With the pandemic suspending much of the normal activity and making millions stay at home over the last two years, the disrupted labour market meant companies lost revenue, and of course, to make matters worse, employees were no longer needed and were cut loose. Those who were fortunate enough to stay with their jobs had to quickly transition to new hybrid work models to limit the spread of the virus. But new figures reveal that a broad recovery led by enhanced productivity and innovation is imminent, and a post-lockdown job boom is indeed underway. In fact, hiring teams are seeing a spike in qualified candidates who are hungry for new jobs and opportunities as labour demand picks up.
Luckily for the hiring managers and talent acquisition leaders who are getting swarmed with job seekers, the pandemic and the adopted hybrid work culture that followed has accelerated the digital shift in the talent acquisition scene. As a result, machine learning and AI recruitment tools are truly revolutionising the talent acquisition process, and it's never been easier to spot quality candidates and make trusted hiring decisions during the recruitment process.
So what exactly is the key to managing high volumes of candidates? How can hiring at scale be made easy?What's in this post?
- The Pitfalls of Traditional Screening Methods
- AI Tools: The Key to Talent Aqcuisition
- Incorporating AI into your Talent Acquisition Process with Retorio
The Pitfalls of Traditional Screening Methods
Before getting into the new tools that are emerging in the hiring scene, it is important to highlight that hiring managers find themselves using valuable time and effort to find reliable, fitting candidates with traditional hiring methods.
As your company scales up, meeting the demand for employee numbers is going to be a challenge. Sure, traditional interview processes will be enough for small to mid-sized companies looking to add talents to their teams. But as the competition for talents become fiercer than ever, regular recruitment processes simply won't cut it for volume hiring. Hiring teams need to be looking at scaling up their processes by automating.
In fact, many organisations make the fatal mistake of relying on old ways, aka. traditional hiring methods to hire, even at scale. What does that mean? Recruiters are wasting their time and resources on labour-intensive, manual tasks by personally carrying out multiple stages of the recruitment processes, which could be easily automated.
Further, this problem is only magnified as desperate job seekers are tweaking their persona and brand to meet job requirements. When keen candidates are applying to everything and anything, the candidate pool becomes flooded with unqualified talent. This makes the hiring process even more tiresome and ineffective for recruiting teams, as it is harder to find the ideal qualified candidates when the talent pool is overflowing with unmatched talent.
AI Tools: The Key to Talent Acquisition
Talent Acquisition departments are the frontline soldiers in the war for talent - and as competition for talent rises, recruiting teams need to be equipped with the right recruiting tools to uncover previously untapped opportunities, and thus keep them ahead of the competition during the post-pandemic hiring boom.
So what are the AI hiring trends to help talent acquisition teams stay ahead of the game?
The pandemic forced hiring teams to scramble to find new ways to keep up with the number of hires, even from a home office environment. Chances are high that you or someone you know has experienced or carried out an online interview since the pandemic began. The new hybrid working environment, aka the new norm, has propelled a faster adoption of automation and AI.
In an interview for McKinsey with Baltimore-based software development and AI firm, Catalyte, Jacob Hsu and Mike Rosenbaum shed light on how they harness the power of artificial intelligence to create a more diverse, productive workforce.
Hsu sheds light on the multiple advantages which AI brings to his company's hiring process - for instance, how it allows them to find the best workers without being hobbled by the typical barriers and perceptions. Hsu, who previously ran a fairly large offshoring company, hired "kids out of villages in China, India, and the Philippines" who essentially learnt to become world-class developers. Of course, they did not originally come with those skill sets or the standard signals which HR managers typically use to assess skills. This made Hsu realise that what companies routinely use to benchmark successful candidates may not have as much relevance to successful outcomes on the job.
This is where AI comes in.
Hsu realised that the skill sets he was really looking for (problem-solving during stressful situations, making structured and systematic decisions) weren't skills that were able to be analysed through traditional hiring methods. Instead, using AI to predict how people's aptitude and how they think became much more reliable during the recruitment process, one of the most important areas is searching for skill sets such as problem-solving during stressful situations, making decisions in a structured, systematic way, etc.
Incorporating AI into your Talent Acquisition Process with Retorio
Organisations are realising that AI can be applied to the workforce and labour market, and in fact, this technology allows us to find the best talents during the talent acquisition process, and not be swayed by subconscious bias or other common barriers of perception.
Retorio, a start-up based in Munich uses machine learning to help talent acquisition teams around the world do just that - Retorio's AI-powered video interviews automate the pre-screening process, removing recruiters' bias, widening the talent funnel and helping to hire the traits and skills that really matter.
Check out how Retorio’s AI matches candidates with your team, culture, and customers by watching the video below.
Or want to try the AI out for yourself? Click the button below to see how Retorio can help you gain a better understanding of personality, culture fit, and essentially help save costs by recruiting faster and smarter.
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