Despite a shortage of skilled resources across industries, hiring is still largely reactive and done when an employee leaves. Interestingly, 95% of the people that fit a company’s skillset aren’t actively looking for a job. Companies are increasingly open to Artificial Intelligence (AI) for proactive talent sourcing and acquisition.
HR professionals are still adapting to various software applications from tracking systems to HRMS, and the usual sourcing process only increases inefficiency. Traditional tools such as LinkedIn are manually intensive, and often don’t reach the ‘passive’ 95%.
A Smarter Way To Fill The Pipeline
Contrast this with AI, which can filter through a variety of data including personal websites, chat rooms and social media. The bot could also predict the likelihood of a job switch after discovering a good match. This shortens recruiting timelines drastically, and allows HR teams to then focus on pre-qualifying potential candidates.
In India, Bengaluru-based start-up Belong.co’s machine learning algorithms are being used by enterprise companies, leading to a 411% increase in offers made through their platform since 2015. Hinduja Global Solutions has also automated their entire recruitment process over the last year and made 3,000 offers using AI alone.
AI could also be of use in high-volume screening processes. For instance, performance and turnover rates could be analysed to give recruiters only a select list of people who are likely to stay longer in the job. This could also extend to building a company’s ‘culture’. AI could analyse existing employees to create an ‘ideal’ profile against which applicants could be compared.
One of the easiest ways companies can undertake proactive talent sourcing is accurate job descriptions. Often, companies put out detailed requirement lists that may not match existing talent pools. With AI, HR teams can apply various skill scenarios and see how real-time changes to a description return different results. Using the data it already has on a company’s employees, AI could also recommend inter-departmental transfers matched against a job.
According to Deloitte research, companies that use AI and predictive data analytics report a 30% increase in profits. AI is still a long way from being smart enough to recommend hires, but it can still save time and effort in legacy processes. Recruiters who understand its potential in proactive talent sourcing could propel their organisations towards true enterprise value creation