Can algorithms improve the decision making in your talent acquisition strategy?
As we noted last week, nearly half of UK CEOs are failing to deal with the impact of AI and automation on their businesses but algorithms can help to improve the effectiveness of your recruitment process.
Why HR needs algorithms
Algorithms are processes used in problem solving or calculations. HR uses algorithms in recruitment software to screen candidates based on specific criteria, for example, qualifications that are essential to meet job performance requirements.
Algorithms offer the following benefits HR:-
Rapid screening reduces hiring time : Algorithms connect significant amounts of information at a rapid pace to identify qualified or close match candidates for your vacancies. Advorto’s recruitment software incorporates, Situational Judgement Tests and GNDs to ensure effective screening in the early stages.
To help make informed decisions : Two fifths of HR directors prioritise interview performance in making final candidate selection. Algorithms can support or challenge those decisions, ensuring you select candidates based on the ‘evidence’ provided by relevant data. Final candidate choice should take recruitment metrics into account.
Reduce unconscious bias : The BBC recently demonstrated the potential for unconscious bias in the hiring process when sending out identical candidate CVs with different sounding names. The use of anonymised CVs in your applicant tracking software will help to minimise this bias.
To improve staff retention : Algorithms in HR software provide more balanced information about your candidates. For one-off roles or positions with specific skill sets or historically high turnover levels, they also help to improve retention. When using algorithms, one case study showed that new hires stayed in jobs 15% longer compared to those selected by HR. The creation of a candidate persona can also help to reduce turnover when combined with algorithms.
Why algorithms need HR
To be effective, algorithms 'require human intuition, experimentation, and iteration', according to the Harvard Business Review.
Algorithms in your recruitment software filter applicants based on HR's input. For that it is vital to review the following on a regular basis:-
Understand your metrics : Understanding your key metrics such as time to hire, cost per hire and your most successful source of hire is basic information provided by algorithms. For example, data offers insight into the most popular times for candidates applying to your job posts, how long it takes for your hiring team to respond and details of the total number of views per job post, against the number of applicants.
Get your brand right : Support your hiring strategy with a talent recruitment system that reflects a positive brand message. Our previous article provides advice on how to improve your employer brand.
Adapt to your talent : 2017 promises to be an unpredictable year in recruitment with Brexit and the gig economy continuing to disrupt traditional hiring strategies. Choose recruitment software which allows you to track and monitor qualified candidates throughout the hiring process, including onboarding.
Choose cloud based software : Technology is evolving at a swift pace. Growing numbers of employers are now making the move to cloud based software to keep pace with the constant changes. Don't get left behind.
Tap into the advantages offered by algorithms in world class recruitment software and hire better people faster. Contact Advorto today.
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