New artificial intelligence (AI) technologies are modernizing the hiring process in unexpected ways. More than mere computerization, HR tech is changing how HR departments operate. In a tight labor market, where unemployment has dropped below 4 percent for the first time in 18 years, these innovations are making it easier than ever to connect employers with the best available employees.
More than 90 percent of employers are overhauling their recruitment strategies to simplify, accelerate and improve the hiring process for candidates (especially tech-savvy millennials), with 46 percent planning to increase investments in new AI technologies in 2018, according to the recent Talent Trends Quarterly report.
From advanced online matching systems and chatbots, to human cloud platforms and predictive analytics, advanced HR technologies are rapidly being implemented by companies around the world to attract, acquire and manage talent quickly.
These technologies are doing more than just helping employers attract tech-savvy millennials. They are also helping recruiters simplify the hiring process for everyone by automating the more mundane HR tasks in truly innovative ways.
One of the primary complaints of job seekers is a lack of response once they have submitted an application. While many HR departments do not have enough time to reach out to every applicant, their failure to do so can seed resentment and adversely affect their employer brand.
By relying on artificial intelligence and automated technologies, such as chatbots, companies with limited resources can remain in contact with job candidates — even when there are far more candidates to contact than there is time. Artificial intelligence enables these bots to feel more human and carry on high-level conversations, like updating candidates on available positions or helping them submit applications and arrange interviews. Using chatbots that interact at a human level helps candidates have a more personalized hiring experience, in which they feel their time and effort are acknowledged and valued by the employer.
The most precious commodity for a recruiter is time. Nevertheless, most recruiters still spend hours screening candidates that are not a good fit for a particular position.
Instead of scheduling a full interview to secure simple information, such as years of experience, willingness to travel or language proficiencies, recruiters can now rely on automated texting technology that sends job seekers questions on specific requirements and uses their answers to screen whether the candidate should still be considered. This technology reduces the time spent on candidates that are unlikely to be selected, and pivots to offer more appropriate roles, while increasing the amount of time available for candidates who are a better fit.
Employee referrals can get lost in the daily shuffle of large corporations, but new online programs can help streamline the process by identifying candidates from employees’ social media networks and then asking the employee if he or she would recommend them. The programs update employees with the status of their referral, reminding them to encourage candidates to continue the process and accept a contract, if offered.
The most critical part of a recruiter’s job is selecting candidates likely to succeed in the position. Predictive analytics can better gauge if candidates will meet employer expectations than the quality of a resume or cover letter. One tool based in neuroscience uses a mobile gaming system to collect data on the cognitive and personality traits of candidates while they play carefully crafted games. The app then matches potential candidates with jobs that more directly align with their skills and abilities.
By better matching an employee’s skills with those an employer requires, predictive analytics not only improve efficiencies in the hiring process, it can increase employee retention, saving organizations money and increasing earnings.
These HR technologies are rapidly changing the future of hiring. Used strategically, HR professionals can adapt these innovative tools to work faster and better, improving performance and maximizing their value to the company.