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      in Talent Acquisition

      Why AI Recruiting is Key to Growth in 2022

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      Business priorities in 2022 have all shifted to center around talent. Primarily, finding it. The Great Resignation, or the Great Reshuffle, or the Big Quit — whatever you want to call it — continues to dominate headlines and highlight the ongoing shortage of labor. But companies need to understand that the skewed supply and demand ratio for talent is here to stay. One study even predicts a global human talent shortage of 85 million workers by 2030.
      Despite this trend seeming to look like old news at this point, many organizations’ hiring programs were still completely caught off guard over the last year. In a report by Hiretual, 61% of recruiters said sourcing talent was their biggest challenge in 2021. At the end of 2020, when asked about their biggest anticipated concern, sourcing talent didn’t even make it to the top three.
      That same report found the second and third biggest challenges for recruiters surveyed went to candidate engagement and employer competition, respectively. Again, when recruiters were asked the same question the year before, neither of these obstacles was high on the list.
      What these responses signal is a shift in priority from inbound to outbound recruiting. That is, rather than relying on workers to go out and find jobs, companies are now having to sell available jobs to workers — and doing so at scale is proving difficult. While companies and recruiters may be beginning to understand this, the amount of LinkedIn posts we’re still seeing from leaders exclaiming, “We’re Hiring!” — expecting qualified prospects to go out of their way and click through to a boring careers page — shows not many have adapted to compete.
      As organizations around the world refine strategies for the future, now is the time to commit to growth, and adapt to achieve it. Companies that do will stand to benefit from a final post-pandemic jolt to productivity, setting themselves up for a more sustainable future. But with more jobs available than there are workers to do them, those that fail to change their recruiting strategy will see their workforce — and success — atrophy.
      Getting More Human With AI
      The pressure is on for talent acquisition, but changing priorities brought on by the pandemic will require recruiters to do more than fill jobs. Going forward, recruiters must offer opportunities that meet heightened needs from talent (such as more inclusive cultures and more flexible work schedules) and align with refined company objectives (like scaling skill sets and leading product innovation).
      To do that effectively, recruiters need to be able to spend more time doing the more human aspects of the job, to provide a better experience to candidates, and better qualify talent for the needs of the business — now and for the future.
      If 2021 investment data is any indication, talent acquisition tech stacks are getting reevaluated. In fact, 62% of companies increased their investment in talent acquisition technology last year, according to Aptitude Research. Because something has to give, more companies than ever before will look to AI recruitment technologies to give themselves a competitive advantage. Here are a few ways AI will help companies address key recruiting challenges in 2022.
      Revealing Blind Spots
      Not all talent is accessible in the same places, and many recruiters are looking for candidates with too narrow of a view into the available talent pool. Usually limited by a handful of disparate job boards, with limited search functionality or candidate profile visibility, talent acquisition pros end up missing access to a large share of qualified talent.
      AI recruiting tools will broaden the scope of available talent. By pulling candidate profile data from multiple talent pools, hiring teams can access significantly more of the total talent population and search from a single source. Some platforms are approaching access to almost a billion candidates. Companies that need to scale growth will have more options, and more opportunities to hire.
      In addition, AI will help recruiting teams remove limitations to how they find talent by mitigating unconscious bias from the process to make more equitable hiring decisions. This works by automatically matching candidates based on the skills relevancy of what a recruiter is looking for, rather than focusing on any other candidate’s features. For example, blind searches can be conducted to remove attributes like gender or race, or even education, to help remove bias and lack of diversity in the hiring process.
      By managing diversity in the outbound phase of the recruiting process — as opposed to scrubbing data in ATSs or CRMs — organizations can take a more proactive approach to make equitable hiring decisions.
      Meeting the Need for Speed
      To reach goals for scale, hiring teams need to shorten the time it takes to bring the right jobs to the right people. With AI, organizations will begin to automate more of the transactional and respective aspects of the hiring process. This will give recruiters more time to focus on building relationships by engaging prospective talent in meaningful ways.
      Without the right technology, recruiters will spend less time adding value to the process. Automation will free up the time it takes for recruiters to facilitate communication by removing manual tasks like bulk outreach, scheduling, and managing candidate pipeline data, so they can spend more time consulting with talent to place them in roles that best fit their interests, ambitions, and experience.
      Teams leveraging AI will encounter fewer obstacles with potential candidates in misaligned job expectations and broken feedback loops, resulting in faster time to hire and smoother onboarding experiences.
      Establishing a Foundation for Growth
      For many candidates, contact with a recruiter is the first moment of exposure they have with an organization. That first impression has the potential to create interest by offering the candidate valuable and relevant experience. It also has the potential to diminish the brand in the eye of prospects and their peers.
      With the help of AI, organizations will set up hiring teams to showcase their brand to candidates in the best light and build a workforce that better supports company objectives for the long run. By engaging talent with a more inclusive approach, increasing the speed and ease of the hiring process, and broadening the scope of talent they see and consider, only organizations leaning on AI will overcome today’s hiring challenges to build workforces that grow.
      Shannon Pritchett is Head of Community at both Hiretual and Evry1 (which she co-founded in 2021). 
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    • 75 Shares149 Views

      in Employer

      2022 Recruiting Benchmarks for Scaling Startups

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      What You’ll Learn: Top recruiting trends for small to medium size businesses (in the US, companies with less than 10,000 employees, in the UK, less than 1000) Benchmarking metrics for value-driven recruitment strategies, including equity, efficiency, and transparency As a scaling startup or mid-size business, what your 2022 recruiting metric goals should be About this […] More

