Have Problems With Hiring? How Businesses Can Scale Hiring With AI Technology

As artificial intelligence (AI) becomes more popular, 24%  of businesses have started using AI to acquire talent and solve problems in hiring. In addition, 56% of hiring managers say that they plan to use this technology in the future. As this technology becomes more popular and mainstream, many recruiters and hiring managers wonder how they can implement it into their recruiting processes.

Whether you’re a large company that needs to fill a few roles or a small, rapidly growing company, AI can help you with your recruitment efforts?

Keep reading to learn how AI can help your business scale your hiring efforts.

Track Your Campaign’s Success

Machine learning is excellent at making predictions by looking at patterns. You can use this to track how successful your recruiting or job marketing campaigns are going in real-time. This way, you can make adjustments if you need to optimize all of your efforts.

This information will forecast any impacts of your campaigns. It can also give you information about whether or not a job seeker might apply for a job, click on a job posting, or respond to a recruitment email.

For example, if you are monitoring your job posting performance on a niche job board, you will be able to see if you have a drop in engagement. If you do, you can make changes and optimize the posting to get better results. This way, you can focus all of your hiring efforts on the working strategies.

Reduce Turnover

AI applications in the recruiting process could also reduce your turnover in the long term. When you’re trying to scale your business, a high employee turnover rate can make getting ahead of the game challenging.

Thanks to the Great Resignation and the Job Hopper Economy, Recruiter.com expects that there will be a $50 billion  increase in hiring costs due to an increased turnover:

“In 2018, with 150 million employees in the US economy, the average employee turnover rate was 22%. This resulted in 5.8 million people being hired monthly at an average cost of $4,129 per hire for a total monthly hiring cost of $24 billion. This percentage was increasing in 2019 as people were leaving jobs more frequently.

“However, this number will be even higher according to the macro changes in the economy discussed earlier. An increase in turnover to 28% or more excellent would mean that over 33 million people are hired each year.

“With the 2019 average cost per hire at $4,425, the US will see a $50 billion increase in hiring costs in 2022.”

With an increased turnover, companies will have to pay more for hiring. AI can help companies reduce turnover because it will help predict employee success and help them build a career path before hiring them.

This means that recruiters will spend less time sourcing candidates, and the candidates they do engage with will be of higher quality. AI will predict which candidates will be successful, and when a candidate is an excellent fit with your company, they’re more likely to stay rather than look for a new job.

Check Biases

There are many biases in the hiring process, which can hurt your scaling efforts.

In fact, making a wrong hire based on unconscious biases can cost a company up to 75%  of the new hire’s salary. However, if you have good employment data that you plug into the AI algorithm, you can take steps to get rid of discrimination in your hiring process.

You can use AI technology before posting a job on a job board as well. The AI will look for discriminatory language in the job posting so that you can ensure you’re opening yourselves up to all kinds of applicants.

When you do get an application, the AI algorithm will scan the resume and application and see if they have the relevant experience and skills. The algorithm can do this without considering race, name, age, or gender. Some tools can even remove any information that might cause bias before sending it to a recruiter.

This is one of the important benefits of Recruiter.com’s AI sourcing platform. Xuan Smith, the CTO of  Recruiter.com, said that: “This software identifies people based on their work history, on how long they were at their job, and what their company does. However, we don’t consider education in our algorithm because we don’t find it to be a huge predictor of success.”

Streamline Your Recruiting Process

The recruiting process has a lot of steps in it, and sourcing candidates is one step that takes up a lot of time. When recruiters are so busy identifying top talent, it’s hard for them to grow an organization.

Using AI software can create targeted job descriptions that will help you attract the best candidates. Or, you could use AI to scan through different resumes and help you narrow down your options. Some recruiters even use AI-powered chatbots to help communicate with applicants. Recruiter.com’s software can help recruiters source talent to get back to doing what they love: connecting with candidates.

Once you hire many candidates, you’ll need to onboard them all. Successful onboarding can improve employee retention, but it can be difficult when you have a lot of candidates at once.

AI technology can generate documents, compile onboarding data, and answer any new employees’ questions. You can even use it to manage the benefits enrollment and even run anonymous surveys that will help you improve your onboarding process in the future.

Find a Candidate Who Is the Best Fit

While sourcing through traditional software and methods might work for a few positions here and there, you’ll need a little bit of help in determining which candidates are a good fit if you’re scaling your hiring efforts.

AI can help you analyze a candidate and fill in any gaps that you might not get from their resume. For example, AI can get data from a candidate’s online presence and find that they have a job listed on LinkedIn that isn’t on their resume.

This way, you can have as much information as possible before deciding on a candidate.

Automates Repetitive Tasks

Some research  suggests that about one-third of a recruiter’s workweek is spent sourcing just one candidate. If you’re scaling your business up, your recruiters will be very busy, but AI can solve this problem.

For example, with Recruiter.com’s software, all of the sourcing is automated by machine learning so that recruiters can spend time connecting with and interviewing candidates.

Reduce Cost Per Hire

This metric is an important one that many businesses will track. While some companies might view AI technology as expensive, when you compare it to the cost of hiring an employee manually, the costs of AI are much lower.

AI could also save money in other areas, like optimizing your job descriptions before you post the new jobs on a board. It could also help you avoid hiring more recruiters when your recruiters find that they are now free to do other tasks.

Improve Candidate Relationships

In a candidate market, job seekers have many options. If you don’t provide a good customer experience, they may accept a job offer somewhere else.

But when you’re recruiting many candidates, it can be challenging to provide an excellent experience for each candidate. That’s where AI comes in.

You can implement AI into your candidate management relationship software to automate many processes and ensure the quality of communication is the same each time. This will help you manage your candidates, communicate with them effectively, and ensure they’re engaged and satisfied with the experience while you focus on other tasks.

Start Using AI in Your Hiring Process Today

If you’re thinking about scaling your business’s hiring efforts, AI is the perfect solution. Recruiter.com is here to work closely with you and your hiring team.

One of our innovative products is a powerful AI sourcing platform that will not only source quality candidates based on your candidate requirements but can also send automated and optimized outreach emails. We have many customers that have found the perfect candidate this way, and we can do the same for you!

If you’re interested in learning more about how AI can help you with hiring, contact us today.