Planning for Competitive Advantage? Start looking at Artificial Intelligence in your recruitment process. 

People are an organisations greatest asset, and they are also usually its greatest cost. The difference between a team that is performing and one that is not is night and day, and that reflects in the organisation’s productivity, performance ratios and, its bottom line profit. For example, a good salesman always meets or exceeds their quota, a real asset. The cost of a bad salesman is salary, expenses, PLUS that lost revenue, which has probably gone to a competitor. There are further costs in management time, further training or recruitment, team disruption, and those very necessary HR processes. How is actual revenue and cost looking against plan?

The early case studies on the successful use of Artificial Intelligence in recruitment are very encouraging. 70% reduction in recruitment time, much higher interview to hire ratios, 80% reduction in time from application to offer and the removal of bias. Candidate feedback has been positive about the recruitment experience.

The biggest positive impact, on organisations who get this right, will be after six months, a year, two years, three years, five years. Early indications show that attrition is lower amongst AI process recruited hires. If the AI process is hiring employees who are a better cultural fit, as well as intellectually and technically more capable you have employees who like their company and they perform well at work. Welch’s top right quadrant.

This is a wake-up call for all organisations in all industries. Those organisations that improve their hiring process now, will see better company performance over the short, medium and long term. There will be a positive impact on individual, team and organisation performance, and attrition will be reduced. This is going to be a significant competitive advantage for early adopters who get it right, and one which we believe will be increasingly scrutinised by stakeholders from potential applicants to shareholders. And, a positive impact on bottom line profit.

New AI recruitment platforms are emerging every day and they are addressing part or all of the recruitment process, and some are quite specific to the type of role. We have been analysing the platforms and early case studies, and we’re building a picture of good practice.