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1、center of excellenceby How AI Technology Transforms Recruiting&Hiring A POWER-USER GUIDE2INTRODUCTION.3THE CHALLENGES TO SOURCING DIVERSE,QUALIFIED CANDIDATES.4HOW AI IMPROVES CANDIDATE SOURCING.9HOW AI BOOSTS CANDIDATE ENGAGEMENT.15HOW AI IMPROVES RETENTION OF DIVERSE EMPLOYEES.18PAYCOR SMART SOURC

2、ING.22ABOUT PAYCOR .23Whats Inside:23THE GOOD NEWS:Talent acquisition leaders are thinking about AI as a viable technology to improve talent sourcing and recruiting.THE BAD NEWS:Most companies lack the data,tools,and knowledge to achieve their goals in a market where AI has become a buzzword,loosely

3、 used by many vendors.However,with the right technologies and training,companies can achieve their hiring goals faster and more efficiently.One of the most exciting features of AI is its ability to tap into a giant pool of passive candidates.Passive job seekers are individuals who are currently empl

4、oyed and not actively looking for a new job,but who may be open to a career opportunity if one came along.70%of the global workforce are“passive”candidates(LinkedIn).Ignoring the potential of this talent pool is a big mistake.“Passive”candidates are 120%more likely to make a strong impact on the com

5、pany that hired them(JobVite).Lets start by outlining the challenges that talent acquisition teams face when they try to hire“passive”job seekers.IntroductionINTRODUCTION4CHALLENGES TO SOURCINGThe Challenges to Sourcing Diverse,Qualified Candidates Limited DataMost companies use tools such as Linked

6、In to source passive talent.However,LinkedIn is only one source for talent data.If youre an engineer,most of your data is likely to be on sites such as GitHub and Stack Overflow.Moreover,with LinkedIn,you are limited to viewing talent within three degrees of separation from you.With a smaller pool o

7、f talent,minorities are harder to find.Limited data also challenges recruiters by making it impossible for them to know if they are searching the entire possible pool of candidates.With limited data,they dont know how many candidates are available for open roles and what can be done to expand that p

8、ool.5Antiquated Search MethodsFor years,recruiters have used keyword search.But keyword search is a method of trial and error in which recruiters sift through listings manually,a surefire way to miss qualified candidates.Recruiters must know every possible job title for their searches and all skill

9、permutations.They can only change one keyword at a time to gauge the impact of that keyword on the total available pool of talent.However,there are hundreds of search combinations that are impossible for human recruiters to run manually.Furthermore,keyword search is discriminatory,because it only sh

10、ows you people with the“right”keywords on their profiles.CHALLENGES TO SOURCING6For instance,Paycors research found that diverse candidates describe themselves diff erently from white males on public profi les such as LinkedIn.Diverse candidates tend to post 10%to 17%fewer skills and write signifi c

11、antly less text about themselves.These individuals are then ranked lower or completely overlooked when recruiters base their searches strictly on keywords.Here is a chart from the Paycor study that shows the skills gap between diverse talent and white males.Diverse Profi les Include Fewer Skills,Mak

12、ing Them Harder to Find77%68%47%63%37%HISPANIC OR LATINXBLACK OR AFRICAN AMERICANWOMENASIANWHITE MALESCHALLENGES TO SOURCING7Discriminatory Job Requirements Hiring managers specify job requirements that are used by recruiters to run talent searches,but these requirements may unintentionally exclude

13、diverse candidates.For example,if the desired job title is“Project Manager,”and recruiters use this keyword in their search,a female candidate who has the necessary skillset but refers to herself as“Program Manager”may be excluded.Or what if the position requires up to five years of experience and m

14、any black candidates have six years?The hiring manager may not mind expanding the required experience to six years,but they have no idea that this is an option.CHALLENGES TO SOURCING8CHALLENGES TO SOURCINGCandidate Engagement is Manual and LimitedAssuming you found your ideal candidates profile,what

15、 are the available options for you to engage with them?You can connect with them on LinkedIn,but you are limited to only 100 connect messages a week.What if they do not respond?You can send them InMail,but there is a limit to that as well.If you have an e-mail address or a phone number you can try e

16、ither,but you may need to send multiple messages through a variety of channels to get a response.To get a high response rate,you will need to personalize the messages.This is a long,time-consuming,labor-intensive process.If you dont send messages to many(hundreds)of candidates,your interview pipelin

17、e will be too small.9CANDIDATE SOURCINGHow AI Improves Candidate Sourcing AI Taps into the Widest Possible Pool of Talent AI tools collect public information from multiple sources,so you can access a wider range of talent without spending hours searching every possible source for candidates.LinkedIn

18、 is just one source,but if,for example,you are looking for engineers,more talent data can be found on sites like GitHub and StackOverflow.AI tools can collect talent data from a multitude of public sources,curate them into rich profiles,and increase your chances of finding the right talent for open

