According to SHRM, companies on average spent about $4,700 hiring each new team member and approximately 23 working hours. We’re sure no one would argue that hiring new team members is timely and expensive. But it doesn’t have to be. With new technology like AI recruiting tools on the horizon, HR leaders can gain efficiencies and save time and money.
AI can automate many manual tasks, such as talent search, sourcing, and engagement. And instead of using resources for these tasks, they may instead be dedicated to more strategic tactics and developing talent instead. Still not convinced? Check out these 5 ways AI can help reduce budget waste in HR and recruiting.
1. Artificial Intelligence Can Help Identify and Prevent Unconscious Bias in the Recruitment Process
Unconscious bias is, by its very nature, is difficult to notice independently. It can manifest in many different elements of the recruiting process even for the most mindful recruiter. From the candidates selected for to the questions asked during the interview process, biases are built into our way of thinking. Though it may seem innocuous, unconscious bias can significantly impact an organization’s ability to attract and retain top talent. Artificial Intelligence can help identify and prevent unconscious bias in the recruitment process by providing unbiased data about candidates. For example, an AI-based system like Paycor Smart Sourcing can analyze a resume to identify when diverse candidates are selling themselves short or when a candidate is from an underrepresented group and might not be found by recruiters.
2. AI-Integrated Applicant Tracking Systems Save Time and Money by Automating the Search Process
The phrase “time is money” is more than an adage, it’s absolutely true. So, the best way to reduce costs and increase efficiency in the HR department is by saving time on certain tasks. By integrating an AI sourcing platform into your Applicant Tracking System, you can streamline and speed up the process of searching for candidates. Once AI recruiting tools are integrated, all your hiring team needs to do is upload a job description, make a few calibration keystrokes, and the automated sourcing technology will take it from there. It will run hundreds of granular searches based on the description and individual recruiter preference to find the most qualified and diverse candidates in a matter of hours. This is one of Paycor Smart Sourcing’s biggest advantages.
Once your tool has searched for and then reached out to hundreds of candidates, it will return those interested in interviewing directly back to the ATS. Because of this, AI allows recruiters to spend time doing more lucrative tasks not only by automating the sourcing process, but by bringing the automation directly into the systems your recruiters are already using.
3. Automated Engagement Campaigns Improve Total Response Numbers and Save Time
In addition to automatically searching for candidates, AI can run automated engagement campaigns to contact hundreds of candidates over a multitude of channels.
Human recruiters have traditionally needed to contact candidates one by one, sometimes using only outdated contact information and with only a guess as to whether an active job seeker might show interest, let alone a “passive” one. Getting responses is never a guarantee.
But AI helps tremendously with these issues. It can reach out to exponentially more candidates in a shorter period of time. Furthermore, it can actually predict a passive job seeker’s propensity to leave their current job, predict whether contact information is valid, and it can optimize its message to heighten the chance of catching someone’s eye. Passive candidates, which are not exactly looking for a job but are open to the right opportunity, are often overlooked by recruiters with limited time. Paycor Smart Sourcing taps into the world’s largest database of passive candidates (1.5 billion profiles) and contacts the best candidates for every role. Automating the engagement process saves resources through saving time and efficiency on an unprecedented level.
4. AI Acts Like an Automated Recruiting Assistant
One reason HR and recruiting departments are so essential to company success is that it is on them to bring the very best people into an organization. Hiring teams are generally awesome at feeling out who the best candidates are for a job and bringing them in for interviews. But the process of finding people and getting them to commit to an interview is no easy feat, especially for people who can only speak with one person at once. AI, however, is able to run hundreds of searches and send hundreds of messages immediately upon receiving and calibrating a job description. By doing this, AI tools can return interviews into the ATS very quickly, setting the hiring team a step ahead right from the get-go. Since AI ultimately costs less than another employee, there is no doubt that an AI team member is a great way to utilize your budget.
5. AI Empowers Recruiters to Focus Their Efforts and Do Their Best Work
In today’s changing world and viciously competitive talent market, the title of “recruiter” encompasses an ever-growing list of responsibilities and skills. Even the most productive, multi-talented recruiter is bound to have trouble handling all of their tasks at once.
Simple keyword searches, message-by-message engagement, and searching for underrepresented talent by looking at profile photos and names all take up hours and days of time without really giving great results. By adding AI to the mix to find and engage qualified and diverse talent, recruiters and hiring teams can be freed up to focus on interviews, refining the application process, corporate brand marketing, and in general each of the many tasks that take a skilled eye to complete properly. This way, your recruiting budget goes to getting far better results and more productive hiring teams who are themselves more satisfied with their jobs—rather than being wasted on tasks that can be optimized with technology.
How Paycor Helps
Artificial intelligence can help reduce budget waste in HR and recruiting departments by automating search and engagement, bringing in extra interviews, and freeing up recruiters’ time. Ultimately, AI ensures that your recruiting budget is being used efficiently, effectively, and with stellar results.
If you’re interested in dipping a toe into the AI platform pool, a good place to start is the with Paycor Smart Sourcing. Learn more about how AI recruiting can help you and optimize your time, budget, and team.