Recruiting the right talent does not come easy. It is energy-intensive and costly. And if you think that hiring the right talent is costly, can you imagine the cost of hiring the wrong talent? A whopping $240,000! If the stakes are that high, it only makes sense to harness the power of Artificial Intelligence for your job board. A recent LinkedIn report suggests that 67% of recruiters surveyed, reported AI was saving them time.
Job boards have been around for a while. It is time for them to integrate what they have been doing, with the power of artificial intelligence (AI) and machine learning (ML). You cannot survive if your sole job is to connect candidates with job opportunities. You have to keep adding a whole range of products to make candidate mapping as robust and as interactive as ever.
There are thousands of job boards out there. How do you establish authority in this domain? Through AI and ML. Major companies across industries including Hilton, Humana, AT&T, Procter & Gamble, and CapitalOne are already doing it. If you need more convincing, here’s why you need to jump on this bandwagon today.
Better Candidate Matching
Job matching is the core reason for the existence of job boards. With both recruiters and candidates being spoilt for choice, you have to really nail this. If they don’t like what you have to offer, they will just as simply move on. In order to absolutely ensure this, some job boards have already started hiring AI vendors.
A quick and seamless approach to sourcing and qualifying candidates is paramount. How does AI ensure this? By matching candidates from the pool of resumes to the clients’ criteria, before flooding their internal pipeline with this top talent. You then essentially automate the most time-consuming part of the process: companies spending hours sifting through top talent.
There are innumerable great job candidates who may not be applying to your company simply because they are just not looking for it currently. Or have not thought about it later, but would be interested if a great opportunity came along. In fact, 70% of the workforce is not actively searching for jobs, but would not mind making that leap if the opportunity is great.
Hiring managers need to be able to find these candidates and seek them out with their pain points. By using AI and NLP (natural language processing) to scan online CVs and profiles, you can send valuable leads to recruiters.
Enhancing the Candidate’s Experience
The power of top talent is unmatched. Potential candidates truly wield higher powers than recruiters. The matches they receive on a job board or job aggregator will determine the bounce rate. If they are bombarded with irrelevant jobs, they will just pull the plug.
Apart from this, a major advantage of AI is that it interacts with and engages candidates at each stage of their job search. From chatbots that can tell them about their potential KRAs, to automated interview scheduling; these tools can be a major differentiator and clutter breaker.
Top Talent Pool
Candidate matching is as much for the present as it is about maintaining a deep pool of resources for the future. The recruiter may not have an immediate requirement now but it can keep the candidates they like in the loop and well-acquainted with their company.
This is very important right now as employer branding is a top-notch priority for all companies; big or small. This may also help convert hesitant candidates and give them a nudge in the right direction.
Managing Administrative Tasks
While you can’t separate the human from Human Resources, most of the administrative processes have to be automated. The introduction of bots in recruiting workflow is making this process easier, better, and faster for HR teams. For example, in Sweden, a robot named Tengai, the product of Furhat Robotics is creating magic by conducting job interviews.
Job boards are also using AI to free up their time to focus on more agile work and actually getting to know their top talent. Artificial Intelligence and Machine Learning will only become more creative and effective over time.
Eliminating the Role of Unconscious Bias
Job boards are adopting AI and ML tools to manage the large volumes of resumes and candidates and eliminate the possibility of any kind of bias in the process. Machine-filtered data and predictive tools and analyses help to screen candidates for more objective decisions. However, it needs to be ensured that AI-based assessments are properly designed and tested to be free of any potential algorithm bias. Canada’s largest bookstore chain – Indigo experienced three times growth in the number of qualified talents matches. As a result of an efficiently optimized talent pool. If your bookstore chain can do it, so can you do it for your job board and become one of the most coveted ones.
Predicting Candidate Mobility
A fascinating area to explore AI for job boards is to predict candidate mobility. By using well-designed algorithms, job boards have the potential to notify when someone might be ready to look for a new job. This means these potential hires can be pushed to the most relevant opportunities. This is essentially harnessing AI and ML to in turn harness almost real-time data.
Not to forget, companies are most likely to invest in job boards that have the freshest resume databases.
Future of AI and Job Boards
When asked about the role of AI and machine learning in HR and job boards, Mark Brandau, principal analyst in Forrester’s CIO team said, “All vendors are moving in that direction without question. It’s the way of the future.”
The future belongs to the one who works in tandem with technology. That being said, it doesn’t belong to bots. It belongs to people who know who two harnesses the magic of bots.
Based on a recent Glassdoor report, 66% of millennials will want to leave their present jobs by the end of this year. If this were to come true, it will only add tremendous pressure to the workload and challenges recruiters face. It will also open the floodgates to a whole bunch of trained top line talents. However, despite the challenges, with the massive increase in the use of big data analytics, Artificial Intelligence, Machine Learning, and the Internet of Things, etc. The global human resource management market is expected to grow and reach USD 30.01 billion by 2025. The choice is now yours. Change with the times or get changed.
If you liked reading this blog, we are sure you might like this as well. Please leave us your valuable feedback in the comments section below.