Artificial Intelligence, or AI, are helping propel companies to be able to find top talent, faster.
This does not necessarily mean that AI is a substitute for a human in the workforce, but to be used as more of an aid.
AI can be utilized to take over ‘menial’ work that staffing or human resources departments often have to deal with. These technologies can be used to be a substitute of the current hiring process that is particularly helpful in engaging Millennial workers.
It has to be admitted that some work such as tracking incoming applications, screening potential candidates’ resumes, sending out automatic emails and reminders, scheduling interviews, updating a candidate’s status as the hiring process moves forward, sending out offers, closing the role, and finally sending out thank you notes once the role is closed can sometimes seem menial compared to other tasks this employee could be doing. The process can be painfully slow and formulaic with an outdated process, especially for young, eager candidates.
Companies such as Indeed have begun using a proprietary AI tool that analyzes key content from a job posting, such as required skills or experience, and compares it against a candidate’s resume to take some of these task responsibilities off of valuable employees.
As a study from Gallup shows, talented workers are well worth the effort it takes to recruit and hire them. The study results suggest that when companies select the top 20% most talented candidates for a role, they frequently realize a 10% increase in productivity, a 20% increase in sales, a 30% increase in profitability, a 10% decrease in turnover and a 25% decrease in unscheduled absences.
So, how can your organization attract the best employees?
- Employee Referrals
- Websites like Glassdoor allow past and current employees to post reviews on a company and give valuable insight to job seekers. Ensuring that your profile has a positive rating will help you attract employees.
- Give Your Employees Perks Other Than Insurance or Free Snacks
- Have a Positive Company Culture
- Did you know 1 in 4 employees would trade a better boss over a $5,000 raise?
- Fair Pay
- Although many other factors are important, employees are not expecting to be paid less than what they think they are worth.
