As the global shortage of skilled workers has reached its highest level for over a decade, entrepreneurs are experiencing more difficulties than ever with filling vacancies. According to Bullhorn’s Global Recruitment Insights and Data (Recruiting Trends 2019) study, 73 percent of executive recruiters identified scarce talent pools as the biggest recruitment challenge in 2019.
Fortunately, technological innovations are constantly changing the way HR managers work. Due to significant technological advances such as Artificial Intelligence (AI), executive recruiters will soon be able to ensure that they find the perfect candidate for any position. And this is just one of the many uses of AI in the recruitment industry.
While some companies are already using early forms of AI to support their management, most recruitment agencies have yet to make this leap. Here are 5 ways your company can implement AI now and in the near future.
Find available and passive candidates
Is it easy for you to find interested, passive candidates? With an unemployment rate of 4.9 percent in Germany, the unfortunate answer is probably “no” because the best candidates for a job are not always those who are looking. Passive candidates make up 70 percent of the world’s workforce. Therefore, a strategy to identify these candidates is crucial.
AI will help optimize the process. Although AI-driven applicant tracking systems already exist and support the evaluation of large candidate pools, AI’s ability to screen passive candidates will only improve. AI will be able to filter passive candidates by response probability, based on factors such as hiring duration, whether they have been promoted recently or ever, and the performance of the organization. It also eliminates any potential risk of bias.
Predict changes in demand for market capabilities
Technological innovations not only change the way we work, they also make it possible to predict which skills will be needed in the future. AI affects virtually every work sector, displacing millions of workers whose positions include repetitive tasks that can be replaced by technology.
Nevertheless, thanks to the use of algorithms to evaluate market behavior and environmental situations, AI will create millions of new jobs that will provide accurate predictions of what skills will be needed in the future and where they will be needed. With sufficient foresight into what skills will be required, staffing companies will be able to address a particular work need before it turns into a shortage. In addition to predicting market uncertainties, AI will be able to anticipate how likely an employee is to quit their job. All these next-generation skills will enable AI to determine what jobs are needed and who can fill them.
Creation of improved job advertisements
AI already does a large part of the work, so why shouldn’t she also write an incredible job offer? Executive recruiters can now use AI to review and schedule interviews, predict matching and redeployment, as well as VMS order entry and processing times. In the near future, AI will also help create great job opportunities.
Speech analysis tools help create perfect messages to generate responses to advertisements. At the same time, they eliminate any possibility of using gender-coded words, superfluous or confusing jargon, or racist tendencies. In addition, AI algorithms will be able to independently make changes to explore how effective different ads are. Thanks to AI-assisted job postings, companies can start eliminating recruitment biases at the earliest stage of the recruitment process.
Improve interviews with face and speech recognition
Has your company already considered video interviews? In recent years, remote interviews have become common practice for companies to effectively screen candidates without them having to appear in the office. In the future, preliminary interviews will use AI, micro-expressions, tone of voice, energy, body language, word choice, stress levels, and even the course of development of candidates’ ideas to determine whether they are a suitable choice.
Advanced competency tests can also be used to examine candidates for emotional and cognitive strengths and weaknesses using neuroscientific thinking games. Thanks to these advanced tests, executive recruiters will be able to better assess candidates’ soft skills and how they react to specific work situations. In addition, AI will be able to determine the honesty of answers and whether the candidate has sought help off-screen. Subconscious biases should no longer play a role when AI handles the interview process.
Assessment of customer risks
How does your company assess customer risks? Imagine never again losing an unhappy customer due to a communication error because your Applicant Tracking System identifies them. This is already one of the features of the best Applicant Tracking Systems and these capabilities will continue to evolve as AI progresses. Although companies have always used enormous amounts of data to make risk-averse decisions, thanks to AI’s cognitive ability, the machine will continue to learn and recognize patterns that help users make decisions that once fell into the grey area of human reasoning.
Thanks to prognostic intelligence, AI can positively influence your organization’s risk management assessment capacity. AI-supported technology can identify potential risk customers for your recruiters and sales personnel before they become a problem. Recruitment experts and computers will work together to identify and assess once inconspicuous customer risks.
From creating vacancies to sourcing passive candidates to conducting preliminary interviews, AI will continue to change the way recruiters work. Recruiters who choose sustainable AI solutions will have many extra hours of their day available. This enables a focus on true, authentic relationships – something that AI alone would never be able to do.