    • 125 Shares99 Views

      in Employer

      8 Top Recruiting Benchmark Goals for Enterprises in 2022

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      What You’ll Learn: Benchmarking metrics for efficiency, equity and transparency How top employers are winning tech talent and how you can emulate them Overall trends in what employees want from an employer brand In this ebook: While the US continues to see record highs in “quits” among what’s known as “The Great Resignation,” companies are […] More

    • 88 Shares159 Views

      in Employer

      5 HR Trends to Watch in 2022

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      There’s no denying that 2021 was a wild ride for HR teams, making it tough to predict HR trends for 2022.  Around the world, millions of employees took part in the Great Resignation—quitting their jobs at record-setting rates and leaving companies rushing to fill open roles.  In the months that followed, HR professionals faced a […] More

    • 88 Shares169 Views

      in Employer

      5 Recruiting Trends to Watch in 2022

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      There’s no denying that 2021 was a wild ride for HR and talent acquisition teams, making it tough to predict recruiting trends for 2022.  Around the world, millions of employees took part in the Great Resignation—quitting their jobs at record-setting rates and leaving companies rushing to fill open roles.  In the months that followed, HR […] More

    • 150 Shares169 Views

      in Employer

      Want to Run Better Interviews? You Need a Pre-Brief Meeting (Free Template)

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      A seamless interview includes more than candidate experience and playing calendar Wordle. It’s important your team is ready to make the most comprehensive, fair, and scaleable assessment possible. How? A pre-brief meeting ensures great candidate experience, comprehensive evaluation, and a standardized and repeatable interview process. We began conducting a pre-brief meeting before interviews at Hired […] More

    • 100 Shares169 Views

      in Talent Acquisition

      Why Fintech Firms Struggle to Hire Top Talent

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      Fintech is the future of finance. But, with that comes unique challenges when trying to find top talent, especially given how much competition there is in this space.
      Trying to find the right talent is one of the most important tasks for any company, but it is especially difficult given that fintech is a relatively new field. Even though fintech is still in its early stages, it has already redefined every major industry. What challenges is the industry facing?
      Gender diversity remains low
      As a fast-growing, high-growth industry, fintech is expected to transform the global ecosystem, especially the financial sector. The industry currently has a shortage of qualified candidates who possess the right skills and experience to help it continue growing.
      According to statistics from recruitment platform Ward.co, this lack of diversity is even greater among the top teams at fintech firms with major yearly revenue. There are fewer females than males in these companies, which also have fewer female leaders.
      The gender gap is one of the most pressing problems in the financial sector. While many women want to work for fintech companies, far too few are able to get hired.
      Drawing from a diminishing tech talent pool
      Despite this shortcoming, fintech still has made some progress. The industry has managed to draw on resources from other industries like IT and marketing, which are currently facing similar issues.
      One example is how machine learning can play a role in hiring. Fintech firms are currently looking at ways to use this when hiring new employees. This method involves using computer algorithms in order to sift through candidates’ profiles and test their skills, in order to select the most suitable candidates for the job.
      With this technology, it is possible for fintech companies to hire the right people faster than before, particularly the right candidates with the right experience. It is up to them to look for them among the existing pool of candidates available.
      How can fintechs hire top talent?
      Hiring top talent is a challenge that fintech firms must overcome. The industry is still in its early stages, and growth will need to continue as they become more influential in the global financial sector. We’ll discuss three main areas you can optimize in your fintech business to attract the best talent.
      Hiring process
      Fintech companies and employees would benefit from looking for ways to improve their hiring process. This can be done by trying out new technology and drawing from the knowledge of other industries.
      Human resource executives at banks and other financial institutions are grasping for ways to lure their best talent as the sector goes through a high-profile makeover. But as firms race to implement fintech innovations like robo-advisors, blockchain, and machine learning, they may be overlooking important changes in recruiting.
      In the fintech sector as a whole, employers are competing for talent from a growing population of graduates who have been trained in data science and computer programming. It’s a supply-and-demand situation that analysts say has created a “gold rush” for candidates.
      The right kind of training
      The employees who are well trained at your fintech company will do fantastic work, love coming into the office every day, and be the envy of competitors.
      Most people consider training to be something that is done when someone just starts at a new job, and then it ends. However, the truth is that training should be ongoing at your fintech company. The best companies never stop learning and growing, and they bring in new technologies and strategies constantly.
      When you make training a continuous process, not only will your employees come to appreciate it and be more engaged. But it also helps you to stay relevant and up to date with innovation in the world of finance.
      There are many ways that you can use training at your fintech business to attract top talent. Employees want interesting work projects and they also want access to the greatest training resources available in order to do great work for your company. To attract the best candidates, you need to have several training opportunities available for them to participate in. This includes both computer-based training, online training courses, and in-person training programs.
      Competitive salary
      We all know that tech talent is scarce and expensive. More than ever, tech companies are relying on top engineering and tech talent to provide a competitive edge in a crowded market. However, most recruiting professionals agree that offering a competitive salary is a highly effective way of attracting the best and brightest.
      Competitive salaries can be defined in different ways. Factors such as location, experience level, and the employee’s past salary history all affect how competitive your salary offer will be. For some companies, a competitive salary is defined as the highest amount paid by fellow tech companies in a specific area. For other businesses, it can be tied to the median income numbers for a given city or the middle point between the highest and lowest offers from other companies.
      You can attract top tech talent by being transparent with salaries from the start. Many startups make the mistake of keeping salaries confidential which can put workers off from applying for open roles. If you want top talent, you’ll have to pay for it. If you are not able to offer the highest salary in your area, then consider offering benefits that help you remain competitive with similar companies.
      By Carl Poxon of Caspianone Fintech.
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