Are you spending too much time trying to find the right candidates?
Your recruiting time is valuable; in the modern era you can’t afford to waste your time on anything but the highest value tasks.
Your time is best spent on the things that accelerate your recruiting operation and engage your best candidates, not looking through piles resumes or spending hours on qualifying phone calls!
Artificial intelligence has made it easier than ever for recruiters to be more productive and focus on what really matters - connecting with candidates.
AI can prove to be a valuable asset for your recruiting department at a time when finding new candidates is becoming more difficult than ever.
SHRM estimates that over two-thirds of HR professionals (68 percent) report challenging recruiting conditions in the current market.
In addition, the average cost-per-hire for an external candidate hovers around $4k, while the average time to fill a position is around 42 days (2016 estimate). These costs have only risen for many companies in recent years.
AI allows you to efficiently look at internally sourced candidates (who are already in your ATS) first and foremost for a new position. That alone can save you a significant amount of time and money compared to always having to rely on external hires.
Do you need to waste time and money on external sourcing tools?
The decision between relying on internal versus external recruiting is one of the most important considerations for recruiting and staffing professionals.
External sourcing tools don’t need to always be the first option for filling a new position because they aren’t nearly as efficient as what AI is capable of today.
In 2016, over 52% of all hires came from internal sources such as referrals, internal recruiters, existing ATS/CRM data and internal moves but only accounted for 48% of all interviews.
In comparison, external souring such as search engines, job boards, or other sourcing tools only produced 48% of all hires but produced 62% of all interviews. When using an external sourcing solution you will need 4x the number of applicants in order to make a hire compared to using an internal sourcing solution!
This means that internal sourcing such as Avrio AI's recruiting platform is 4x more efficient than any external sourcing method.
In addition, consider the cost to hire someone externally versus internally. It’s estimated that internal hires can cost up to 50% less to hire compared to external candidates.
This is due many reasons including the cost to advertise new job postings, the time required to screen large quantities of resumes and perform background checks, and the other extra work that may be required to get a brand-new external candidate up to speed with your company.
The candidates in your ATS are in a much better position to efficiently fill a new opening compared to an external candidate interacting with your company for the first time ever. AI helps you evaluate, screen and engage those ATS candidates immediately for new roles so that you can look internally first.
Why you should leverage the candidates that already exist in your database
When looking to hire externally, you may be dealing several different lead sources, from online job postings to walk-ins, recruiting events and more. Managing all of these lead sources on top of manually screening each resume can quickly become overwhelming.
There’s no need to try to juggle multiple external candidate leads when you likely already have several former candidates who would make an excellent fit.
Rather than scrambling to acquire a vast quantity of leads from external sources, a much more preferable alternative is to focus on the quality candidates that already have a relationship with your company.
Avrio AI allows you to leverage the quality leads you have right now. There are likely plenty of great fits for new jobs within your ATS, but candidates are often lost in the “black hole” where their resumes are received and never responded to.
That “black hole” won’t exist when you properly leverage an AI recruiting platform.
Avrio AI uncovers quality candidates for faster and more efficient hiring
The big benefit of utilizing AI in your hiring is that it maximizes the value of the candidate data you have already worked so hard to acquire.
Looking to external sources every time you need to fill a new job can quickly begin to feel like you’re running in circles. The candidate leads are endless, new resumes fly in all the time, and people inevitably get neglected.
Avrio’s AI-powered matching creates a deep skill profile for every candidate by understanding the meaning and implications of all skills necessary to perform a job. Unlike traditional key word searching used within the ATS, our machines create a holistic view of every candidate in your database and assign them a single grade with our unified Scoring System called a ‘FitScore'.
The FitScore is an easy way to determine which candidates are the best potential fits for the job. This way, you get quick access to candidate shortlists to work from, saving you endless hours on sorting through external candidates and then working overtime to narrow them down into shortlists manually.
Taking it a step further, we then engage each matched candidate with our conversational AI chatbot, Rio. Rio has personalized and entirely machine driven conversations with millions of candidates simultaneously, 24/7 to further qualify them for the job. Instead of spending over two hours a day trying to track down candidates to no avail, you can now focus your energy on the top candidates who have been screened and are primed for the job.
With AI, you’ll find some really awesome, talented candidates that you otherwise would have totally overlooked! And they’ll be grateful that you gave them a second look – especially considering the fact that so many candidates are unhappy with the lack of communication that has negatively affected the recruiting industry.
Get a demo of Avrio AI today, and see how it can streamline and improve your entire hiring process.