Many overburdened recruiters can agree that inefficient recruiting can be costly in so many ways.With budgets already tight, the average time to fill an open position being estimated at 42 days by SHRM , and an average cost-per-hire at around $4,100, there are several disadvantages to a drawn out recruiting process.
This cost estimate only considers the recruiting expenses involved in making a hire. There are other various costs associated with employee turnover that make the entire process even more expensive, including training, lost productivity, and other onboarding costs.
SHRM found that employers need to spend the equivalent of six to nine months of an employee’s salary to fully replace them with a trained new employee. That means if their salary was $60,000, it could cost between $30,000 and $45,000 to replace them or even more!
Employee turnover is inevitable, but how can companies prepare for it and minimize the high cost associated with onboarding a new hire? AI is turning out to be an effective solution.
How AI Makes Recruiting LESS Expensive
We match the best talent to your open jobs faster and with better accuracy. AI drives down recruiting costs by handling a variety of repetitive tasks that waste recruiter's valuable time. It automates resume screening, shortlisting and pre-interviewing with modern, advanced resume processing capabilities and interactive chatbots. Machine learning helps AI get better at it all over time.
Consider the following:
- 52% of recruiters say that identifying the best candidates from the talent pool remains the most challenging aspect of recruitment. Investing in tools like AI that can ease this process in any way can prove to be immediately valuable.
- Recruiters spend an average of 6 seconds reviewing each resume if they do so manually. Not only is this time consuming when there are hundreds or thousands of resumes to review, but many resumes inevitably get overlooked if they aren’t formatted in a readable way.
- LinkedIn found that 78% of companies are prioritizing diversity hiring to improve culture and 62% are doing so to boost financial performance. AI assists with this by eliminating any subconscious biases in your candidate selection process.
- By getting the right people into the right job at the right time faster than ever using AI, companies can reduce the average $4,100 cost per hire immediately. LinkedIn found that AI is a “bold disruptor”, with 67% of recruiters already saying it saves them time.
How Avrio AI Saves Companies Money
As it turns out, AI has already proven to be valuable for lowering recruiting costs, and Avrio AI is no exception.
Avrio AI can immediately free up to 35% of current recruiter workload by intelligently automating most of the selection process. It allows recruiters to focus on engaging the top candidates for each position. If your average recruiter is working an 8 hour day, with Avrio's talent platform we save you $18,000/recruiter! Scale that across your entire recruiting team, and that is a lot of money saved!
Avrio quickly screens every resume against an open job, giving you a shortlist of the top candidates. We conduct qualifying interviews, replacing the traditional phone screen through our AI chatbot, Rio.
Avrio AI also removes subconscious biases from your screening process, ensuring a diverse candidate pool which further adds to the value of your organization.
There’s no need to waste time manually scouring through resumes and trying to read different formats when Avrio can do so with great accuracy for each new job. It even helps you build a larger and more viable candidate pool because it’s never bogged down by resume numbers.
On top of this, Avrio takes all of the data it receives, from resumes to candidate selections, and uses it to get better at what it does through machine learning, maximizing your investment over time.
There’s no reason why it should cost $4,000 and several weeks to fill a new job when Avrio can find the best possible fit in a fraction of the time it takes now.
Try a demo of Avrio AI today and see how it’s being used across nearly every industry for unprecedented cost savings among many other competitive advantages!