By Avrio Team • November 12, 2018

Why You Need to Invest in AI NOW

Investing in AI now puts you ahead of the competition in many ways. You won’t have to wait very long before you start to see a positive return.

The sooner that you implement AI in your recruitment strategy, the sooner that you’ll save time and be able to allocate it towards company branding and candidate engagement to stay competitive.

In both the short and long-term, investing in AI pays off in more ways than one.

Consider the following:

The average fill time for a new position without AI is about 44 days and the average cost of each hire is $4,129. 
  • We have been able to decrease the time to fill by 11 days to 33 days on average, and reduce the cost of a hire by 25% (the average cost to hire for our customers is around $3,097)
We give on average 35% of a recruiter’s time back which is equivalent to about 3 hours/day. This is time that would otherwise be spent on resume screening and phone calls.
  • If a recruiter’s average salary is 70k, in a 5-day work week Avrio AI can give back $510 a week, or $26,520 per year.
  • That money was once spent on resume screening and can now be allocated to other initiatives such as improving candidate engagement, brand development and better in-person interviews.

Therefore, from a purely financial standpoint, it’s an obvious decision for many companies to invest in an AI Talent Platform for recruiting as soon as possible.

However, you still may be concerned about exactly how well AI can perform at the top-of-the-funnel tasks that it automates compared to humans.

An AI talent platform like Avrio AI will do an excellent job at these tasks for several reasons:

  • It eliminates human biases when it comes to irrelevant factors like name, gender, age etc. that can result in high qualified candidates being overlooked.

  • It eliminates the errors that can occur when recruiters only have 6 seconds to screen each resume on average (when there are often hundreds of resumes per position).

  • It thoroughly analyzes and gains a deep understanding of every candidate resume in your ATS for each new position - eliminating the dreaded “back hole”

  • It engages every candidate in a two-way dynamic conversation through our chatbot, Rio (available 24/7).

  • It makes recruiting “more human” by allowing recruiters to allocate more of their work week to face-to-face interviews, company tours, selling their unique brand, etc.

Adding to this, AI talent platform gets better and better at these tasks as they receive more and more data specific to your organization.

Investing In AI Now, Allows it to Learn Your Preferences

AI is driven primarily by machine learning. It learns how to do its tasks better through identifying patterns in resume data, the inputs it receives from humans, and other information.

The more company-specific data that is fed into Avrio AI, the better it becomes at proactively matching top candidates for a job, asking qualifying questions through our chatbot, and ultimately shortlisting the most qualified candidates for you to focus on.

These capabilities are already highly advanced with the current build of Avrio AI’s talent platform, and will only become more in tune with your company’s  job needs over time.

So, not only are you going to immediately save time for your recruiters by adopting AI now, but you are also going to see significantly improved job matching accuracy and increasingly shorter job vacancies as time progresses.

Don’t Miss Out on the Chance to Get Ahead with AI

When you hire a new person, you don’t expect them to perform like a superstar right from the very beginning.

They require a ramp up period before they become productive, so they can learn the job and the nuances of the company.

Well AI is very similar. Although it will be productive for you right out of the gate through automation, it takes time to gather the data it needs to learn the specifics of your company to get better at what it does.

Once it does, it will help you fill your job requirements with an incredible speed and reduce the high cost of to hire. So, the sooner you start getting that data into an AI talent platform, the better!

Your competitors already are – AI has been adopted by an estimated 61% of businesses and that number is constantly growing.

So, if you’re thinking about using AI next year, or after your competitors start, you might want to rethink that and adopt it in the near future.

AI fits right into your organization’s main goal to be as competitive as possible. The traditional recruiting model is not made for scale and speed in this fast moving digital era, but AI most certainly is.

Along with helping you scale up, it will help your recruiting department perform their most important roles better – selling your firm, creating a unique brand and culture, building relationships and keeping your most talented candidates engaged!

Don’t miss out and be left behind, request a demo of Avrio AI to see just how cost-effective and impactful it can be right now!