People are the biggest cost to any organization. My salary and my team’s salary contribute to the majority of my annual market budget. This is definitely the case for most people I speak with on a daily basis. However, it’s the people that present the greatest opportunity for any business to shine over their competitors. Just ask yourself…would you ever go to a restaurant or a retail establishment where the people made it difficult for you to even be there? I am assuming the answer is NO.
In today’s world of big data and digital transformation, artificial intelligence (AI) is fundamentally changing the way we find that key talent. When we look back in a few years, we will laugh at the way we use to shuffle resumes and perform all that manual sourcing and recruiting work. By aggregating and understanding the massive amounts of candidate data and marrying it with business data, the AI can help us understand insights on what drives the decision for individuals to change jobs. AI is almost like having a scope in the candidates’ psyche and mind. That’s a powerful tool just waiting for you to harness.
ENGAGE is an AI-powered recruiting platform that helps companies identify and target new talent that they were not finding via traditional methods and in traditional pools. These candidates aren’t available on Indeed or LinkedIn. They aren’t even looking for a job. However, our AI and machine learning engine predicts the likelihood that they will respond to a conversation about a potential job change. And after we have helped identify those candidates, the AI recommends personalized messages based on factors like their career progression, skills, peer actions, and the news and events surrounding their company that will get the biggest responses.
The data science powering our AI is based on three decades of validated academic and industry research of the events that lead to turnover. It relies on long term studies of career progression and the market forces impacting engagement and attrition. Each candidate is assigned an engagement score that indicates how likely or unlikely they are to engage in a new job opportunity. We call that an ENGAGE Me! Score. We track hundreds of categories of news and events at the company and individual level, including re-organizations, restructuring, mergers/acquisitions, and layoffs, which are monitored and processed nightly, and are one of the many inputs in the overall model and scoring methodology.
What is cool is that candidates that were rated as “Most likely to Engage” were 2 times more likely to take action in response to the email and 63% more likely to change jobs over the next 3 months. We also predict the factors that the candidate is most likely to find attractive in a new opportunity based on factors including their complete professional history, companies where they worked in the past, environments that they were exposed to, and action taken by their peers. We surface this prediction to recruiters in the form of a 5-point voluntary turnover assessment.
In the age of big data, doing a lot more with a lot less, and the constant influx of information that needs to be processed and analyzed for better results, recruiters and talent acquisition professionals have no choice but to embrace AI. So why not start now. This article by Forbes summarizes it well…
“One of the ways that AI is expected to reduce the workload for employees is by making the mundane tasks of hiring and recruiting easier. Because the technology can automate many of the responsibilities that are time consuming and arduous for workers, AI is expected to be a faster and more efficient alternative for companies to employ as a part of their HR efforts…”
Humans only have so much time and bandwidth, and AI is already filling that gap effectively in a way we've never seen. Systems like Mya can interview and follow up with candidates, meaning we have unprecedented communication channels in the hiring process that simply couldn't exist previously. Combine that with advances in keyword matching and perception, and it's a fine-tuned recruiting system. - Laura DeCarlo, Career Directors International