According to Fortune Business Insights, the global human resource technology market is projected to grow from $24.04 billion in 2021 to $35.68 billion in 2028. 43% of companies are or plan on using AI technologies to meet their recruitment needs in 2022.
With millions of job vacancies to be filled, HR professionals at companies everywhere are faced with multiple challenges in finding, attracting and recruiting the best candidates. Not only is it a headache, it’s also time-consuming. On average, talent acquisition professionals spend a third of their work week searching for candidates to fill vacation positions.
That’s precious time that could be spent on more important value-added tasks.
What’s more, 70% of the workforce consists of what are called “passive candidates” – people not necessarily looking for work and therefore inaccessible through traditional job offers.
So how can companies hire faster, better and cheaper?
The answer lies in artificial intelligence.
Recruitment has changed
Over the past couple of years, we’ve learned a lot about work and, crucially, the people who carry it out. Some higher-placed executive types might consider it a rude awakening to the realities of their workers – but the best HR pros know that these lessons are a golden opportunity to do better.
What have companies learned?
- Employers now need to sell themselves to candidates, not the other way around.
- They need to adapt their recruitment strategies to increase their proximity to candidates instead of expecting candidates to come to them.
- Once engaged with a candidate, employers need to provide an enjoyable experience for the candidate and ensure a quick hiring process.
- To retain employees, they need to be valued and rewarded. “You’re lucky to even have a job at all” doesn’t work anymore, because they can likely find something better elsewhere.
- Candidate data, given the time spent collecting it, is a goldmine that should be stored for easy and quick reuse in future recruitment initiatives.
HR pros are increasingly turning to new technologies to solve their recruitment and retention dilemmas while applying these lessons learned. And artificial intelligence (AI) is ready to help them meet the challenge.
AI is transforming recruitment
AI can greatly simplify the recruitment of qualified personnel by finding, sorting, ranking and selecting the very best profiles that meet your needs.
Instead of relying on traditional methods, AI-powered recruitment gives you the ability to customize your candidate searches according to the criteria that are most important to you and your company.
AI uses algorithms that weight candidate searches according to preselected criteria. It’s technology that gives you access to qualified people that are difficult, if not impossible, to reach through traditional hiring strategies.
Much of the effectiveness of AI recruitment lies in its ability to integrate with different reliable sources of candidates (e.g. LinkedIn, GitHub, Bullhorn, your CMS) and then combine better weightings of important criteria, such as education, experience, location or even soft skills. This allows you to launch more precise searches, optimize your time management and save money – and, of course, attract the very best talent to your organization!
Predictive Matching can perform what used to require hours of analysis in mere seconds. By automatically classifying and ranking candidates according to how well they match the job description and other criteria, you can then launch personalized recruitment campaigns that reach the right people with the right message at the right time.
Then, all the data gathered can be stored in your company’s CRM or ATS for future use.
Other AI capabilities that can be leveraged include machine learning, sentiment analysis, image processing and recognition, personality assessment and chatbots.
You can then benefit from a pool of candidates with real potential and, ultimately, happy and productive employees more likely to stay with your organization.
V3 Stent: AI-powered recruitment at your fingertips
V3 Stent’s Talent module is the result of years of research and development in AI. Its unique, cutting-edge technology transforms recruitment from a time-consuming pain with uneven results to a simple, even fun, process that leads to quality hires.
Finding that rare gem has never been so easy – or so fast!
All you have to do is add your job descriptions in the Stent app and rank your selection criteria.
Then, the AI does all the heavy lifting. Stent’s Multisource technology searches, analyzes, sorts and ranks the best candidate profiles and presents them to you in the form of a personalized dashboard.
Once you’re satisfied with the profiles, Stent will initiate discussions with them for you and then stimulate the interactions needed to generate initial engagement. The Smart Reply feature handles the initial replies, so you can avoid repetitive steps and filter the truly motivated candidates.
Hiring that’s two times faster and 10x cheaper – but most importantly, the best qualified candidates and fewer chances of a bad hire. What’s more, by finding candidates who are well-suited not just for your company’s needs but also its culture, you can create a more cohesive group with higher levels of affinity. And by increasing employee satisfaction and happiness at work, you can thus improve your retention rate.
A technological Swiss Army knife conceived for growth
But wait, there’s more!
V3 Stent’s AI technologies not only recruit the best people, but also promote your business, increase your brand awareness and get more qualified leads, all while improving employee engagement.
Thanks to the seamless integration of V3 Stent’s Talent and Employee Advocacy modules, you can recruit even better and even faster by leveraging your employees’ existing networks – the Referral 2.0 approach.
And our team content sharing module lets you turn your employees into ambassadors. Your company will be better represented more regularly on social networks thanks to a system that provides engaging and relevant original content.