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TABLE OF CONTENTS
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STATE OF RECRUITING & TALENT ACQUISITION IN 2018
THE JOB CLIMATE IN 2018
WHAT IS ARTIFICIAL INTELLIGENCE (AI) ANYWAY?
THE POWER OF AI AND MACHINE LEARNING IN SOURCING & RECRUITING
USING AI TO IDENTIFY JOB CANDIDATES
WHAT AI TELLS US FROM 30 YEARS OF JOB MARKET DATA
JOB CANDIDATE DATA IS JUST NOT ENOUGH
HOW AI CAN DOUBLE YOUR RESPONSE RATE
AI-POWERED SOURCING & RECRUITING IS SMARTER
TOP 4 BENEFITS OF USING AI IN YOUR SOURCING & RECRUITING PROCESS
ABOUT ENGAGE
STATE OF RECRUITING & TALENT ACQUISITION IN 2018
Wouldn’t it be nice if the best candidates automatically came to us and we could just onboard them after a few qualifying questions and an interview or two?
Finding talent with the right skills and qualifications is harder than ever, meaning that it can takeweeks or months to find and attract the right person for a job. In turn this costs companies timeand money in lost productivity and resources. What can be done to make it easier to find theright qualified candidates and connect with them? In the era of “big data”, data about people,businesses, industries, and markets is everywhere. But how do you capture and make sense ofall that data? The answer is AI.
The answer is AI-Powered Sourcing & Recruiting. AI-Powered Sourcing & Recruiting allows you to start building a trusting relationship with your candidates by connecting the right candidate with the right opportunity at the right time with the right message. When it comes to sourcing & recruiting, do these problems sound familiar?
• You do not have enough time in the day to handle the ongoing sourcing activities.• You have many tools like your ATS but it doesn’t provide you the most up-to- date data.• You have limited market intelligence on the businesses that impact your candidates.• You do not have time to create a proactive plan on building a talent pipeline.• You get little to no response on email and phone communications.
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AI-POWERED RECRUITING HAS THE POTENTIAL TO SOLVE THESE PROBLEMS WITH DATA DRIVEN
INSIGHTS THAT US MERE HUMANS CANNOT UNCOVER BY OURSELVES.
THIS REPORT IS FREE AND IT’S YOUR GUIDE TO LEARNING MORE ABOUT
HOW AI CAN HELP YOU IN YOUR SOURCING & RECRUITING ACTIVITIES
AND GET THE BEST RESULTS.
THE JOB CLIMATE IN 2018
Before we get into the specifics of enabling an AI-powered Sourcing & Recruiting strategy, let’s take a look at the job climate in 2018.
Overall unemployment is low, and the employment rate is growing. In fact, the unemployment rate is at a 17 year low according to the latest Bureau of Labors Statistics report published on March 2018.
The unemployment rate for college-degreed workers who are 25 or older was unchanged at 2.1 percent for the third consecutive month as of March 2018. These are the professionals in the highest demand by employers.
Unemployment rates for some occupations are even lower. For example, the unemployment rate for accountants and auditors was 1.8 percent in the fourth quarter of 2017, according to the BLS. It was the same for software developers. The unemployment rate for financial managers was 1.0 percent and just 0.8 percent for financial analysts.
THE BOTTOM-LINE IS THAT SKILLED WORKERS ARE IN SHORT SUPPLY. THAT IS WHERE AI-POWERED SOURCING & RECRUITING COMES IN. AI-POWERED SOURCING & RECRUITING GIVES YOU ALL
THE NECESSARY TOOLS TO LOOK FOR TALENT IN NEW PLACES AND IN NEW DATA-DRIVEN WAYS INSTEAD OF THROUGH THE TRADITIONAL ARDUOUS PROCESS.
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WHAT IS ARTIFICIAL INTELLIGENCE (AI) ANYWAY?
