There seems to be a new urgency to improve the candidate qualification process and make it more efficient. But, why is this such an important issue today?
It has become apparent that competition for sourcing and hiring talent is reaching an increasingly high level. Because talent is moving so quickly, companies can lose out on a top candidate in a matter of hours. Organizations not only have to differentiate themselves and improve the benefits and perks they offer to their employees, they also need to be the first ones to make an offer.
The timeline for moving candidates through the different stages of the sourcing pipeline needs to be quicker and more efficient to meet the competitiveness of the market. How can organizations achieve this while ensuring they’re hiring high-quality talent? The answer relies on Artificial Intelligence (AI) technology.
If you manage your talent acquisition program with a vendor management system (VMS) like VectorVMS, you can leverage the power of AI to create efficiencies and guarantee quality in your program. VectorVMS has partnered with Leoforce to offer AI services that speed up the entire talent acquisition cycle. Let’s see how it can benefit your program.
1. AI Reviews Résumés Faster
Let’s assume that your recruiting team looks at over 100 resumes per day, and it takes them around 30 seconds to review each one. Although 30 seconds might not seem like too much time, that repetitive task will eventually take up over four hours per week and five weeks per year of your team’s time. That’s a lot of time to spend skimming through resumes, many of which won’t even be a fit for the role you’re hiring.
By incorporating the power and the advantages of AI into the hiring processes via a VMS, you can greatly reduce the time spent reviewing resumes. AI can rank candidates for you and show you the candidates that meet the specific requirements of your requisition. With the hiring industry flooded with resumes but scarce in quality talent, we need to be strategic with our time and how we spend it—AI can help with that.
2. AI Saves You Money
All that time AI will help you reduce costs. The time saved can instead be used to actually speak to or interview validated candidates directly.
With AI in place, your team can focus their attention on other important areas like candidate experience and onboarding. Ensuring that candidates fit the role and the company culture will save you from the costly consequences of a bad hire. It also leads to a decreased turnover rate—by validating that candidates truly fit the role and the company, you reduce the chances of them leaving due to culture mismatch.
It’s worth mentioning that AI won’t replace any part of the team within the talent acquisition space. Organizations will always need a human element involved throughout the qualification and hiring processes.
3. AI Reduces the Impact of Human Biases
Using AI is a way to help mitigate the biases that people can bring into play when hiring talent. It’s able to consider so many more data points than one person ever could, which allows it to predict the best candidates without falling back on in-built biases or assumptions. AI is also constantly evolving and constantly learning from its experiences. It keeps getting better the more that is used—making better decisions as it grows.
Although it’s true that biases can creep into AI algorithms, Leoforce’s AI technology undergoes proactive, frequent, and reoccurring audits to identify and prevent such biases from taking hold. It has algorithms that run tests for any type of bias. If anything’s identified, it’s removed.
HANDPICKED FOR YOU | ‘Why Internal Audits Are a Key Part of Your Contingent Workforce Program—And How to Run Them’
How AI Recruiting Technology Makes Data-Driven Decisions
VectorVMS incorporates Leoforce’s AI tool into the VMS to create a candidate-matching score system. Each time a candidate is submitted for a job position in the VMS (whether through a vendor or direct sourcing), Leoforce’s AI tool will generate a candidate-matching score. Organizations can then use this score to easily rank their candidates and focus their time and attention on those profiles that really are the best fit for a specific role.
The scoring takes into account much deeper criteria than just the skills listed on the requisition, which is how the VectorVMS application alone would score and rank candidates without AI. It evaluates over 300 different data points to determine how good of a match each candidate is to a requisition.
A lot goes on behind the scenes to generate that one single score for each candidate. First, the tool gathers information on what it takes to be successful in a specific position at a specific company. Then, it evaluates the typical job tenure for these types of individuals, their skills and experiences, their work history and their career progression, their education level, and even the industries that they come from. It also takes into consideration the company culture, which is so vital to every organization.
Combining all that information enables the tool to create an ideal candidate profile. Then, it ranks and scores the applicants directly against that archetype.
Choosing Cutting-Edge Technologies for Your VMS
In conclusion, AI makes hiring decisions that are purely data-driven, helping you to quickly find candidates with the highest potential to succeed at the job you’re hiring for. VectorVMS ensures the seamless integration of Leoforce’s AI technology into the system so that you can benefit from its advantages in an uncomplicated way. Ultimately, an AI-powered VMS will elevate your organization’s recruiting experience and really drive time and cost savings for your strategy.
Want to see the power of AI in action? Contact us to schedule a demo. We would love to show you what our technology can do to improve your talent acquisition strategies!
This article was written based on the webinar ‘Improved Recruiting Efficiencies With AI: The Trickle-Up Benefits to Your Organization’ held by Leoforce and VectorVMS.
Meet the Expert
Zach Haines – Solutions Consultant
Zach joins the VectorVMS team with a wealth of technical experience solutioning SaaS products across a number of different industries. He applies his technical acumen to the VMS and contingent staffing space and works alongside the VectorVMS sales team to deliver a dependable VMS solution.
His role is focused on helping new and existing clients to develop best-fit vendor management solutions for their contingent labor programs. This includes product demonstrations, completing bids, solutioning integrations, and supporting the product team with roadmap initiatives.
Prior to his role at VectorVMS, Zach worked in sales and solution engineering for IT firms in a technical-focused role to provide and implement a variety of products and services. Connect with him on LinkedIn.