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Hiring is a complicated, resource-intensive process. This is not news to you. Finding a better way is always on the agenda, because who doesn't want to work smarter? The trick is finding the right processes to streamline because you don't want to sacrifice the needs of your company or the quality of your hires for the sake of cost-cutting or demanding schedules. So what tools are out there to help you bring down your average cost per hire and the average time to hire? Many companies are currently utilizing AI recruiting technology to better track these metrics.
Using AI to improve your time to hire
Chances are, you and your team are swimming in data. Metrics are such an intrinsic part of hiring-we're able to collect data on applicants, on existing employees, on offer packages, everything. But how do you track it? Business intelligence software can help you capture that information, then put it into reports, look at subgroups, and get a reliable picture of how long it's truly taking your team to get from initial candidate outreach to a job offer. It's like hiring an ultra-efficient assistant for your team, one that can help you evaluate velocity and your hiring pipeline with ease.
AI programs are able to do more than tell you how long you're taking to hire-they can also help you identify specific areas that aren't moving as fast as you want. For example, maybe candidates in one particular department take twice as long to recruit, interview, and hire. Or perhaps the interview stage is the lag, and you can take steps to speed up that process. These AI systems not only help you crunch and spin data, but also help you with automating scheduling, candidate outreach, interview feedback, or any other areas that may be slowing down your time to hire.
Using AI to improve your cost to hire
Maybe you haven't noticed any significant lags in how the hiring process moves from application to job offer. But find me a company that doesn't want to improve their recruiting budget. Maximizing time won't help you much if your costs are high to gain that efficiency. If there are inefficiencies in your hiring process, wasted time and resources translate directly into a higher cost-per-hire (CPH). It also likely translates into corporate pressure on you and your team to get that cost down. SHRM estimates that the average CPH is $4,129.
Again, enter AI software. More data means more chances to streamline the process. Recruiting software can not only help you track time to hire metrics, but also help you improve every step in the process to make sure you're getting the absolute most out of the candidates you bring in, and the information you're putting out.
These found inefficiencies may not even be in the places you expect. For example, ''augmented writing'' AI interfaces can help you build a better job description. And what is one of the key expenses of hiring? Placing job descriptions in search engines, on job boards, etc. A poorly written job description, or one that isn't specific enough to the job opening, can waste time when you get 50 applicants who just don't fit the job, but still need to be evaluated and considered. By improving something as simple as a job posting, you're helping to preserve resources and save costs all down the line.
Other programs can help you free up resources by automating things like interview scheduling, rounding up interviewer feedback, and sending a follow-up to applicants. This frees up your staff for bigger tasks, applying the resources in a more efficient way.
These AI programs can't necessarily replace the human touch and insights from your seasoned staff, but as valuable tools, applied in a targeted way to make sure you're using time and hiring budgets to their best advantage, they can help all of you recruit and hire smarter.