Artificial intelligence, analytics, or big data are the game changers for recruiting and HR departments. No longer do managers or recruiters have to read through every submitted resume or search through LinkedIn for prospective candidates. Technology is the new focus in recruiting. How does a company get ahead of the competition and find the best fit out of shrinking pool of limited skilled professionals in certain fields?
With unemployment at 4.1 percent in January 2018, multiple companies are targeting the same talent pool, hoping to come up with the most suitable professionals. However, technology and new demands are changing the recruiting processes. Searching for passive candidates is easier than ever before, according to Josh Millet, the CEO of Criteria Corp. In this case, the talent pool can be identified based on social media, searching hashtags, or sub-forums.
New Trends in Recruitment
Artificial Intelligence is increasingly more involved in hiring in 2018. It helps processing all data and narrows down the search for the best suitable candidates for the position. Most importantly, this can be done without bias, such as gender, age, race or background. In the end, this kind of hiring will support diversity in the workforce.
According to the LinkedIn’s 2018 Global Recruiting Trends Report, there are four emerging trends transforming the way professionals are hired: diversity, candidate assessment tools, data, and Artificial Intelligence. This report was based on data from 9,000 hiring managers and recruiters and how they applied their innovative hiring approaches. Diversity is tied to company culture and financial performance because diverse teams are more productive and innovative, based on growing evidence. However, some companies are facing challenges finding and retaining enough diverse candidates. This lack of diversity in some industries was a hot topic over the last few years.
Predictive Analytics are quickly becoming a key component in the talent acquisition and retention. The average cost of $4000 is spent per candidate just on interviewing, scheduling and assessment. Making a bad hire can be too costly to ignore the benefits of these methods. The increasing use of algorithms in predictive analytics can help answer basic questions such as “who is the best candidate” based on the data or “when to contact them”. Other uses for predictive analytics include talent pipeline planning to identify “the best locations to invest in recruitment campaigns for certain skills”; or customer acquisition.
Working remotely is on the rise in the US, boosting job satisfaction and better work-life balance. More and more workers have the opportunity for telecommuting using the VPN technology from anywhere. This also gives company an opportunity to hire globally.