What Ignoring Benefits of AI in Recruitment Is Costing Your Team

An Excerpt of The Rise of Talent Intelligence by Talent Tech Labs Download Banner

Has your team considered the benefits of AI in recruitment in the past and stopped at the shopping phase? Human resources used to be seen as an old school department, with set in their ways and past policies.

Until 2020 happened, and the world turned upside down. Between a virtual-first workplace and calls for diversity and inclusion at major corporations, Covid-19 has called for a complete restructuring of an array of industries. What worked in the past no longer works today. 

It’s time to refocus. How is your organization planning to hire efficiently, more accurately, and reduce unconscious bias? 

Aptitude Research’s latest report dives into the modern talent acquisition system, specifically how most companies are going through some type of talent acquisition transformation today. We’ve taken it a step further to break down what this means for HR leaders. Talent acquisition strategy looks completely different in a digital landscape where technology offers a relatively unbiased eye and an efficient helping hand to your recruiting team.

The top 5 benefits of AI in recruitment for enterprise organizations

Covid-19 has changed the digital workforce and how leading organizations operate. Sink or swim: it’s time to optimize your recruitment strategy now.

1. Reduce bias and build a diverse talent pool

Aptitude Research reports that diversity and inclusion are the number one priority for HR leaders in 2021. Yet, 63% of companies are currently relying on DEI training to provide insights and education, which doesn’t address the fundamental problem. 

Enable your team to adopt unprejudiced hiring practices and reduce the effects of unconscious bias. AI screening objectively grades applicants, while ignoring personal information such as name, gender, and race. Unbiased shortlisting is a key step in reducing bias in your hiring process and building more diverse teams in your organization. 

Find quality leads without manually screening through quantity – fairer and faster.

2. Better data insights into your talent pool

What information is your ATS providing your team about your talent pool? An applicant tracking systems is an important piece of your HR tech stack, but they lack the capabilities of more comprehensive AI for recruiting technology. that leading organizations are now leveraging with talent acquisition intelligence to hire more accurately and fairly.

In-depth insights allow acquisition teams to better understand the effectiveness of their recruiting process. Too often, recruiting teams accept the basic functionality from current acquisition systems and processes without questioning the status quo. It’s easy to assume that your job posting just isn’t attracting top talent when your search could be overlooking great candidates. 

Ideal’s customers are 80% more likely to hire a workforce that accurately represents their talent pool.

The most valuable aspect of your talent insights is actionable data. These insights should determine changes to your recruitment process, policies, and overall hiring strategy. 

Focused on diversity, equity, and inclusion in 2021? Use insights to eliminate prejudice right from the start.

What ignoring the benefits of AI in recruitment is costing your team blog

3. Finding quality candidates within a quantity of applications

One of the disadvantages of relying on your ATS alone is missing out on qualified candidates. Applicant tracking systems search with certain predefined keywords, which means organizations can easily pass over qualified candidates. 

These simple keyword searches are a great limitation since there’s no standardized format for resumes. Sophisticated AI technology improves search by analyzing multiple data points for higher-quality results.

4. Saving time by automating tedious tasks

What would an additional 2 hours every day mean for your talent acquisition team? If your recruiters only 6 seconds per resume, how can they find the time to make sure every applicant has a fair chance?

Automating tedious tasks and reduce inefficiencies across your hiring process. AI-powered tools can give back time for those high-value tasks that require human decision-making, such as interviewing candidates on your shortlist. With screening technology, recruiters can spend more time on applications that warrant their attention. 

When used correctly, artificial intelligence acts as an assistant to support human decision-making. There’s no substitute for your talent acquisition team, but they will be the first to say there aren’t enough hours in the day. 

5. How cost-effective is your current cost-per-hire?

HR leaders know there are a lot of costs associated with new hires. Cost-per-hire includes hours spent screening candidates, conducting interviews, cost-per-day while that position remains vacant, and numerous other tasks hiring managers conduct on a daily basis. It adds up every single day. 

Every talent acquisition leader wants the ability to reduce cost-per-hire and increase their hiring accuracy to find great talent who stays longer at your organization. AI-powered software is a key piece in your HR tech stack that enhances the capabilities of your ATS to save time and money in your overall acquisition process.

2020 marked a year where HR leaders became champions of change. Simply talking about improvement is a thing of the past. Start implementing the benefits of AI in your recruitment strategy today. Request a demo to see your solution in action.