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Traditional Recruiting vs. AI Recruiting: How to Win the War for Talent

 
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By Retorio's Blog Team    

An increasingly competitive landscape for recruiting talented employees requires the integration of new technologies and recruiting techniques. Soft skills are becoming increasingly important in today's business world but are hard to detect from a CV.

Woman applying for a job via Skype

Skype Interviews and video applications allow companies to get to know their candidates in advance.

Interviews 2.0 - Video Recruiting

To get to know as many of their candidates, most companies implemented different types of video recruiting as an additional screening stage into their recruiting process. Skype interviews and video résumés are no longer a rarity but rather an established part of the application process. This additional stage costs money and time. However, talent is not only rare, but also impatient and can be lost to your competition until you make your decisions. How can the recruiting process be optimized to get the best talents in the market?

It is all about Speed and Quality...

A good and efficient recruiting process tracks the following two parameters:

  • Time to hire is a crucial and often underestimated KPI of the recruiting process. Not only the recruiting process itself ties up internal resources and costs money, but also the unfilled job position. Imagine a sales position with a quota of one million is unfilled for several weeks - your company loses sales in a six-figure range.
  • Quality of hire is the KPI that best demonstrates a recruiting department's strategic value. It is defined as the value a new hire contributes to your company's long term success. To measure and improve the quality of hire, a standardized and job-specific comparability of performance must be ensured. For example, communication skills are crucial for sales representatives and should be evaluated. AI can help to quantify these already in the recruiting process.

Both KPIs seem to compete against each other. With many applications for a single job position it seems impossible to guarantee a fast time to hire. In contrast, with only a few applications it is even more difficult to ensure the quality of hire. So how should companies design the recruiting process to ensure both - speed and quality?

The benefits of Video and AI Recruiting

The solution is to get a personal impression of the applicants as early as possible in the recruiting process. There are three techniques that have evolved over time:

  • Phone/Skype interviews allow to get to know the candidate remotely. However, the preparation, implementation and evaluation process is very time-consuming. Therefore the opportunity is limited to a small number of candidates. In the end, it is the gut feeling of the recruiter that decides who gets an invitation to a personal interview and who does not.
  • Video interviews save money, allow to differentiate candidates more quickly, and enables companies to interview more people in a shorter amount of time. It reduces the risk of rejecting good candidates too early in the process, but cannot eliminate it, still resulting in a negative impact on the quality of hire.
  • AI video interviews give each candidate the opportunity to leave a personal impression and takes the guesswork out of the recruiting process. Artificial Intelligence supports the recruiter in making faster decisions. The in-depth insights of the technology combined with the recruiter's experience allows the identification of candidates with the highest person-job fit to invite them to a personal interview.

Characteristics of AI, Video and Traditional Recruiting 

AI is setting new standards

In summary, Artificial Intelligence Video interviewing provides the best process to get to know candidates and their soft skills early in the application process. Each candidate can leave a personal impression. Artificial Intelligence helps to identify the best candidates, minimizes the risk of top performers being rejected and thus increases the quality of hire. At the same time, this process is much faster than traditional recruiting and increases the time to hire by 30%.

Overview of Time to hire between AI, Video and traditional Recruiting

Ask yourself, what is your time to hire and your quality of hire? How do they compare with companies that compete for the same candidates as you? To make your process as efficient and effective as possible, you need to invest in hiring tools and techniques. Retorio's Artificial Intelligence can improve your time to hire and your quality of hire by 30%. Sign up for our 20-day free trial today.

 

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Posted by Blog Team on Jun 12, 2019 4:29:24 PM

Topics: AI, Recruiting, About Retorio

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