Committing mistakes is part of life, but when it comes to hiring, those mistakes are often fatal for businesses. Some of the biggest slips come in the form of bad hires and the subsequent loss of productivity for the employees and clients. The truth is, bad hires can cost millions to a flourishing business:
You might have the greatest products and ideas in the world, but if you don't get the right people, these ideas will be over before they're even implemented. An overtly rushed and leaking recruitment process can have a severe impact on the business’s bottom line.
Hiring extremely talented people can offer a significant advantage over your competitors. When their beliefs, behaviors, and habits are in alignment with the overall workplace culture, these A-players would also prove to be a good cultural fit for your organization.
Naturally, hiring the ‘A-players’ is not an easy job. With superior grooming, the resume of an B-Player is almost identical to an A-Player - designed cleverly to hide the flaws. That’s why you need a dedicated hiring funnel that shows you the right path. The answer lies in ‘digital recruiting’ - an intelligent approach to hiring through automation platforms. The process is almost similar to a salesperson utilizing prospecting tools to generate quality leads.
To improve your odds of hiring quality staff, here are 3 quick thoughts to put you in the right frame of mind and create a steady flow of talent:
How can bad hires cost millions and add to the frustration?
Millions may seem like a stretch, but a detailed analysis backs that statement up. The cost of a bad hire is somewhat quantifiable by analyzing the data. However, the real impact from a bad hire's morale and inefficiency is far more than the actual monetary loss. In more ways than one, a bad hire's effect on workplace culture echoes beyond the employee's tenure. The hard-to-quantify costs such as client dissatisfaction, loss of team confidence, and the possible team disruption all add up in the total cost of a bad hire.
Never hire a cultural misfit!
Ensuring an employee is a cultural fit is also an important component of the recruitment process. In many cases, culture is more important than skill. Making recruiting decisions purely on skill will lead to an adverse effect on the growth of a new hire. Three common traits would be:
- Long-term dissatisfaction for the employee
- Daily discipline issues due to a general disinterest
- Early attrition of your workforce
Replacing an employee is a costly affair
Businesses spend a lot to hire their staff. The expenses include travel, hotel stay and meals, beginner training and orientation, salary, and the career transition costs. It's highly burdensome to repeat the entire process to hire again for the same position.
How have AI-powered processes positively impacted the modern recruiting mechanisms?
In the past, it was much more difficult to find candidates that were skilled, experienced, the right cultural fit, available for hire, and were within an affordable compensation range. With technology advancements, a normal job search has transformed this into a two-way conversation between employers and candidates.
You see, gone are the days of paper resumes and historical HR processes. With the need for a 'shorter hiring window', the focus has shifted and employers are quickly moving towards digital recruiting - an approach that embraces newer technologies.
Now, recruiters are putting artificial intelligence to work. With a customized AI-based solution, a recruiter can:
- Scour the Internet to find the right matches
- Make contact and conduct the first stage interviews
- Eliminate bias in the initial stages
- Set up the process for the final stage
What artificial intelligence can and will do, is help you track down great candidates, faster.
Will AI revolutionize the hiring process?
According to LinkedIn trends 2017 report, automating the hiring process is a crucial step to eliminate human bias. This means artificial intelligence can be used to increase the efficiency of the overall mechanism. Modern AI tech uses propositional calculus in the background to create an infinite array of responses while detecting meanings. For example, the modern recruiting chatbots can analyze previous chats and associated metrics to tailor responses to the end user. This results in a better experience for each individual applicant. The response selector selects a response which works best for the situation. Here are some real-world applications:
- Better funnels through customized simulations - Based upon the responses, new applicants are presented with opportunities that match their skills and location. You could run business simulations to predict how candidates will respond to real-world situations enabling hiring managers to gauge their problem-solving skills.
- Powerful chatbots - Chatbots can easily record responses to pre-screening questions on skills, experience, and candidate preferences. This will enable the recruiters to only interact with the candidates that have passed the initial screening process.
- Powerful linguistic patterns - Linguistic patterns indicate the varying intelligence levels, other forms of competence and cultural compatibility. For instance, a chatbot can analyze the linguistic patterns to figure out what part of the text is grammatically true. It can also examine the purpose of the text and the quality of language used.
Incorporating linguistic context, along with other demographic data like location and time can give you a real peek into the mind of a candidate. This makes it easier to check the aptitude and cultural compatibility with respect to the organization.
There are a growing number of AI-based tools for automating the initial job application process. It's imperative to make sure that whatever tools you choose aligns with your priorities: to create a solid stream of quality candidates delivering a great experience for both the candidate and your hiring team. Ideally, a modern hiring tool should perform 5 functions with ease:
- Automated pre-screening mechanism
- A substantial decrease in hiring time and energy
- Automated applicant interview scheduling
- Better conversion rate of job seeking visitors
- High-quality experience for everyone
Make no mistake, the future of AI-based recruitment is here. If you’re looking to leverage artificial intelligence to super-charge your recruiting strategy, contact us at firstname.lastname@example.org to set up a free 1 month pilot program to see how XOR can improve your recruiting process.
Also, be sure to learn how IBS improved candidate experience with a recruiting chatbot.