By Vikram Ahuja
The battle for talent is getting increasingly intense and more competitive than ever with many industries and There has never been a better time to utilize machine learning, AI and automation in scaling up hiring efforts and trust computing to do the heavy lifting.
AI may be the solution to transform traditional hiring practices and truly separate the quality candidates from the rest of the pack. Here is the role AI will play:
1. Sourcing
Analysing large data sets gives us the ability to identify the best and most compatible candidates for any given role. This job is slightly easier for active candidates but the real value lies in evaluating passive candidates that are not typically active on job boards and difficult to access. With data-driven algorithms, parameters can be set to extensively learn about this audience. Marketing automation can then sit on top to nurture and convert them. This is a more efficient and scalable solution than traditional job fairs or hiring drives.
2. Screening
Using deep learning algorithms, artificial intelligence can screen millions of profiles focusing on relevant skills and experience. Versus the traditional method of keyword matching, this solution is clearly more effective.
3.Candidate Engagement
Keeping candidates engaged throughout a hiring process adds a lot of value. Talent500 surveyed around 25,000 candidates recently and the gaps we discovered were toward communication, transparency and other job opportunities in case of rejection. the process. To tackle this, again at scale, NLP-powered chatbots allow recruiters to create interactive conversational flows with multiple candidates simultaneously, providing instant answers and creating a strong engagement. This could potentially reduce the dependence on face-to-face interactions and enable more ‘contact-less’ hiring.
4. Assessment
Every company can assess candidates against a customised baseline score and rank them in the order of weightage and priority. Candidates can now be tested without being interviewed and their assessment can be utilised by not just one company, but a roster of companies looking to hire talented candidates from a large talent pool.
Recruitment is a challenge at every company, irrespective of their size and domain. However, as access to data becomes easier, job seekers behave more like job shoppers as employer value propositions are more transparent. The companies also benefit as they can go deep into understanding potential candidates. The ongoing challenge we will face is dissecting the data and pinpointing which metrics are the most important to optimally match the right talent with the right opportunity.
The author of the article is the Co- Founder at Talent500.