Why You Should Invest in Artificial Intelligence Recruiting Software
According to Forbes, 84% of business leaders believe that artificial intelligence (AI) will help businesses have a competitive advantage in the future. However, only 24% of companies are actually utilizing AI in the hiring process.
Some businesses may not be using AI technology because they don’t have a place in their budget for the software. However, like any other tool you might use for your business, AI recruiting software is an investment.
And the investment will pay off. Keep reading to learn about all the different benefits and ways AI will help you save time and money.
Improve Your Time to Hire
Good candidates are off the market within ten days, but the average recruitment process takes twenty-seven days. If your recruitment process takes too long, you could be losing great job seekers. On top of that, taking forever to hire a candidate will mean lost productivity and more time wasted for your recruiters and hiring managers.
Using AI recruiting software can help you save time in your talent acquisition process, whether through the sourcing stage, managing and automatically scheduling interviews, or chatting with potential candidates on your behalf.
In addition, AI can give you access to all kinds of data and metrics that you can use to analyze your recruiting process. With this information, you’ll be able to pinpoint where you’re having problems in your process and adjust it accordingly.
Save Time Through Automation
One survey found that 90% of businesses already use automation in their companies. Automation can be a great way to help your recruiting teams save time. Even if it’s only a few minutes for each candidate, that time will add up and give your recruiter precious time back into their schedule.
Plus, when you have automation for administrative tasks, you can also improve efficiency and reduce errors that might take even more time to correct. When you use AI to automate these tasks, you can save your energy for efforts that need human interaction and decisions.
For example, if most of your recruiter’s time is spent sourcing candidates each week, it might make more sense to automate that part and have recruiters connect and interact with the selected candidates.
Many businesses and recruiters might be worried that AI will start taking recruiters’ place and taking away those jobs. However, most companies can view AI as a valuable tool to help them succeed.
Better Quality Hires
The applicant quality will depend on who you’re attracting with your job post, where you’re reaching out to candidates, and your top talent pool. However, that strategy has two main problems. One of them is that you can only find active candidates, who make up a small portion of the job market. The second problem is that you can’t control the quality of the people who apply.
When you use AI in your process, you’ll take control of the sourcing process. For example, with Recruiter.com’s powerful AI sourcing tool, you can source passive candidates from our massive database. With this control, you’ll also be able to reach out to only the candidates that you deem most qualified.
However, you can also use AI to help you write great job postings that might attract more qualified hires. AI uses machine learning to recognize patterns and apply them to practical uses, and many businesses are also using it for programmatic job advertising.
This is when you advertise your job positions to different applicants based on their behavioral variables and demographics. That way, you’re hoping that you can get the most qualified applicants to apply for your job position, rather than just posting an application and hoping someone applies.
When you’re able to target specific people with a job advertisement, you can also save money by not having to post on every single job board out there. You can trust that the job boards you pay for will get you the applicants you need when you have strong job descriptions.
Lower Investment Costs
Now is the perfect time to invest in AI software because most recruiting tools are based on cloud technology. Because of this, you don’t have to worry about significant investment costs without being able to test the program and see if it was worth the price. You also won’t have to worry about the technology becoming obsolete and paying an even higher price for the newly updated software.
Now, most AI recruiting software is purchased on a subscription basis. For example, Recruiter.com’s AI software will let you pay based on how many job searches and campaigns you need to run. You can test it out to see if it’s right for you.
This also makes it perfect for small businesses and startups that may be trying to scale quickly and efficiently.
While applicant tracking systems (ATS) are a great way to manage all your candidates and their resumes, they don’t offer much information. However, if you integrate AI recruitment software into this, the AI will take care of resume screening and gain much more insight into your candidates’ skills, qualifications, and experience.
AI’s in-depth insights will help you understand your candidates better, but you can also use it to analyze your recruiting process. For example, when you use Recruiter.com’s AI sourcing tool, you’ll see how many candidates come up with all of your candidate requirements.
If you aren’t finding enough candidates within those parameters, you might need to narrow down exactly what you’re looking for to find your dream candidate.
Lower Cost Per Hire
The average cost to hire an employee increased to $4,425, $296 more than it cost in 2019. This increase, combined with a higher churn due to the Great Resignation, leads Recruiter.com to believe that there will be a $50 billion increase in hiring costs this year.
Many businesses may not have the budget to address this extra cost, but you can use AI to mitigate some of it. This technology can lower your cost per hire in two significant ways.
One way is that by automating some of the processes, you’ll be able to save more time and focus on building relationships with qualified candidates. When you can provide a more fantastic candidate experience, you’re more likely to get the candidate you want.
Secondly, you’ll be able to use reliable data to ensure that you’re making a good hire that isn’t based on unconscious hiring decisions. When you find a qualified applicant, you’re more likely to have a successful hire and not worry about finding a replacement when you find out that they’re not the right fit.
You’ll save money on your turnover, which could help you reduce your costs spent on hiring each year.
Start Using AI Recruiting Software Today
These are only a few reasons that AI recruiting software tools are an excellent investment for recruiting solutions, especially if you’re a small business or startup that needs to hire quickly but don’t have the money to hire more recruiters.
Do your research before you invest in an AI recruiting software. Make sure that you choose the right one to fit all of your business’s needs and budget.
If you’re on the fence about whether or not you should invest in AI recruiting software, contact us today. We can make sure that we find the right solution that fits your budget and needs.
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