19、roles.By using AI to tap into additional data sources and by curating them into unified and fresh profiles,you can more than double your talent pool,compared to using only LinkedIn,while making it much richer.10Available Talent Pool Analysis for Every RoleWomenVeteransRace/Ethnicity40%WOMEN11%13%10%

20、60%MEN66%OTHER99%NO1%YESASIANBLACK OR AFRICAN AMERICANHISPANIC OR LATINXDiversity in the Entire Talent PoolBreakdown of Talent Pool AnalysisPropensity to Change Jobs8,561255LIKELY TO CHANGEACTIVE JOBSEEKERSPool Quality98,68421,972TOTAL(60%MATCH)TARGETED(70%MATCH)CANDIDATE SOURCING11CANDIDATE SOURCIN

21、GLinkedIn is Just One SourceTalent has digital footprints in multiple online sources.AI Searches for Talent(not Keywords)AI technology can eliminate keyword search.It can read job descriptions,understand them in context,run a highly granular search and curate a list of targeted profi les.Then,machin

22、e learning kicks in.Recruiters can simply rate candidates by“thumbs up”or“thumbs down”and train the algorithms.The software will look for commonalities in the recruiters selections and will prioritize the candidate list accordingly.Simply put,it will bring more“lookalikes”to the profi les that were

23、Thumbed Up and eliminate profi les that were Thumbed Down.In a fully automated AI search,the algorithms will use“lookalike”profi les by looking at profi les of people who are currently employed by the company and have similar job titles,skills,and experience.AI can also improve the search granularit

24、y by assigning diff erent requirements diff erent weights.For example,high importance skills with have a higher weight than nice to have skills.AI search refl ects the way recruiters look at profi les which is very limited using keyword search.12AI can also help close the missing skills gap,by predi

25、cting missing skills and adding them to profi les,ensuring every talent,including diverse talent,does not get overlooked just because candidates failed to include specifi c skills on their profi les.Here is an example that shows how AI can level the playing fi eld for diverse talent by adding“AI der

26、ived skills”to their profi les.37%47%77%68%63%55%81%78%69%42%BLACK ORAFRICAN AMERICANHISPANIC OR LATINX+17%+14%+10%+5%+15%WOMENASIANWHITE MALESMedian number of skills on public profi lesWith inferred skills(by Paycor)Source:Paycor research on over 10 million profi les across roles and functions CAND

27、IDATE SOURCING13CANDIDATE SOURCINGAI Predicts Diversity Categories AI can help identify diverse talent,based on dozens of parameters such as pictures,first and last name,historically black colleges and universities,place of birth,etc.AI can also categorize talent in your potential talent pool to pro

28、vide a full picture of availability for every open role(including breakdown by diversity)so you can adjust your search accordingly.14AI recommends changes to job requirements to increase diversity in the pipeline.CANDIDATE SOURCINGdiversityAI Can Run Search Simulations AI can run hundreds of variati

29、ons of one search and recommend small changes,like tweaking keywords or altering requirements to expand the talent pool.When a job has several requirements,it is impractical to create hundreds of variations of such requirements and see their impact on the number of diverse talent in the pool.Educati

30、onal requirements,seniority level,years of experience,and industry are just examples of requirements that may impact the number of diverse talent in the pool,in addition to skill requirements and job titles used in the search.This is a perfect job for AI algorithms that can run hundreds of search si

31、mulations and come up with recommendations for changing the search to be more equitable.As the changes apply to all candidates,diverse candidates do not receive preferential treatment,but the search will be more equitable and diverse talent will be given a fair opportunity to be considered.15CANDIDA

32、TE ENGAGEMENTHow AI Boosts Candidate Engagement AI is widely used in a variety of marketing tools,but its use in recruiting is limited.New AI tools take candidate engagement to the next level of effi ciency and eff ectiveness.First,AI can fi nd and engage with hundreds of candidates for every role.T

33、he sheer number of engaged candidates is itself a major reason for a higher response rate.Second,AI can optimize the message content and sequence to a science.A specifi c message may work better with engineers,another with salespeople.AI can also determine what engagement channel to use with each ca

34、ndidate,what day of the week and hour in the day are best for sending messages to ensure the best response.Job description landing pages can be optimized similarly to advertisement landing pages and achieve superb conversion.AI-powered campaigns can be reported and analyzed through a variety of dash

35、boards.16Chatbots Increase Candidate EngagementOver the past few years,chatbots have become a go-to marketing tool,and theyre now proving their value for recruiting.AI-powered recruiting platforms automate up to 75%of the recruiting process by answering candidates questions,verifying qualifications,

36、and updating applicants throughout the hiring process(VentureBeat).Applicants who engage with chatbots are more than 3x more likely to hear back from a recruiter or hiring manager.Even more exciting,AI has the potential to help recruiters personalize employee value propositions(EVPs).A boilerplace E

37、VP is not likely to appeal to all candidates.With AI,companies are able to analyze millions of data points that provide insight into a candidates personality and values.From there,AI can construct a more personalized EVP for that applicant.CANDIDATE ENGAGEMENT17AI Engages with Talent at the Right Ti

