AI-powered hiring initiatives can increase revenue by 18 percent and boost profit by 30 percent. To stay competitive, it’s time to look into leveraging your your own AI solutions. Join execs from Adecco, LinkedIn, and Trivago to learn how how AI is revolutionizing hiring processes and saving money and time in the bargain.
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“Hiring is so fundamentally important, because winning teams are the determining factor in the success or failure of companies,” says John Jersin, head of product at LinkedIn Talent Solutions. “Investing in the hiring process as much as possible is very important.”
Today that means investing in artificial intelligence. The company has increased their investment in machine learning and AI for their core products by about 10X, Jersin says.
AI tools can combine dozens of signals to understand attributes for every member on a job board simultaneously. Are candidates open to new opportunities? Are they open to relocating or staying in a particular location? Have they interacted with similar jobs, or your talent brand? AI processes the answers to all of these questions get scored and ranked, enabling searchers to see the people who fit best at the top of your search result on the basis of these dozens of signals.
AI delivers candidates more effectively to recruiters and with AI tools able to show employers the right potential employees to reach out in the first place, candidates are now twice as likely to respond, and each message is twice as likely to turn into a hire.
“2X improvement in efficiency is without a doubt one of the biggest moves we’ve seen in the industry, and we’ve been able to provide that at scale to all of our customers,” Jersin says. “It’s not a single use case. That’s everybody.”
But the key benefit, he says, is actually a human one; the tremendous amount of time AI saves can then be poured back into the human side of hiring. That enables a deeper investment in your candidates and your company: It can create space for conversations with potential hires that help you really understand what people want and what they’re looking for in a role. And it lets you dive into the essential conversations that center around your hiring strategy, refining how you’re operating as a company and zeroing in on the kind of talent you’re going after in the first place.
As shiny as new technology can be, Jersin counsels careful forethought before sinking resources into a massive AI undertaking,
“Too many companies hear about AI, think they need to be getting on board, and then jump in somewhat blindly,” he says. “It’s very important for companies to take time to think through what it is they’re trying to accomplish, and what their situation is at the outset.”
There are three broad use cases that AI can be applied in the hiring: filtering, finding, and efficiency. And it’s worth spending time as a company figuring out whether you’re in a situation where you have far too many applicants, and you need to filter down to a smaller number. Are you in a situation where you don’t have enough, and you need to have AI to find some that you wouldn’t think were a fit normally? Or do you simply want to capture some efficiency gains, but aren’t at either extreme?
After understanding that, you can talk much more intelligently with providers about how they might suit your needs, but note that problems like retention pose particular challenges. Any AI solution targeting retention is generally going to take a very long time to improve and mature, whereas solutions that aim at hiring itself is an easier problem, because hiring happens all the time. Systems that predict those outcomes can learn and get better much faster.
At the end of the day, he adds, data (powered by AI) wins. There are so many startups out there that claim to bring AI to various processes, but time and again, it is clear that the companies that have data at truly large scale are able to best leverage that data in these AI solutions. And investing in those solutions is a winning bet.
“There are so many jobs out there, and so many people who are ready to fit them, that insuring that the whole hiring marketplace drives at higher velocity and higher efficiency is not a zero sum game,” Jersin says. “The more connections we make, and the faster we do it, the better it is for both companies and candidates.”
To learn more about how AI hiring solutions can improve productivity, strengthen your workforce, increase your competitiveness and create efficiencies, don’t miss this VB Live event!
In this webinar you’ll learn:
- How to find the right talent faster, using data-driven AI
- The best tools to find quality candidates who progress to face-to-face interviews
- How to assess and measure existing talent to become smarter about avoiding bad hires
- How to engage and grow current employees to decrease the costs of high turnover
- Whether your recruitment and retention efforts are “AI-ready”
- Angie College, Vice President of Operations for Adecco USA
- John Jersin, Head of Product, LinkedIn Talent Solutions
- Rolf Schromgrens, CEO, Trivago
- Maribel Lopez, Strategic Advisor, Lopez Research
- Rachael Brownell, Moderator, VentureBeat