News Spotlight

Workers plan to look for a new job this year. Most Americans are planning to look for a new job in 2024 because they desire a higher income (CNBC).

Quiet cutting is the new workforce trend. Employees report seeing their company reduce someone’s job role, so they’ll quit on their own (Fortune).

Young workers skip corporate to enter the trades. Gen Z’s are going into the trades because of rising pay, job security, and new technologies (Wall Street Journal).

Stat of the Week

Most CFOs (86.5%) admit that the main motivation to automate job tasks is cost savings. Aside from that, companies see benefits including quality control (60%), employee experience (51%), customer satisfaction (45%), and the skills gap (27%), says a new report.

To no surprise, companies are adopting and implementing software, equipment, or other technology to automate employee tasks to save money. The growth of wages has also increased the investment in technologies to reduce headcount to reduce the cost of labor. This is especially relevant with the new $20 minimum wage in California and employers already conducting layoffs while investing in automation.

Deep Dive Article

How AI Can Help Employers Expand Their Talent Pool

Finding quality candidates has become even more challenging as of late. For employers, talent sourcing is highly inefficient, with so much time wasted on the wrong candidates and outdated systems and tools, leading to a stressful, tedious, and costly process for employers and job seekers. In fact, Sapient found that it takes recruiters about 54 days to fill each open position that has an average of 100 or more applicants. Candidates are struggling too., SHRM found that half never hear back after applying and only 12% get the opportunity to interview. The solution is to create a more cost-effective and efficient way to match recruiters with qualified candidates.

To do this, we need a better hiring process, one that empowers recruiters to reach out directly to an active, relevant talent pool, and delivers job seekers open positions that fit their skills. That’s why Indeed recently launched its new AI-powered Smart Sourcing product, where employers can source and connect with quality talent faster. In turn, job seekers can discover open roles that better fit their qualifications.

Their new Future of Hiring study found that 74% of hiring managers would prefer to match with qualified talent based on skills and relevant experiences instead of searching for them. In addition, almost all (97%) hiring managers surveyed believe they would hire more people faster if they could instantly connect with candidates during the sourcing process. Smart Sourcing gives employers access to an active talent pool, meaning candidates who have been active on the platform in the past 30 days, and through its AI-powered job matching engine, brings relevant candidates directly to employers. By inviting candidates to apply and schedule interviews, employers can narrow down their talent pool faster and make better hiring decisions.

AI is revolutionizing the hiring process by enabling recruiters to make the shift from merely hoping the right candidates apply, to being matched with the best talent automatically in the first place. By using AI-powered technology, recruiters can enhance the candidate experience, feel more empowered, and increase efficiencies that enable them to hire better and faster!

Enhancing The Candidate Experience

One of the most significant ways AI is improving the recruitment process is by enhancing candidate experience. While it is difficult for recruiters to get back to candidates about where they stand in the hiring process at scale, it continues to be a top frustration for candidates. The study found that 54% of candidates say their biggest pain point during the initial communication with a potential new employer was that it takes too long to hear back about the next steps. AI-powered communication can create an AI-generated message based on a candidate’s profile that reduces the manual effort it takes to contact users. In this way, recruiters can ensure that candidates are acknowledged and cared for during the hiring process.

By offering personalized and responsive communication, AI-powered tools help candidates feel valued and engaged, creating a positive impression of the organization and its employer brand. AI-driven algorithms can also analyze candidate interactions and feedback to identify areas for improvement in the recruitment process, ensuring that candidates receive a seamless and user-friendly experience from start to finish.

And that’s where Indeed’s AI-powered Smart Sourcing platform comes in. The AI-powered outreach tool makes connecting with candidates easy. It uses AI-generated custom messages to contact matched candidates so you can make sure that you aren’t ignoring qualified people from your talent pool.

AI-driven candidate matching algorithms can help recruiters identify the most suitable candidates for a given role based on their skills, experience, and work preferences. By analyzing vast amounts of data from resumes, job descriptions, and candidate profiles, AI can identify relevant patterns and correlations to recommend which candidates are most likely to succeed in a particular role.

Indeed’s AI-powered Smart Sourcing tool does just that, recommending qualified candidates based on your job description, and providing candidate highlights to help you make more informed decisions. Often recruiters are not always able to fully understand what makes a candidate relevant or unique. Candidates get passed up, even unintentionally, because of a lack of experience or another small requirement. Now, AI-powered candidate highlights/summaries are giving recruiters/employers context on why someone is a good fit or not beyond just their resume or education, speeding up the evaluation process.

Empowering Recruiters

AI allows recruiters to focus on building meaningful connections with candidates, and ultimately make more informed decisions. The survey found that 92% of hiring managers think they would be more successful if they could understand a candidate’s preferences, including their current job function, salary requirements, and openness to a new role, before reaching out.

By automating time-consuming and repetitive tasks such as resume screening, candidate sourcing, and interview scheduling, AI frees up recruiters to spend more time engaging with candidates and assessing qualifications and skills. By using AI to decrease the time to hire, recruiters can connect with qualified talent faster.

Increasing Efficiencies

AI is now being used to automate sourcing, especially the most tedious tasks of sifting through applications and connecting with candidates, to make the entire matching process more efficient for all. Without relying on AI to improve your sourcing, your competitors will have an advantage over you. Gone are the days of hoping you get the right candidates to apply. Now, with Indeed’s Smart Sourcing tool, you’re able to connect with candidates instantly, schedule interviews immediately, and learn more about your candidates’ qualifications, to make a match faster.

As AI-powered tools continue to evolve and recruiters and job seekers continue to take advantage of their benefits, recruitment will only become more prominent, reshaping the way organizations attract, engage, and retain top talent in the future.

Thanks for reading — be sure to join the conversation on LinkedIn and let me know your thoughts on this topic.