As Covid-19 lockdown restrictions are beginning to ease in many countries around the world, economies are slowly starting to reawaken and open their doors once again.
Those who lost their jobs during the pandemic will be eager to return to work, and job seekers and employers are hungry to revive the economy and bring back the pre-pandemic normality.
As companies start job posting and the labor market becomes more saturated, they can expect to receive a high volume of applications from eager candidates.
High Velocity of New Candidates
In April of 2020, as the pandemic began to take hold of the world, the unemployment rate surged to to a level not seen since the 1930's (when the Great Depression reached its lowest point and some 15 million Americans were unemployed). By July of 2021, the unemployment rate fell at 5.4 percent, compared to 3.5 percent in February 2020.
Recruiters, who already spend on average 13 hours per week sorting through resume's and job applications from hundreds of candidates will be feeling the pressure as they are flooded with a high volume of applications.
Candidate sourcing is an exhausting job, even for the professionals in human resources. Recruiters will be needing to increase hiring velocity as they deal with large volumes of applicants, without compromising on the quality of new hires.
Implementing artificial intelligence into the hiring process in order to automate selected tasks will become an essential tool for recruiters in order to keep pace with the high volume of applications.
As HR managers add artificial intelligence into the talent acquisition process, recruiters will be able to focus their efforts on what they do best, while allowing machine learning to become one of their essential prerequisite tools.
Implementing AI into the Hiring Process
The recruitment process is indeed a long and lengthy task that seems like a never-ending job for hiring managers.
From screening the candidate pool, and shortlisting applicants, to finally finding the best hire and talent through interviews and time-consuming decision-making - not to mention, the time pressure they have to search for the perfect team.
Recruiters are constantly under pressure to close the skills gap in the organization - and more and more companies are recognizing the benefits of implementing artificial intelligence to handle high-volume hiring.
High Volume Hiring Made Easier with Automation
The following are some of the ways that artificial intelligence can automate the hiring process and thus, help recruiters deal with high-volume hiring, and find qualified candidates efficiently.
Profile screening & personalized assessments
Gone are the days when recruiters learn about the candidate only from the CV's and resume they've been provided with. With the help of AI and machine learning, hiring teams are able to automatically source additional candidate information from publicly available data from the internet.
Not only does this ensure a precise fit for the job, but it also saves the recruiters time to search for information manually. Artificial intelligence can analyze the candidate's online presence and evaluate the strongest active or passive candidates for a job position.
Automated Interview Scheduling
One of the most time-consuming elements of high-volume recruiting is the tedious process of interview scheduling, and often, re-scheduling.
One way to reduce recruiters' precious time waste is automating this process with the help of artificial intelligence. Scheduling softwares reduce friction in the hiring process, lessens the stress for recruiters.
Furthermore, it speeds up the hiring process to ensure better candidate experience by making job placements quicker.
AI assistance to reduce bias when recruiters are under time pressure
Whether it's conscious or unconscious, bias based on gender, race, disability and other characteristics continue to distort recruiters hiring decisions.
In this era of globalization, diversity in the business environment has gained enormous traction in recent years - organizations are striving to achieve diversity in the workplace, as they recognize the value it brings to companies, such as increased problem-solving skills, creativity etc.
In fact, there is substantial research that shines light on the many advantages of diversity in an organization - studies have revealed that there is a direct correlation between high-skilled immigration and increased levels of innovation and economic performance.
Furthermore, the Deloitte Millennial Survey from 2018 showed that 74% of business owners believe that there is more innovation when their organization has a culture of inclusion.
When HR managers are faced with high volume recruiting, they are recognising the need for a more systematic approach to hiring candidates. Especially during high-volume recruitment, hiring managers are able to familiarise themselves with the use of AI-powered technology to provide them with objective data points.
This will ultimately reduce hiring decisions stemming from assumptions, biases and mental fatigue, which we as humans are all, of course, susceptible to.
Considering the entire talent pipeline of candidates
Artificial intelligence is a tool that allows recruiters to automate the time-consuming and repetitive tasks associated with screening and talent acquisition.
Furthermore, it can aid in reducing human error.
As hiring teams receive hundreds of applications for candidates who are eager to fill open positions, they become susceptible to bias when screening and shortlisting the applicants.
Many highly qualified candidates' resumes never get reviewed due to the sheer volume of applications received.
Leveraging AI in the initial stage of the hiring process allows for employers to take into consideration the entire pipeline of candidates fairly, and let HR teams focus on what they do best - seek out the skills and talent from smaller batches.
AI for High Volume Hiring
As companies and recruiting staff are faced with the challenge of high-volume hiring, companies need to find a solution for the errors that recruiters facing a high volume of applications are susceptible to.
When it comes to high-volume recruiting, AI is quickly becoming an essential tool for employers during the recruitment process.
AI technology creates a way for employers to quickly and efficiently identify qualified candidate profiles to fill open positions, without compromising on the quality of hire and ensuring a positive candidate experience.
Retorio has developed neuronal networks that analyze human behavior in short video interviews or digital training simulations within seconds, free of bias.
AI tools like Retorio automate the myriad workflow steps in the recruiting process with distinct inputs and outputs like screening, sourcing and assessment.
Using AI technology in the recruitment process frees up time for HR managers to identify talent after the artificial intelligence has analyzed the data objectively, and cut down the high volume of applicants.
If you'd like to learn more about how Retorio can help recruiters streamline their recruitment process to handle high-volume hiring, visit our website here, or click the button below and analyze yourself for free now!