There was an average of 3,000,000+ job openings in the United States alone! That’s quite a huge number to attract job seekers. In fact, it’s so huge that it’s becoming a challenge for HR teams to keep up with the number of applications reaching their inbox; the average number of candidates who tend to apply for a single job being 118. Now, what if HR leaders could access intelligent tools capable of improving the hiring process? Well, that is where an AI-powered recruitment platform comes into picture.
The hiring process for businesses is an important part of all industries. By ensuring that you get the right people on board and employing the best practices, you give your business a strong foundation. This blog will look into why you need a strong recruitment platform in place, some of the key reasons why it will benefit your business, and why you should try out a platform like ,Zappyhire.
4 Reasons Why You Should Have a Strong Recruitment Platform
Hiring the right candidate for a job is the key to the success of any company. However, it’s not always easy to find the right candidate for a job. Here are 4 ways how a strong recruitment platform helps organizations.
- Boosts candidate experience
- Reduces cost of hiring and time-to-hire
- Improves the quality of hire
- Enhances employer branding
Boosts Candidate Experience
The candidate experience across all stages of the recruitment process is still lacking despite the best efforts of recruiters to resolve the problems. Recruitment is still an industry somewhat operating in the dark ages with the candidate experience still varying from one recruiter to another and the interview process still being time-consuming, laborious and often frustrating for candidates and recruiters alike.
AI chatbots improve the ,candidate experience by giving the candidates better information, reducing the time spent in the process, and reducing the number of mistakes. According to a research report by Bersin by Deloitte, AI-based HR and talent management solutions will create $2.2 trillion in value for the HR industry by 2030 and $1.1 trillion in value for the talent management industry. The survey covered over 500 HR and talent management executives from large corporations worldwide. It found that nearly half (47%) of HR leaders believe AI will have the biggest impact on the future of the talent management industry.
AI chatbots are all the rage in the recruiting world and for good reason. These programs, which are able to communicate with users in a human-like manner, are able to answer common questions, maintain a consistent experience and personalize the process. The big question is: How does this help businesses improve their hiring process? The answer is simple. A better candidate experience means less time spent on the search, which means a better hiring process overall. When you’re able to answer questions and provide information to candidates in a faster manner, the candidate will be more impressed with the organization and be more likely to apply. Moreover, it is highly convenient for the applicants when they’re able to stay updated in the process, regardless whether they are traveling, running errands or pursuing an interest.
Reduces Cost of Hiring and Time-to-Hire
AI based recruitment platforms are being widely used in today’s job market to attract and engage jobseekers. AI chatbots have been a popular way for companies to increase candidate experience. According to research, 4 out of 5 HR professionals use chatbots to assist in their work. In fact, the rate at which companies are adopting chatbots is increasing by 40% every year. According to a few reports, companies that use chatbots in the hiring process can reduce hiring time by more than 30%.
In a recent study by Oracle, it was concluded that the average cost for a single hire is about $4,000. This cost does not include the cost of the training and onboarding of the employee. The reason behind this is that the cost of losing an employee is higher than the cost of hiring a new one. It can take the form of a complete loss of productivity in the initial days, or a complete loss of the customer base in the case of a sales rep. In the recruitment process, a lot of time is spent by HR managers in identifying the right candidate. A lot of time is also spent in the process of going through the resume, calling the candidate, scheduling interviews and then calling the references. With an AI-based recruitment platform, all these tasks are automated and the enormous amount of time saved can be used in other productive activities like building strategic relationships with potential employees.
Chatbots are capable of sifting through hundreds of applications and resumes, and they can assist recruiters in screening and shortlisting candidates. They can also be used to automate the application and resume submission process. Chatbots and other recruitment automation tools can be used to send out invitations to job openings, screen candidates, schedule interviews, shortlist candidates, conduct robotic video interviews, automate multiple engagements in various channels or even pre-fill application forms to name a few.
Improves the Quality of Hire
Hiring the right person for the right job is a critical and time-consuming aspect of running any business. This is even more true of businesses that need to fill in emergency positions or rehire employees with critical skill sets. A great employee can do wonders for your business, but a poor hiring decision can utterly ruin your financial and operational performance.
It’s not just about using a chatbot to automate the recruitment process. Chatbots in the recruitment industry are used to improve the quality of hire, not just to speed up the recruitment process. How? By providing a platform for candidates to answer compatibility questions, which can make the hiring process much more efficient. AI recruiters can be more of a tool for the hiring manager, to help them make better hiring decisions.
Companies that have started using chatbots to screen resumes have reported a 15% increase in their return on investment. When a company is able to improve the quality of hire, they are able to improve their bottom line. In fact, a study by Bersin by Deloitte showed that the companies that improved their quality of hire by 10% had an average of 13% in revenue growth.
Enhances Employer Branding
AI chatbots are a natural fit in the recruitment process. They offer huge improvements in employer branding and employee management. Chatbots improve employer branding in the recruitment process in a number of ways. By interacting directly with candidates and potential hires, chatbots relieve recruiters from some of the most time-consuming tasks and reduce their level of emotional involvement in the process. This results in a more personal approach with candidates and helps to avoid costly mistakes. There are no biases and no emotional connection, which can often help the hiring managers make more rational decisions, thus paving the way for a diverse range of candidates; this would upgrade the work culture, as well as polish the company’s image. Chatbots also allow for precise and personal communication, which is often the deciding factor in the candidate’s choice. They offer a better candidate experience, which is often neglected in the recruitment process.
With more than 13% of all job applications being submitted through Facebook and Twitter, you need to be where your candidates are and you need to be on social media. Chatbots are the best way to stay relevant in your candidates’ lives and to keep your employer brand top of mind. Chatbots can answer simple questions about your company, help people through the application process, and distribute your employer branding messages.
The recruitment market is constantly changing and improving. More and more companies are looking to adopt AI-based platforms as a means of streamlining the process. It isn’t just about saving time and money, it’s about saving people. There are many reasons why a company would want to use a hiring platform like Zappyhire, but for most companies the biggest need is for the platform to help them make better hiring decisions.
Zappyhire’s AI-based recruitment system uses a combination of advanced machine learning and artificial intelligence to organise large volumes of data in a way that is accessible to both recruiters and candidates. It is available as a solution for organisations of all sizes, on a fully managed service or as an on-premise solution. Organisations can use Zappyhire to create a customised platform with a wide range of features and integrations, and to add a wide range of candidate experience options. Zappyhire’s AI-based recruitment system is used by organisations in the UK, Europe, the US, Australia and India to find talent and manage their recruitment process.