Recruiters and sourcers have always leveraged technology as an attempt to make their jobseasier and faster. There is a lot of noise in the market today on how HR can use artificialintelligence to find the right talent at the right time. AI for recruiting is an emerging technologybuilt specifically to reduce manual and time time-consuming activities like candidate search,resume screening, and onboarding. 52% of talent acquisition professionals say the hardest partof sourcing and recruitment is identifying the right candidates from a large applicant pool.
AI is the simulation of human intelligence processes by computers or machines. Theseprocesses include learning from the vast amounts of collected data and using the applied rulesto reach conclusions, and then self-correct.
In the area of human resources and talent acquisition, AI and Machine learning are helpingorganizations drive value, gain prior unconceivable data-driven insights, and pinpointing whatmatters across sourcing, hiring, managing, developing and retaining employees.
The first definition of AI“Every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it.”
John McCarthy, Professor, Dartmouth College - 1956
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THE POWER OF AI AND MACHINE LEARNING IN SOURCING & RECRUITING
Businesses are facing disruption and transformation across technology, analytics, AI, automation, robotics, and massive amounts of data. As a result, the quality of their talent and the ability of these companies to extract the most out of their people is one of the most important levers at their fingertips.
If you have the right type and amount of data on candidates, companies, markets, and industries and have the data science muscle, you can find relationships and correlations never seen before.
• When is the absolute right time to engage and target a candidate?• What do you say to that candidates once you do engage?• Is the candidate concerned about management issues at her current employer?• Is the candidate working in a company with a rotten culture or poor work-life balance or her total
compensation is below market?
These are just some of the many questions that can be answered with AI. These valuable insights can be gold for a recruiter or talent acquisition professional during the sourcing and recruiting cycle.
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USING AI TO IDENTIFY JOB CANDIDATES
All these trends in the market make recruiting and talent acquisition even harder. Fewer andfewer candidates are looking for jobs, therefore it’s more difficult to find top talent. It’s evenmore important today to identify and engage top passive talent that aren’t putting their resumeson job boards.
Job postings are the most common way to fill jobs but these postings only are hitting a fourth ofyour candidate pool. Almost 75% of all job candidates are passive. That means that theyaren’t actively looking for a job. They are not searching for job requisitions or descriptions onjob boards because they are too busy being productive at their current jobs.
But what about these candidates? How do you find them? How do you engage them? Andbecome more data driven and leverage the power of AI in your recruiting and talent acquisitionprocess? Direct sourcing is more effective, efficient, and economically viable. A recent studyby Lou Adler shows the number of applicants you need per hire based on the source channel.That is where the power of AI comes in.
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WHAT AI TELLS US FROM 30 YEARS OF JOB MARKET DATA
Historically speaking, voluntary turnover has been studied relative to job satisfaction and market conditions. Unfortunately, job satisfaction has been shown to be low predictor (less than 15%) of voluntary turnover. People will stay in a job for years even when they are unhappy. While labor market conditions do well at the aggregate level in predicting overall turnover rates, they don’t include enough information to identify turnover at the individual level.
However, in the 1990s, a new model was developed that applied decision making models and psychology to voluntary turnover.
Empirical research based on this new model found that two thirds of the voluntary turnover they studied was initiated by some short of shock or event that initiates the thought process that leads to voluntary turnover. 2 For example, it could be that your company gets acquired or you get a new boss. In addition, we know that there are other key things that impact how susceptible someone is to a shock: for example, those that are newer in a job or already dissatisfied or have skills that are in higher demand.
This is the type of research that researchers have been testing and validating for the past two decades to continue to enhance the models and understand what impacts the decisions people make about leaving. In addition, data scientists are able to leverage predictive algorithms and machine learning models that are continuously self-improving as more and more data is collected.
