Filling senior leadership positions is crucial to the success of every organisation. The current recruitment industry buzzwords, Artificial Intelligence (AI) and Business Intelligence (BI) are the next big game changers bolstering recruitment efforts to build and nurture talent management channels. Saving companies from the pricey time-consuming practices of investing in bad hires, AI and BI tools help recruitment managers channelise their hiring efforts in the right direction.
With the rapid pace of digital advancements and the fast expansion of social milieu, the next-gen talent is gripped tightly to the momentum of change. However, the recruitment efforts despite medium penetrations, lack customisation at its core to cater to the next generation of millennials, who will comprise 75 percent of the workforce by 2025.
AI and BI are helping HRs remove any hiring biases that existed in the form of gender and social strata divide to now provide equal employment opportunity for all. They play an integral role of a facilitator to help HRs screen through loads of candidate applications, crawl through recommendations, referrals and feedback from the industry to decide the next-best hire and predict turnover risk.
Companies adopting AI to improve practices have seen reduced hiring times, decrease in turnover rates by 35%, increase in performance by 20% and revenue per employee improve by 4%.
Challenges to Recruiting for Senior Leadership Roles: How AI Helps
Talent acquisition for middle-management and junior-level roles is not as difficult, in comparison to recruitment for the senior leadership role. Recruiting talent with leadership traits, in-depth industry knowledge, years of professional experience under their belt and high salary demands, makes it extremely difficult for recruitment experts to get them onboard. The age-old formula of luring key talent with carrots and heavy perks doesn’t work anymore.
Candidates choosing to jump ship in senior roles are cautious about their next career move. Thus, the role of AI in recruiting for senior leadership roles cannot be discounted. According to a recently released white paper by the Allegis Group states, “AI is making a strategic approach to human capital more important than ever. It is reaching a breakthrough state, and employers must proactively pay attention and formulate workforce roadmaps that account for intelligent automation and digital labour.”
Here’s how AI helps ease the burden on recruiters to shortlist candidates for senior management positions:
- AI tools and Business Intelligence helps quickly sift through huge data sets and evaluate candidates from the vast talent pool and loads of applications filling recruiter’s Inbox every day. Applicants for senior leadership and managerial roles are not solely chosen based on qualifications, experiences and keywords embedded neatly in the resume, but an overall analysis of the candidate to evaluate their personal branding on all digital platforms, looking into referral networks and LinkedIn recommendations.
- Lack of speed in recruiting efforts can impact hiring and consequently lead the best talent to look for opportunities elsewhere. Use of AI guarantees faster-responsive system to keep applicants engaged and posted throughout the job application and interviewing process. AI and BI tools help meet this need by automating methods and standardising processes to promote speedy recruiting and capable hiring.
- Embedding innovation in recruiting through use of AI and BI to save recruiter’s time. BI tools help evaluate if your firm’s strategy includes a comparative analysis of best talent based on different parameters before shortlisting the candidate for further interview rounds.
- Business intelligence data helps recruiters view metrics and accurately measure the quality of hired resources. Many at times recruiting efforts of organisations are planned to fail, because of ignorance to incorporate right metrics that demonstrate the dollar impact of high-performing senior talent on corporate revenues. Use of AI and BI tools will help recruiters convincingly prove and quantify the impact of bringing in innovators and senior leaders for seamless corporate operations.
- Use of Artificial Intelligence and Business Intelligence tools makes up for the lack of overall industry knowledge and diminished recruiter potential to evaluate the quality of candidates. Use of predictive metrics, data analytics and screening software with performance assessment tools to aid in the form of aptitude tests provided to candidates, during the interview rounds put IQ, EQ, experience, skills and calibre to test.
As businesses continue to grapple with the digitally evolving times, it is required of recruiters to stay abreast of the new-age recruitment tools and technologies such as AI and BI to fetch the best talent.
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