Hiring has entered a whole new era in 2022, and there are a multitude of factors that have come to shape it. For one, the pandemic changed many people’s perspectives on how work-life should look—with 97% of respondents on a Flexjobs survey saying that they would prefer remote work or some form of hybrid remote work.
In addition, phenomena such as The Great Resignation have also occurred, where people are leaving jobs in droves. This has caused a different kind of working-class, where there is a more even playing field for employers and employees, and both are trying to understand one another better.
Surveys reveal that recruiters using Artificial Intelligence (AI) find it to be most helpful within the categories of sourcing candidates (58%), screening candidates (56%), and nurturing candidates (55%)—demonstrating AI’s vital importance all along the hiring continuum. Let’s take a look at the most significant ways that AI is impacting hiring, and how one company is helping to ensure a diverse talent pool for companies
Cultivating More Diverse Hiring
It was found that insight-driven businesses are growing at an average of 30% each year and in 2021 they were predicted to take $1.8 trillion annually from their less-informed industry competitors.
This is especially important when it comes to finding and selecting a broader allocation of candidates because diverse companies enjoy 2.3 times higher cash flow per employee. If the monetary incentive wasn’t enough there are plenty of other ways companies can benefit from implementing AI that in turn helps achieve better equal opportunity hiring.
Through AI’s ability to better extract data and then apply machine learning to it, it can better allocate a broad spectrum of candidates—tapping more accurately into a diverse hiring pool. This will be key for the future of the hiring process because 48% of Generation Z are racial or ethnic minorities. So in order for businesses to reach nearly half of the next generation’s crop for hire, diversity must be a priority within the company’s hiring strategy.
Alongside past advances in automation, AI has been shown to help increase levels of productivity, specialization in job roles, and accelerate the importance of “human skills” like creativity, problem-solving, and quantitative skills. This helps companies to not only have a more diverse, but also a more well-rounded workforce.
Providing Tools For Equal Opportunity Hiring
One economist found that AI-related changes will result in an increased GDP of $3.7 trillion for North America before 2030, but unfortunately, these economic benefits will not be evenly distributed. In order for AI in hiring to facilitate both funds and equality, it needs to be integrated into the hiring funnel so that it can also help provide every candidate and learner with an equal opportunity.
Talview is a company dedicated to providing organizations with digital tools to make more efficient, informed decisions throughout the lifecycle of their talent—from recruiting to credentialing.
Their AI-powered Measurement Platform reduces bias with intelligent insights, enabling data-driven decisions, and helping to provide equal opportunity for all. Assisting companies in measuring potential more confidently and equally gives those same businesses an edge in what could be described as a very cut-throat hiring market.
It was found that more than three out of four workers prefer diverse companies, demonstrating that equal opportunity hiring will help companies with the longevity of their employees’ tenure, and also make for a more enjoyable place for individuals to work.
Talview’s platform has seen a 79% growth of net new customers Year-Over-Year (YOY) and a 200% growth in usage for hiring and proctoring—recently receiving US$15 million in Series B funding. Trusted by Amazon, Sephora, and Cognizant, Talview provides the tools needed to extract the right data for companies across industries.
With the insight given to companies through AI, the vitality of the workforce is better supported and both employees and employers can ensure that career goals, skill sets, and equal opportunities are met for hiring in 2022.