The Secrets Of The AI-Powered Recruiting Model

AI-powered recruiting is the future of recruiting operations models

Conversational AI for recruiting is transforming recruiting operations for Fortune 500s and the largest staffing agencies in the world. By adopting recruiting AI, many of these companies are embarking on a journey of digital transformation. They are becoming faster, more efficient, and more effective at recruiting in a fast-paced dynamic job market. In fact, that is the core benefit of transitioning to an AI powered recruiting model, also sometimes called AI driven recruiting.
 

In this article, I’ll explain exactly what AI powered recruiting is, how it is being used to transform the way recruiting organizations operate, and how you can get started with building an AI powered recruiting model of your own.

What Is AI Powered Recruiting?

AI powered recruiting is the future of recruiting operations models. At its core being an AI powered recruiting organization means strategically deploying recruiting automation, through the use of AI, to improve candidate experience and increase the speed and efficiency of your recruiting processes.

This model can be used by any company, of any size, but we’ve seen it work best with Fortune 500 companies and large staffing organizations. The real beauty of an AI recruiting model is that it creates flexibility for your recruiting operations to scale in real-time, in response to fluctuating market conditions or client demands.

How AI Powered Recruiting Creates Digital Transformation

When you are adopting an AI powered recruiting model, you are going to strategically deploy automation to fix inefficiencies in the hiring process. There are 5 challenges that staffing agencies and corporations use AI in recruiting to solve. They use it to create efficiencies in high volume recruiting, interview scheduling, database management, and talent pipelining.

AI for High Volume Recruiting

Many leading brands struggle with high volumes of inbound applicants for roles.In fact, data from Glassdoor reports that the average job opening can receive 250 applicants. With the number of unemployed at all-time highs, it is likely the number is even higher. The issue with receiving so many applicants is that it is virtually impossible for a recruiting team to have conversations with all of them fast enough.

This causes candidates to drop off, damages candidate experience, and makes it difficult for companies to hire quickly. AI powered recruiting solves this issue by acting as a pre-screening layer for post-application engagement. For example with Mya, we use requirements that our clients set for pre-screening to engage applicants, and then surface the most engaged applicants that match our clients’ pre-screening requirements.

Automated Interview Scheduling

The second way recruiting AI creates efficiency is by automating interview scheduling. From conversations with our clients, we’ve found that it is common for recruiters to spend as much as 60-80% of their time on interview scheduling communications tasks. This is time that could be better spent in conversations with candidates, building an employer brand, or engaging with hiring managers.

Many organizations are using conversational AI for recruiting to automate their interview scheduling. We’ve found that this simple change, unlocks so much time for recruiting teams. In fact, our data shows it makes recruiting teams 144% more productive.

Passive Candidate Database Management

The third way conversational AI for recruiting can create efficiency is in managing your passive candidate database outreach. Many of our clients have hundreds of thousands and sometimes even millions of candidates in their database. The problem is that these candidates are difficult to engage. It’s impossible to have recruiters reach out to each one of them periodically, have 1 to 1 conversations, and update their information. That is where AI creates efficiency.

Recruiting teams use conversational AI to perform passive candidate database outreach. How this works, is an AI simply reaches out to your candidates, engages them in a conversation, gathers information about them, and then updates their profile in your ATS.

Creating a Candidate Pipeline

Recruiting teams are also using a form of passive candidate database engagement called job requisition specific outreach to create a candidate pipeline. In this form of passive candidate engagement, an AI is used to contact candidates about specific job roles. The AI evaluates if the candidate is interested and then passes on interested candidates to your recruiting team.

Both forms of AI powered recruiting outreach communications have been shown to be highly effective in our client base. For example, Mya regularly gets over 50% engagement rates in outreach communications and is able to update upwards of 80-90% of candidate statuses with new information.

Options For Selecting Recruiting AI

If you’re thinking about using a recruiting AI solution to create speed and efficiency in your recruiting process or to solve any of the 4 issues listed above, there are many options available to you today. You could select a basic recruiting chatbot, an enhanced recruiting chatbot, or a conversational AI platform. Explaining the differences between these models in detail is outside the scope of this article, but if you’d like to learn more about the differences between AI recruiting software I encourage you to read the difference between the best-recruiting chatbots and conversational AI.

The primary difference between recruiting chatbots and conversational AI is the candidate experience they create. If you believe in the value of creating a strong, positive candidate experience and want to create the best experience possible while maximizing efficiency – conversational AI is a superior solution. The reason it’s better is a little known technology called NLP, or natural language processing.

Conversational AI recruiting software is powered by the most advanced NLP technology on the market today. This technology is what enables conversational AI to engage with candidates in a human and personable way. We’ve found that our conversational AI, Mya, creates a very positive, and incredibly well-received candidate experience. To be sure, we hang our hat on our sophisticated NLP algorithms here at Mya. If you’d like to learn more about NLP, we’ve made a fun short and educational video that explains what natural language processing in recruitment is.

Now another option you have in recruiting AI is to build your own using technology like IBM Watson. However, the issue here is that you’ll have to start from scratch in conversation design, testing, and building your AIs ability to understand recruiting conversations through machine learning. If you have the budget to bring on millions of dollars of AI engineering talent and the patience to wait several years for your AI to gather enough data to be useful in the various industries, cultures, and job profiles you’re recruiting, building your own can be a potential solution.

The recruiting AI solution I recommend you go with is a conversational AI platform for recruiting. There are a lot of benefits to using a conversational AI platform for recruiting. By the way, Mya is a conversational AI platform for recruiting. So here are the benefits of going with a platform instead of just a chatbot, or building your own.

This article first appeared here.

Ameya Deshmukh is Marketing Manager at Mya Systems. Connect Ameya Deshmukh