Artificial intelligence (AI) as we know is the ability of computers to do tasks that require human intelligence. As we can see artificial intelligence is transforming the way we conduct business. It is also transforming the way we hire. It can do numerous recruitment duties without the assistance of recruiters and with little monitoring. Although executive search is a highly hands-on approach to recruitment and mainly relies on the human touch, there are several ways in which AI may boost the efficiency and efficacy of an executive search while maintaining its hands-on aspect.
Even according to a report, around 52% of talent acquisition leaders say the hardest part of recruiting is screening applicants from a large pool of candidates. In the next few years acquiring talents will be effortless with the help of AI. It has neither eliminated employment nor entirely taken over the HR function. Instead, it supplements the efforts of hiring teams and makes the recruitment process more effective and speedier. This reduces expenses while ensuring higher-quality recruits. According to a 2018 poll, 69% of talent-acquisition professionals said AI had helped them recruit higher- quality prospects.
Here are some instances where AI changed the way how firms operate fundamentally:
Mya, a new AI assistant, has been designed to speak online with job seekers, asking questions about a specific post and assisting them in determining if they fulfil the requirements. Mya can interact with ATS systems to assist highlight the most qualified resumes that best match the job description, taking care of one of the most time-consuming and labour-intensive aspects of a recruiter’s work.
Are there robots onboard? An AI Algorithm was recently appointed to the Board of Directors of a Hong Kong venture capital firm. They credit AI with bringing the company back from the verge of bankruptcy.
Deep Knowledge, a Japanese venture capital firm, found that it was investing far too many “overhyped ventures.” The AI remedied this issue by assisting the Executive Search Services in making more rational, fact-based judgments.
WHAT DOES THIS MEAN FOR A RECRUITMENT FIRM?
AI would assist you in gaining fantastic insights from historical data trends and patterns. In the retail industry, for example, the typical term of a chief technology officer is three years. “This implies you might begin reaching out to potential candidates once they have completed 2.5 years of service,” according to the research. “Similarly, historical data may provide a wealth of information.” What are the most important characteristics of a CFO? What are the most significant obstacles that a CEO faces? All of these issues may be answered through data analysis.”
If you wish to exploit existing and future AI capabilities, building a true database with integrity should be a top priority for your company because data is the new oil.
WHERE DO WE SEE AI CHANGING THE EXECUTIVE SEARCH PROCESS?
- Predict the best possible match
According to a report, Executive Search Firms are improving accuracy by using machine learning algorithms to anticipate the best-suited applicants. “Technology will also help in defining the position and job description,” according to the paper. “AI would restrict the search and present you with the applicants who are most suited for the role.” This saves a significant amount of time throughout the hiring process.”
- The ability to predict/suggest the best-qualified match
Today, database queries should provide the most relevant candidates, but we expect this process to become increasingly easier and more precise in the future. In Biotech, for example, what if you could collect and access candidates connected with research publications in health sciences libraries?
Wouldn’t it be great if AI could push the most relevant scientists to the top of your lengthy list based on what they’ve written, their relative rank on the article, and how many times they’ve been mentioned throughout time?
- Provide the finest possible remuneration
Data about remuneration and benefits for a similar function in the business is available to artificial intelligence algorithms and devices. According to the report, it will assist you to decide on pay and so provide you with more knowledge when you engage in wage discussions.
- Predictive/suggestive compensation data.
How much is this position worth based on all of the relevant data you presently have, as well as market wage trends? It will be considerably simpler to deter recruiting managers from establishing low pay for their prospects if you are diligent in collecting salary data and deal package information. This might significantly reduce the amount of time it takes to go back and forth on pay discussions.
- Analysing gestures:
There are currently video interviewing systems that can recognise facial expressions to measure sincerity and emotional reactions, utilise tone of voice to make judgments, and infer sentiments toward various persons and topics during interviews. While video interviews are too hands-on for CEO search, AI insights might be utilised to enhance and inform the in-person interview process, filtering out any biases that may present.
- Predicting Passive Employees:
Other AI technologies can employ algorithms to forecast how likely passive applicants are to be interested in a position, which can significantly reduce executive recruiters’ attempts to attract passive prospects, which often result in dead ends.
- Analysing personality:
What was once unthinkable will become possible thanks to artificial intelligence. It will allow for detailed comparisons of thousands of application papers. Consider the cover letter, the wording, the sentence structure, and the wording. They provide information on the personality with which I am working. Is it someone who is self-assured and can write freely, someone who pays attention to niceties, someone who has duplicated a manual’s text, are there any typical sentences in it, or is it unique? Is the candidate brave? Does he employ daring, i.e., difficult terminology, or a lot of question marks or exclamation points in his cover letter? Or, like the lamb that sacrifices itself, the applicant says: ” I am a devoted follower, which is why I write the way I do.” Big Data, combined with AI, allows you to filter out exactly that, even with a vast number of applications, and ask what it means.
- Removing Human Bias:
Let’s say if the Executive Search Firm is biased for a certain community, caste or gender. The AI would help to remove such human biases even if they are at a subconscious level.
With the rise of AI serving Executive Search Firms, it would be easier to find better talent all around the world with minimum time, effort & cost. The main benefit is that it would automate high-volume tasks while keeping intact the human touch which is essential for recruiting process. It would also help in finding candidates’ culture fit & improve their relationships with the hiring manager.