Saving time and cost-cutting are huge benefits of AI in Talent Acquisition, but it also has the potential to do so much more.
The greatest benefit of AI is its ability to personalize and reveal new trends in recruitment.
AI and deep learning are tools that enable HR to be the strategic partners their businesses need them to be.
In the last 12 months, the role of HR has made remarkable progress and in most organizations today they are recognized as key drivers of the business. However, despite their new responsibility and ability to make key strategic decisions, the terrifying reality is that HR professionals still spend most of their time tied up with admin work – a shocking 86% according to a recent study by EY (Ernst & Young). This is clearly incompatible with the new strategic demands of the function and unless drastic changes are made, we are setting our HR professionals up to fail.
The implementation of AI and deep learning technologies have proven to free up time-consuming HR tasks that are currently hindering the industry from reaching its full potential. Innovative companies like State Auto Insurance have rapidly accelerated their talent management and recruitment processes by implementing Eightfold.ai and the results have been astonishing. Not only has the technology saved them time and cut down costs, but it has had a huge impact on other areas of Talent Management such as DE&I, candidate engagement and talent mobility.
Watch this webinar on-demand and hear discussions, including:
The opportunity is where AI meets ATS
ATS was only ever made to be a system of compliance and therefore it is compliance and the need for clean data that has driven a lot of its investment decisions. Whilst compliance and clean data is still a huge need, there are a lot of shortcomings in the current system which make it unfit for purpose to solve all the organizational needs of today.
The solution? ATS meets AI. The combination of the two working together can achieve all the needs of the business and more, with very little time required from HR and recruitment teams. In fact, in the discussion, Melanie said that State Auto Insurance hires approximately 300 to 350 new hires a year across all of their business lines and currently use zero recruiters and zero schedulers.
“AI sits on top of our ATS that houses all of our data, the AI goes in, uses deep learning, and really brings everything to the surface for our managers to see quickly and clearly.” Melanie tells us.
Next level candidate engagement
One of the greatest benefits of AI is the ability to personalize the candidate experience. Not only is it able to tell if a candidate is relevant to a role but it is also able to tell hiring managers why.
Instead of having hundreds or thousands of applicants per role, AI and deep learning can give hiring managers 10-15 unbiased candidates that can be carefully considered, giving them the ability to engage with them, including the ones that get rejected. This means that hiring mangers have the ability to focus on the important part of the recruitment process – the handshake at the end.
The opportunity to eliminate bias
DE&I is at the very top of most organizations’ agendas today, so when we start talking about technology, it is natural that concerns are raised around biases being built into emerging software and the negative implications this would have for companies.
However, it must also be recognized that a huge benefit of technology is that, if used in the correct way, it can actually be leveraged to interrupt bias early on through masking technology.
“Diversity capabilities of the platform allow us to mitigate biases early on, throughout the candidate’s selection process, and into the entire hiring experience. We have the capability of masking information so that you don’t see specific demographic info, but instead serve up the talent based on skills” Melanie says.
Furthermore, the software tracks data at a granular level, at each stage of the recruitment process, so HR has visibility of what the diversity movement has been at each stage. This insight gives organizations the confidence that their hiring processes are bias-free.
Unlocking the power of internal talent mobility
Internal mobility has been a growing theme in talent management as more and more organizations begin to realize the flexibility of their workforce and the skills they have in-house. However, the reality for many companies is that although they might have the talent they need already, the opportunities come up to quietly for employees to notice and put themselves forward.
AI has the ability to surface up relevant internal roles for current employees and engage them with new opportunities. Not only does this lower turnover rates and recruitment costs but it has a huge impact on employee engagement with the message it sends out to the employee.
“It’s a huge statement for organizations to make to their employees. It says that guys, we love you, we care for you, we want to ensure that you will have a long career with us. I think that is a clearly huge impact that can be delivered through this technology” Ashish says.
Principal, Talent Transformation, Eightfold.ai
Ashish Mediratta is VP & Principal Talent Transformation at Eightfold.AI, where he supports global businesses in transforming their workplace, people, processes and systems with the help of Eightfold’s patented technology.