How to build an intelligent recruiting machine.
Machine Intelligence for Recruiters
Job seeking and recruiting moved to the internet in recent decades, making job listings accessible from anywhere but also introducing some unique problems. Support and tools for recruiters have not moved beyond large searchable profile databases. Whether profiles are curated from public data or hosted in a social network — the fact remains that all the intelligence today, comes from recruiting pros — not from software. The internet has democratized recruiting and job seeking. This has created a new set of problems that remain unsolved such as massive volume of applications that has left recruiters drowning in them, forcing them to personally communicate with many more people than ever before. Other problems like incomplete profiles, poor applications, candidates applying to incorrect jobs and so forth are still unsolved.
A friend of mine; a formidable Talent Acquisition executive at a well known public tech company described her pain to me:
I spend hundreds of thousands of dollars every year on recruiter database subscriptions but my team of 20+ recruiters still has to do all the work. They spend all their time searching, querying search engines, reading profiles, contacting candidates and getting a meager response. We’ve got to find a better way.
The future is now
Lets take a closer look at two McKinsey reports that brings greater depth and perspective to the ongoing transformation of labor markets driven by machine intelligence and it’s massive implications for all of us.
Connecting talent with opportunity in the digital age is a landmark McKinsey Report by James Manyika, Susan Lund, Kelsey Robinson, John Valentino, and Richard Dobbs.
“Labor markets around the world have not kept pace with rapid shifts in the global economy, and their inefficiencies take a heavy toll.” Millions of people can’t find work, yet sectors from technology to health care cannot find people to fill open positions. Many who do work feel overqualified or underutilized” And further…
“As online talent platforms grow in scale, they will become faster and more effective clearinghouses that can inject new momentum and transparency into job markets while drawing in new participants. Our supply-side analysis shows that online talent platforms could add $2.7 trillion, or 2.0 percent, to global GDP by 2025, while increasing employment by 72 million full-time-equivalent positions” And…
Up to 540 million people could benefit from online talent platforms by 2025. As many as 230 million could find new jobs more quickly
…reducing the duration of unemployment, while 200 million who are inactive or employed part time could gain additional hours through freelance platforms. As many as 60 million people could find work that more closely suits their skills or preferences, while an additional 50 million could shift from informal to formal employment.”
The self-evident truth, is corporations cannot find people with the right skills to do the work that powers our economy. And people cannot find jobs that match their skills and preferences. They are ships that pass in the night. We know we can’t sustain this.
Machines will transform labor markets
Another recent report by McKinsey offers perspective on how machines could transform labor markets: Where machines could replace humans — and where they can’t (yet) by By Michael Chui, James Manyika, and Mehdi Miremadi
Automation could transform the workplace for everyone, including senior management…
The majority of the benefits may come not from reducing labor costs but from raising productivity through fewer errors, higher output, and improved quality, safety, and speed.
It is never too early to prepare for the future. To get ready for automation’s advances tomorrow, executives must challenge themselves to understand the data and automation technologies on the horizon today
Machine Intelligence however is a boon to both job seekers, recruiters and companies and, will serve to bring them closer together for a more efficient, less frustrating solution that benefits each party. This is not a zero sum game.
No Faustian bargain needed
Now, how is this relevant to the Game of Jobs? Online Talent Platforms have something for both job seekers and employers. Employers can and should leverage machine intelligence to extract value to improve their bottom lines and job seekers should leverage machine intelligence to improve their careers.
Save time, money and hire better.
With Machine Intelligence supporting them, recruiting pros will be more productive, make less errors, deliver more with higher quality.
- Recruiting pros miss good candidates 50% of the time simply because it’s physically and cognitively impossible to review hundreds of resumes accurately. A Machine will never miss a good candidate.
- Recruiting pros are drowning in applications. No one can or should review every single resume. Let a Machine do it and present good matches to so they focus their time on closing good hires, not drowning in resumes.
- No recruiting pro can talk to every single applicant and offer a conversation of real value. Let a machine do it in a way that saves recruiters time and cognitive costs and still provides key information and transparency to the applicant.
Our company Avrio has built a powerful AI Talent platform to support both job seekers and employers. Take a look.