Want to drive profit and optimise your business strategies? Analyse your data. Over the past few years, data-based decision making has taken the business world by storm. For everything from optimising your sales pipeline to managing funding and finances, there’s an AI tool for that. Recruitment is no exception, and AI is helping companies to make more effective hiring decisions.
The Role of AI Tools in Talent Acquisition
There are several ways in which AI tools can facilitate talent acquisition.
- AI tools can help by parsing relevant information from applications. With advancements in natural language processing, there is now incredible potential for such technology to be used on curriculums, portfolios, LinkedIn profiles and candidates’ published works to help recruiters isolate only the information relevant to the role.
- In some instances, it may be possible to use AI on publicly available data such as business turnover rates to assess how the candidate performed in their former role.
- Some AI tools look at existing data to spot trends and anticipate hiring needs. For example, if you know the average time a CMO stays at their job for roughly 40 months, you can scout potential candidates once they’re approaching that time at their company. Alternatively, you can use this information to prevent employee churn. Anticipate when someone is reaching the end of their tenure and intervene by creating opportunities to retain them.
- Use existing data to predict expected salary and other forms of compensation. Look at averages across different industries to assess whether your salary range is competitive.
- You can use recruiter chatbots to automate the initial stages of the recruitment process. Use chatbots to glean basic information such as education, qualifications and past experience, or automatically schedule interviews.
- Get clues as to whether their personality matches your company culture. We recently published an article on the potential and limitations of personality profiling in employee selection. With Symanto Psychographics, you can find out whether someone is logically or emotionally motivated to help build a compensation package to suit their priorities.
- To attract talent, it’s helpful to learn of the challenges they faced in their previous company. You can use Symanto technology to analyse feedback on employee review sites such as GlassDoor, and get a full overview of the challenges faced by employees. Leverage this information to differentiate your company, and attract valuable talent.
Benefits of AI For Talent Acquisition
1. Reduce bias
One of the appeals of a data-driven approach to business is that it allows you to make objective, rational decisions based on hard evidence. This is also true with regards to making recruitment decisions. Data-driven AI helps to limit bias in the hiring process and can help you objectively select the most qualified candidate, and the best fit for your company.
AI tools that help to automate recruitment decisions ignore irrelevant information such as the name and gender of the applicant, and instead parse out information relating to qualifications, achievements, and experience.
2. Save time
One of the most common frustrations for recruiters is having to wade through a large application pool. Manually screening countless curriculums is a drain on recruiters’ time and energy. AI tools can help to automate time-consuming, repetitive processes and even basic administrative tasks such as scheduling interviews.
Challenges of AI For Recruitment
1. Reticence to change
Some recruiters prefer using tried and tested methods and legacy systems instead of putting their faith in new technologies. Some are also threatened by the potential of AI to make their roles redundant. When implementing AI, it’s important that workers understand exactly how new technologies will assist them day to day, and also assure them that their role is still necessary.
AI tools improve efficiency and reduce bias at the early stages of the recruitment process, but they cannot replace the vital role of human-to-human interaction, or build relationships with applicants.
2. AI can adopt human biases
If the AI requires a large amount of pretraining, it can easily take on the biases of the programmers. Screen for AI tools that function on minimal training, and find out whether the technology has been developed with due diligence to human bias, and if it is regularly monitored.
3. Amount of data required
Some of the technologies referred to in our list require a lot of data. This is an annoying challenge for AI that uses machine learning. At Symanto, we’re at the cutting edge of creating new natural language processing technologies that don’t require huge amounts of data to be highly accurate and effective. Our work broadens the possibilities of AI with minimal textual data.
Introducing Symanto
Symanto AI is at the forefront of advanced natural language processing technologies. We’re continually advancing the frontiers of NLP, creating technologies which are accurate even with minimal data.
With NLP technology you can save time by parsing out relevant data, and use our psychographics to personalise your approach to attracting new talent.
Find out how more about how our suite of AI tools can help you make better hiring decisions. Get in touch or book your free personalised demonstration today.
