and requirements needed to be successful in a particular job. Upon incorporating the job descriptions data as provided by AI, next apply the appropriate competencies that ensure each applicant is aware of all of the job’s requirements.
Interviewers, as a result, are able to accurately describe any job’s requirements, and are much more likely to select an exemplary candidate.
In addition to our competencies and CompetencyCore software, HRSG strategically leverages intelligent AI and machine learning to generate top-performing job descriptions.