Encourages diversity & helps choose the right candidate
While enterprises promote diversity, equity and inclusion when hiring an employee, there could be situations that lead to human biases that could impact these decisions. However, these biases have no effect on any AI applications, making them truly objective in their search for hiring the right employee. With the correct tools, enterprises should be able to screen, recruit and retain the most suitable candidates for the required positions.
AI-led Processes Help Create A More Accurate Predictive Analysis
Predictive analytics provide an in-depth insight into the effectiveness of the hiring efforts. Enterprises now have the option of turning to predictive analytics-based talent acquisition solutions to improve employee retention, as the results help understand talent behaviors and predict factors like the retention probability of the newly hired employees and so on.
Transformation of overall candidate experience
A Career Builder's 2017 study suggests that almost 78% candidates believe that their experience while interviewing with a company is a direct reflection of the overall culture of the organization. The same study also suggests that 82% of hiring managers surveyed agree that positive candidate experience is of paramount importance. AI-based candidate sourcing, screening, automated interview scheduling and virtual interviews are some of the methods that allow a smooth candidate experience.
Technology has overhauled the recruitment processes everywhere including the healthcare sector. An article published by Boyce, Browne and Greenhalgh in 2014 states that social media recruitment and application tracking systems make the process of recruitment faster and more cost-effective. However, it is crucial to understand that it is not wise to rely on social media alone; the recruiters must employ a 360 degree approach to get the most out of this wonderful tech-led human-enabled phenomena that is the future of healthcare.
To address this, more than half of businesses globally are prioritising internal promotions (55%) and a further 57% are investing in job matching technology to fill this gap, says the surevy.
No resources are being spared in the effort to retain talent with 44% of companies adding learning and development allowances to their budgets, 42% adding employee recognition programs, and over half (54%) increasing employee compensation.
The increase to salaries comes as employee expectations have evolved during the global pandemic. Better salary is now the key reason driving half of Australians to want to leave their job, followed by better benefits (28%) and burn out (22%).
With the latest figures from the Australian Bureau of Statistics revealing a 2.2% overall wage increase in the 12 months to September 2021, The Great Resignation could see these figures rise exponentially as hiring managers offer increasingly high remuneration packages to attract and retain talent in 2022.
Despite the potential for wage growth, flexibility still reigns as a key priority for Australian workers. Today, 31% of Australian employees would be willing to take a pay cut to work remotely, and of those, almost three in 10 (29%) would accept a pay cut of 10% or more.
Can’t hire fast enough
In 2020, 16% of employers were able to fill a vacant position in under a week. In 2021 that number dropped by more than half to just 7%. To speed up the interview process while simultaneously ensuring candidate diversity and mitigating bias, over three quarters of businesses have implemented virtual interview tools (77%) in the past year.
This provided over half of businesses with increased flexibility and time saving benefits (54%), with Australian hiring managers demonstrating the highest adoption over the US and UK for use of chatbots during the hiring process to enable communication even outside of traditional working hours.
In Australia, businesses with limited talent pools as a result of lengthy border closures are reframing the way they see talent, with hiring managers expected to increasingly source talent from underrepresented demographics such as mature aged workers (47%), neurodiverse workers (29%), non-permanent residents (28%) and veterans (21%).
Technology is more important now than ever
Faster turnaround time for new hires is the top-ranked change talent leaders want to see in 2022, but a streamlined hiring process has proven to be just as important to the candidate as to the employer.
Over half of Australians (53%) said they would be less likely to apply for a role that has a long hiring
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