Hiring the best candidate for a vacant position is truly a challenging task for employers. Most companies invest a lot of time in an attempt to find the ideal candidate suitable for a vacant position. It can range from spending more money on advertising to contacting headhunters to find more candidates. And then the story continues. Now, with technology foraying in, the recruitment strategies has become more scientific with a comparatively less dependence on personal prediction.
While human touch continues to be a necessity in the overall process of recruitment, the advent of technology has changed the game considerably. Right from Big Data to Predictive Analytics to Workforce Analytics—all have ventured into the domain and has been highly instrumental in revamping the overall process of recruitment.
One of the latest weapons in the arsenal of recruitment strategies happens to be machine learning. With the volume of available information in the hiring process, machine learning can uncover much more efficient methods for identifying several strong candidates.
What is machine learning?
Machine learning is a representation of Artificial Intelligence (AI) that enables computers with the capability to learn without being explicitly programmed. It is primarily accomplished through various pattern recognition processes. For example, if you ask a computer to search for a candidate by identifying patterns in data that produce the best results. In this way, a computer will be able to find correlations and patterns that a human would overlook – eventually leading to a better quality of candidates. Possibilities are infinite beyond this. The capability to foretell upticks and downticks, in a given market is, of course, is a revolutionary new process.
Machine learning would give recruiters a serious advantage over their competitors.
How is machine learning influencing the recruitment strategies?
Needless to say, machine learning has been instrumental in changing the process of recruitment to a great extent. One of the biggest issues for recruiters right now is they have extensive networks, but they haven’t been able to leverage the power of the same considerably. It is where machine learning comes to the rescue.
With the help of machine learning, recruiters can start recognising the pure data points of candidates’ contact information, their work history and their profile. And be able to match those with several opportunities. Machine learning does not select the best candidate automatically; instead, it narrows down the field of search and allows recruiters to focus on analysing the intangibles. From this, a stronger hire can be made, therefore leading to a greater ROI (Return on Investment) from each candidate. Going deeper, machine learning will be able to take a broader view of trends in specific industries and even specific job titles. For example, machine learning can determine that a particular developer has been in the organisation for nearly two years and now there are roughly 90% chances that she will be looking for a new job in the next few months.
Benefits of implementing machine learning
There are several hidden costs in the process of recruiting an employee: advertising, selection, recruitment, onboarding and so on. And all of these come with their set of costs. However, implementing machine learning can help in the process tremendously. While at the beginning it might be a little cumbersome, over time, the implementation of machine learning will end up reaping long-term rewards and benefits for the company.
As you begin to invest more in your recruitment process, develop, and retain individuals in your enterprise, it is of utmost concern that you integrate analytics (machine learning) into your decision making. In the long term, the company will benefit to a great extent.