The situation has already gotten the attention of the top influencers in the recruitment space and the industry is seeing new and unique innovations aimed at solving various issues. This could make it challenging for businesses to acquire top talent, unless they embrace the new-age changes disrupting the recruitment industry and come up with innovative solutions. Innovative recruitment technologies and practices will enable recruiters to help organizations position their job vacancies at the top of the stack by standing out in a positive way. We wanted to explore further about the innovative and disruptive changes taking the recruitment industry by storm. Hence, we reached out to a few selected job board portals for their views on new-age recruitment and compiled some additional quotes from the web.
It seems that every week brings fresh reports of another industry conquered by bots and Artificial Intelligence (AI), so how long before we at Hartigan are forced into a career change – one that will no doubt require us to engage one of the new "robo recruiters"? It would be easy for us to dismiss robotics as entirely irrelevant to our industry, but there are two problems with that. First, there's the unconvincing whiff of Mandy Rice-Davies Applies; and secondly, it's facile to suggest that developments such as machine learning and predictive analytics have no benefits to offer the recruitment industry. It's obvious that automation can bring significant improvements for recruiters and the candidates they seek to place. From our side, we just have to think of the time spent sifting through LinkedIn and sheaves of CVs, a task that could certainly benefit from robotic assistance to find the right candidates for any particular role.
The efficiency of the recruitment industry is set by the ability of employers and agents to match candidates to vacancies. With a typical hire taking up to six weeks and costing upwards of $4,000, more accurate matching can clearly lead to reduced waste of time and resources, and an impact on a business's bottom line. One of the inspirations behind Helena – an "AI head hunter" created by recruitment platform Woo – is the recommendation engines developed by online retailers like Amazon. Impressively, according to Woo CEO and founder LiranKotzer, early results show that employers are accepting for interview 52% of candidates put forward by Helena. This compares very favorably to performance of human recruitment agents, where the average figure is around 20%, and far better than relying on respondents to postings on job boards – where just 2.5% of applicants will be suitable for interview.
The efficiency of the recruitment industry is set by the ability of employers and agents to match candidates to vacancies. With a typical hire taking up to six weeks and costing upwards of $4,000, more accurate matching can clearly lead to reduced waste of time and resources, and an impact on a business's bottom line.