AI has emerged as the biggest game-changer in the era of digital transformations. It is benefitting the most important business operation involving humans -Talent Management. Talent acquisition, the pivotal component in strategic talent management, is the greatest example of how AI is transforming business processes.
Talent acquisition is a very compelling activity for every HR team that’s actively looking for highly motivated and skilled professionals. By virtue of its nuanced capabilities, talent acquisition software helps to find the best talent for specialized job roles and futuristic skills using AI, data science, and automation features. These encourage structured organizational development and cultural transformation, activated by HR generalists, in-house recruiters, and third-party staffing agencies.
Talent Acquisition in the Digital Era
The global pandemic has forced business leaders to completely reset their strategies regarding workforce management. AI-based talent acquisition tools are an important part of this great HR movement toward digitalization. These optimize HR staffing budgets and resource allocation to become more sustainable and profit-centric. HR teams, by adopting AI talent acquisition software platforms are leading in this massive shift toward complete digitalization.
How AI solves problems in talent acquisition?
We’re highlighting three case scenarios where HR teams struggle and explain how AI for talent acquisition helps HR teams.
Case 1:
According to a recent research, 49% of HR leaders do not have any tangible “future of work” strategy that could help them fill the existing skill gaps in their organization and prepare them for the long-term workforce adjustments that often arise out of an uncertain and unforeseeable crisis like a pandemic, labor shortage, and “the Great Resignation.”
Case 2:
Identifying and hiring the right candidates for open jobs is the biggest challenge in HR. For an organization competing with rivals in high-growth marketplaces, having a great talent acquisition framework is the only way to build a sustainable and profitable business model. Yet, a majority of talent acquisition teams are unable to acquire top people for the open jobs at the right time.
Case 3:
Talent management teams are unable to justify the true cost of bad hiring due to poor alignment in job roles or person-job/ person-organization fit. Bad hiring impacts organizational productivity and leaves many other intangible negative effects on the workplace resulting in a complex talent management lifecycle. These miscalculations inflate the HR budgets around training and mobilization for every acquired employee.
AI talent acquisition tools solve all these major problems in the following manner:
Analytics-driven hiring
AI is solving many different problems in the talent acquisition pipeline by bringing predictive analytics
, data visualization, and automation to the fingertips of the HR. Also referred to as Intelligent Hiring in the HR world, analytical use of the data procured from the Applicant Tracking Systems (ATS) and job advertisement sites make recruitment and selection fast, effective and transparent.
HR managers are easily able to distinguish their talent acquisition goals using an AI-powered talent Intelligence platform. Distinct from traditional recruitment activities, talent acquisition prepares the “future workforce” by optimizing high-quality hiring.
Active unbiased hiring
Traditional hiring processes had been blamed for promoting workplace bias and unethical cultures. Talent scorecards in AI talent acquisition software remove the conventional software-generated and human-included biases. Also, AI tools eradicate biases penetrating the ATS due to handicap, race, ethnicity, gender, and so on. Best talent acquisition software solutions integrate with other HRIS and HRMS suites to create a powerful talent pipeline using advanced machine learning-driven keyword matching and parsing capabilities to identify how a candidate fared in the last 3 or more roles with different employers. These improve the overall quality of hire.
Intelligent Virtual Assistants and Bots
HR teams are matching their peers from the Marketing and Customer Service departments in their likeness for AI-based chatbots. These chatbots intelligently engage candidates to answer structured interview questions and then schedule a meeting with the HR or Line Manager once selected. This saves a lot of time for the HR team and remarkably reduces the cost of hire per candidate.
Other areas where AI tools for talent acquisition are proving beneficial are as follows:
Social media intelligence
AR VR/ Immersive interviews
Career mobility and training
Geolocation-based hiring
Mobile interview
Compensation and Job offer management, and much more
Conclusion
The AI-based talent acquisition and staffing technology market is projected to touch $140 billion in 2022-202. Leaving these out of your HR plans could seriously your growth financially in the new order of business development. Investing in AI Talent Acquisition tools would become a strong business proposition for high-quality talent management teams in the near future.
