A new array of cognitive technologies is combining artificial intelligence, predictive analytics, and behavioural engineering to profile future potential and radically reform the recruitment process.
Continuous workforce analytics build “success profiles” based on top-performing employees and competency frameworks through a process of job design. The success profiles create an optimal sourcing approach and identify future talent targets. Cognitive recruiters are also capable of interacting directly with candidates to collect data, evaluate the quality of interview responses, provide status updates, and deliver strategic brand messaging. The outcome is a better candidate experience supported by more meaningful data.
Cognitive capabilities build on mobile and cloud technologies as well as social networks such as LinkedIn, and also include machine-to-machine learning, robotic process automation, natural language processing, predictive algorithms, chatbots and self-learning. These technologies can understand, reason, and continuously learn from interactions with people and data. They quickly gather insights from vast amounts of data and deliver tailored information to improve decision making and create more efficient ways to interact with candidates and employees.
The digital world offers transparency and increasingly it is apparent the candidate finds the employer, not the reverse. Smart companies already know that their employment brand must be visible and appealing to lure candidates. Campaigns to attract and educate candidates are now as important as customer-focused advertising.
Companies not prioritising predictive analytics for their talent acquisition seemingly do so at their own risk. Cloud-based software as a service (SaaS) analytics solution provider PredictiveHire estimated that one of its Australian clients could have saved more than $1 million had it used a pre-hire assessment tool. Without the tool, the client hired more than 80 people during a 12-month period, but lost $800,000 on those appointments as measured in people costs offset by the revenue they generated.
Innovative solution providers are reinventing the applicant tracking system (ATS), augmenting it with other talent acquisition technologies such as candidate relationship management, video interviewing, analytics and assessment. Some organisations are even using simulation and gaming to connect with and analyse talent, particularly millennials.
Sourcing talent creates pressure. As jobs and skills change, finding the right people is more important than ever. The world of recruiting is now a digital experience and smart companies are turning talent acquisition into an opportunity to embrace technology and innovation.