Many organizations I talk to find recruiting to be complicated and challenging. According to Monster.com, 71 percent of recruiters say they struggle to fill a position because of candidate skills gaps. Simultaneously, job candidates also expect a more positive experience with a potential employer, and organizations are looking for ways to improve candidate experience.
So how does a company address these experiences and engagement challenges?
Company leaders need to pay attention to these trends because getting recruiting wrong can be quite costly. According to Glassdoor, the average cost-per-hire is $4,000, and it can take an average of 24 days to fill a position within an organization. Delays or inefficiencies waste a recruiter’s limited time and drive up these and associated costs even further.
The reality is that too many hours sorting through resumes and carrying out interviews creates such a lengthy process that desired talent may stray before getting hired. In fact, 55 percent of applicants will move on if they haven’t heard from an employer within two weeks of applying, according to data from CareerBuilder and SilkRoad.
Using HR applications that have adaptive intelligence (AI) capabilities can streamline and fast-track recruitment practices, while also eliminating biases and improving the candidate experience.
Adaptive intelligence uses machine learning (also known as artificial intelligence) to continuously refine automated recommendations within recruiting applications, such as candidate recommendations. When these capabilities are embedded as part of a cloud-delivered HR application, leaders can focus on outcomes they want to achieve instead of the technical development of the capabilities. Let’s take a look at two common HR goals and how AI helps people achieve them.
Adaptive Intelligence Lowers Costs
AI can help recruiters find the right candidate faster. Instead of hand-sifting through endless resumes, people can use AI to swiftly find top matches based on keywords, experience, or combinations of these. These tools automatically and autonomously evaluate the experiences, backgrounds, and other criteria of job candidates to determine if an applicant is a better fit for an available job.
Finding the right candidate is also more than just keywords. Adaptive intelligence is just that: It is an analysis tool that evaluates the wealth of data gathered across the employee lifecycle and aggregates data across all workers in the organization to discover trends and patterns to learn from it. These include:
These trends can shift over time and may not often be easily recognized. But a smart system that utilizes machine learning and adaptive intelligence can identify these key elements by sifting through the vast amounts of data your organization already has available and it can continue to enhance those predictions as more data is continuously added.
AI also can make it easier to define the best outbound messages to attract the right candidates for the right jobs. It can also evaluate the best time to send notices about an open position, increasing the likelihood of finding the best candidates faster while avoiding the risk of losing top candidates to competitors.
And what about making an offer?
AI availability within a recruiting application can make recommendations on what to include in an offer based on learnings from historic data. AI compares data and suggests options that will increase the likelihood the offer is accepted. For example, AI might recommend extending and customizing perks — such as stock options, extra vacation time, a gym membership, or a sign-on bonus — based on the data available for the candidate.
A Human-Driven Approach
Because AI automates the most time-consuming parts of the recruiting process, managers will have more time to focus on finding and developing soft skills, such as judgment and empathy. This contributes to a more human-centric workplace. Another way it can humanize the workplace is through softer recruiting metrics. Managers can use AI-augmented tools to find candidates that add, or ensure, an element of diversity to the workplace.
AI also can help remove biases in the hiring process. For example, if a company has always hired from Ivy League universities, it may help gather information on other potential candidates from other schools that could potentially stay longer and be an even better fit.
The beauty of AI is that it can help sort through the noise and bring candidates forward that promote diversity and inclusion within an organization, while simultaneously increasing performance measures. At the same time, because of the increased efficiencies AI brings, HR leaders can focus their time on higher-order tasks that add lasting value to their organization.
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Gretchen Alarcon, Group Vice President for Oracle’s Human Capital Management (HCM) cloud solutions, is responsible for the development and go-to-market initiatives that help businesses around the world modernize their HR practices through the adoption of Oracle’s HCM cloud apps.