38、meWhen it comes to“passive”job seekers,its paramount to engage with them at the right timemoments before they start their job search.When they change their status on LinkedIn or write“looking for my next challenge,”its usually too late.AI can predict a candidates propensity to move to a new job.It a

39、nalyzes career patterns,company hiring or firing rates,and signals received from candidates in social networks.This is not something a human recruiter can do,but AI can.AI can even prioritize candidates based on their propensity to leave their jobs.Data and advanced analytics have transformed the wa

40、y companies do business.In the areas of talent sourcing and retention,AI tools are maturing.However,best practices are still evolving.If youre ready to put your corporate commitments to AI-enabled hiring into action,its important to have accurate data,KPIs,and the right tools to work with.CANDIDATE

41、ENGAGEMENT18How AI Improves the Retention of Diverse Employees AI Taps into the Widest Possible Pool of Talent We know its a lot cheaper and less time-consuming to retain than recruit,but not enough attention is paid to understanding why diverse talent leaves an organization.Knowing which KPIs to fo

42、cus on is a first step in addressing churn among your diverse employees.RETENTION OF DIVERSE EMPLOYEES19Here are the main diversity KPIs to consider:Diversity Breakdown First things first.You need to know the diversity breakdown of your employees in terms of race/ethnicity and gender and how that st

43、acks up to your competitors.Average Tenure Average employee tenure helps you benchmark retention rates against competitors and industry standards.If they stay less time at your company,you have an opportunity for improvement.Participation in Managerial Roles Its important to keep track of the divers

44、ity of your management and leadership.Equitable participation in managerial roles is a powerful driver of retention.RETENTION OF DIVERSE EMPLOYEES20RETENTION OF DIVERSE EMPLOYEESInternal Mobility When employees have held more than one job in your company,it means they are happy at your company,but a

45、lso that you are giving employees an opportunity to advance their careers,either laterally or vertically.Paycor Smart Sourcing measures the percentage of people who have had more than one job in the company.The higher the percentage,the greater the level of internal mobility.If that percentage in yo

46、ur company is lower than that of your competitors,you may have an issue to address.There are many solutions for a low rate of internal mobility.For example,for every open role,you can set a rule that current company employees be considered for that role,as well.For many jobs,internal candidates woul

47、d be a great fit with little training and at a much lower cost than hiring external candidates.Risk of Churn AI can predict the propensity of employees to leave their company.This can be used to gauge the risk of losing your employees,especially diverse employees.You not only need to know the percen

48、tage of employees who are highly likely to leave you,but also where those churn pockets are.For example,you may discover that employees with 1-3 years experience at your company are at the highest churn risk level.Data like this will help you address risk pockets at the right places.21AI-powered Das

49、hboards Tracking Main Diversity KPIs Among Your EmployeesAI and big data help companies create a roadmap for hiring and retaining employees in general,and diverse employees in particular.8878777111110109MEN WOMENWHITEHISPANIC OR LANTINXBLACK OR AFRICAN AMERICANASIANAverage Tenure in Years Your compa

50、nyCompetitorsGenderRace/ethnicityRETENTION OF DIVERSE EMPLOYEES22PAYCOR SMART SOURCINGAbout Paycor Smart Sourcing Paycor Smart Sourcing offers an AI-based recruiting function that automates sourcing and increases candidate diversity.The tool sources passive job seekers and candidates from a database

51、 of over 1.5 billion profiles.Customers can reduce time to hire by sourcing candidates actively looking to change jobs and passive candidates who may not be in the market,as well as diverse candidates who may be ideal for the role but overlooked by traditional systems.PAYCOR.COM/SMARTSOURCING23LEARN

52、 MORE AT PAYCOR.COMCALL 844-981-0040 About Paycor Paycors human capital management(HCM)platform modernizes every aspect of people management,from recruiting,onboarding and payroll to career development and retention,but what really sets us apart is our focus on leaders.For more than 30 years weve be

53、en listening to and partnering with leaders,so we know what they need:a unifi ed HR platform,easy integration with third party apps,powerful analytics,talent development software,and confi gurable technology that supports specifi c industry needs.Thats why more than 29,000 customers trust Paycor to

54、help them solve problems and achieve their goals.ABOUT PAYCORBENEFITS ADVISORACAHRLEARNING MANAGEMENTCAREER MANAGEMENTPULSETIMEPAYROLLTIME OFF MGRSCHEDULINGEXPENSE MANAGEMENT ONDEMAND PAY(EWA)MOBILE WALLETWORKFORCEMANAGEMENTTALENTMANAGEMENTEMPLOYEEEXPERIENCEPAYCORSMART SOURCINGRECRUITINGONBOARDINGCOMPENSATIONTALENTDEVELOPMENTLeadersANALYTICSMOBILEANALYTICSMOBILEBENEFITSADMINISTRATION