Recruiting is a costly affair. Attracting and retaining the right talent demands an extensive investment of time, money and effort, particularly in this tight labor market. Therefore, companies looking for more cost effective hiring solutions are turning to artificial intelligence (AI). By screening based on skill set and personality traits, AI can help your business find just the right candidate for any job.
The use of AI in employment practices is growing quickly. Nearly all Fortune 500 companies use some form of talent-sifting software, but more than half use hiring solutions that incorporate predictive AI algorithms. A recent survey in the tech industry found 80% of Human Resources and other officials surveyed expect the role of AI to expand greatly. Companies need these hiring solutions to reduce the time and money involved in finding talent, screening candidates, and onboarding new employees.
Results clear for AI hiring solutions
Employers have long used software tools to analyze resumes and perform other pre-screening tasks. However, employers are now using newer AI and machine learning refinements effectively to streamline their recruitment process and scoop up available workers before competitors do.
The National Bureau of Economic Research studied whether computers were actually more effective at screening candidates. After reviewing over 300,000 hires at 15 firms, they found that people picked by the computers stayed longer and performed as well or better than those chosen by humans.
A variety of industries are using AI staffing tools successfully. For example, McDonald’s developed its own tool, McHire, for use by franchisees and corporate restaurants. Since its 2019 rollout, the company claims its time-to-hire dropped by 60% to less than half of the 21-day industry average.
Applicable to your business
Larger firms make use of the latest technological tools to compete for talent. They recognize that efficient personnel recruitment gives them a substantial return on their investment. However, small and medium-sized businesses can also use AI tools, such as Arytic’s Next Generation Predictive Hiring AI capabilities, to cut their recruitment time and costs.
Arytic offers an all-inclusive AI-based hiring platform that can increase hiring manager productivity and reduce the cost-per-hire significantly. Arytic’s solutions are scalable for firms of all sizes and, on average, reduce time-to-hire by up to 74%.
The power of AI enables you to find employees who more readily fit your needs and culture. Arytic’s AI tools provide the most accurate and precise search for both active and passive candidates who meet your criteria.
For more information on how Arytic’s AI hiring solutions can help you find the right talent at minimum cost, contact us at (855)-4-ARYTIC or email us at info@Arytic.com