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Lee, T.W., & Mitchell, T.R. (1994). An Alternative Approach: The Unfolding Model of Voluntary Employee Turnover. Academy of Management Review, Vol 19, No 1, 51-89. Holtom, B.C, Mitchell, T., Lee, T. & Inderrieden, E. (2005). Shocks as causes of turnover: What they are and how organizations can manage them. Human Resource Management. Vol 44, No. 3, 337-352 Holtom, B.C, Goldberg, C., Allen, D., & Clark, M. (2016). How Today’s Shocks Predict Tomorrow’s Leaving. Journal of Business Psychology
JOB CANDIDATE DATA IS JUST NOT ENOUGH
Having access to data about candidates alone is not enough to find the necessary insights.
Your ATS systems can only go so far.
In order to get true insights to understand the entire job market landscape, you must look at data on everything that impacts that job candidate. That includes finding signals about the company they work for and the market that company is in and which industry the market belongs in. That is what ENGAGE calls the data journey.
Along the data journey there is so much data available that only AI and machine learning predictive insights can scale to the task of finding relationships and connections so you can get to the talent pool faster and more efficiently and with the right message and at the right time.
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HOW AI CAN DOUBLE YOUR RESPONSE RATE
Once you identify what is having the biggest impact on the candidate right now, you can usethat valuable information to craft a message that will have the biggest impact on engagement ofthat candidates.
We are conditioned to delete all incoming messages because we are all inundated. The onlytime we would open messages in our inbox is if they are personalized and have some type ofcontext related to us.
If a potential candidates is going through major business shocks, he or she will be more likely toengage in a conversation and respond to an email that contains information about those shocks,ex. Leadership changes, litigation events, or data breaches.
Engage Talent’s proprietary scoring algorithms are able to identify. The candidates that are2x more likely to respond to a recruiter as well as 63% more likely to change jobs within the next 3 months. These insights can be empowering and a provide a competitive advantage by allowing you to get to the talent faster and with the right message.
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While businesses of all sizes have increasing amounts and diversity of data they can leverageto try to identify the best fit for each position, the recruiting process is still stuck in the past withinefficient processes and based on standardized resumes and biased interviewers’ opinions,and companies are suffering because of that.
Even though we are talking about people, AI-powered Sourcing & Recruiting seem to be able tohelp not only source but also validate applicants. In fact, studies have shown that humansrecruiters along with predictive analytics and AI can outperform just manual recruiting processesalone.
AI-Powered Sourcing & Recruiting solves these problems with data driven insights that mere humans cannot uncover by themselves.
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AI-POWERED SOURCING & RECRUITING IS SMARTER
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TOP 4 BENEFITS OF USING AI IN YOUR SOURCING & RECRUITING PROCESS
SIFT THROUGH 1000S OF RESUMES EASILYAI can sift through the volumes of resumes that would take you hours otherwise. AI can work24/7 to match profiles to jobs without a break. That’s a dream come true for all recruiters.
SCREEN JOB POSTINGS & DESCRIPTIONS WITHOUT BIASAI can screen job postings and descriptions for exclusionary or inappropriate language. AI canremove unconscious bias and inequality from the hiring process. That’s magic.
ASSESS CANDIDATES HIDDEN SIGNALS USING AIMany businesses are using videos to assess candidates using AI, which is helping identify andquantify soft skills such as truthfulness and empathy. AI looks at word choice and inflections in a candidates voice to read between the lines.
FIND BETTER CANDIDATES USING AIAI can be used to source passive candidates and predict which of these candidates are themost likely to engage in a opportunity-change conversation.
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CONTACT US
ENGAGETALENT.COM
1-855-435-6566
ABOUT ENGAGE
ENGAGE is the world’s first AI-powered platform to combine Talent Mapping, Competitive Intelligence, Passive Candidate Sourcing, and Outbound Recruiting in one brilliant Candidate Identification and Engagement engine.
ENGAGE enables active recruiters to efficiently source from a live stream of over 100 million passive candidates or enrich their own CRM and ATS candidates with predictive, AI based insights. ENGAGE continuously monitors your candidates and alerts you with predictive availability signals when a candidate is likely ready for a new opportunity.
Recruiters who leverage ENGAGE’s predictive analytics are able to more than double their candidate engagement rates.
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