Harnessing AI for Talent Acquisition: The Future of Executive Search
AI has impacted virtually every corner of our lives, from the apps that we have on our phones to the technology that has been implemented to make our days run smoother! Within the world of work, however, AI has also had a substantial impact on how teams operate and ultimately, what the future of work could look like.
We have previously spoken about AI in the context of leadership, but how about how we can harness it for Talent Acquisition? AI has already proved that it can revolutionise talent for executive-level positions, as well as general screening for any type of role.
However, AI has been demonised as there are fears that it will eliminate the human element that is craved by many candidates. Although robots can be programmed to be incredibly intelligent - the intricacies of the human mind (and the complex emotions that we experience on a day-to-day basis) cannot be replicated by a machine.
Instead, AI can be harnessed and used as an excellent addition to the human mind - especially when looking at Executive Search.
Why do organisations use Executive Search?
Organisations use Executive Search firms for two key reasons: hiring a senior role (often at C-Suite) that requires in-depth research, or for roles that are a mixture of being incredibly senior but also highly technical. This means that for either requirement - a deep look at the market is necessary. Finding an executive takes time, and many organisations don’t have said time or resources to allocate alongside the other responsibilities that they have. So, they outsource to an Executive Search firm that can accurately represent them as well as take the time to scour the market.
Flaws within Executive Search
Executive Search has always been accepted as a longer recruitment process - due to the level of research needed as well as often needing longer interview processes. However, AI allows Executive Search firms to operate at a faster pace - thus being able to provide a better service to clients as well as candidates.
Forbes produced a compelling piece on AI’s roles within Talent, highlighting:
“[Recruiters] must race against time to find the best candidate before all of their competitors, or the company itself. They don’t have the luxury to “waste time” on menial tasks or people who aren’t a fit. The business model forces a recruiter to become intensely hyper-focused only on potential candidates that meet the job description demands. If search professionals don’t prioritise their time, they will lose out on the competition.
AI-powered tools are changing the recruiting landscape in the following ways:
The advanced technology can identify potential candidates who may not have applied to the job but have the requisite skills and qualifications.
It can screen through large volumes of résumés quickly and efficiently, matching job requirements with candidates' qualifications and experience.
AI can use predictive analytics to analyse candidate data, including résumés, social media profiles and online behaviour, to predict which candidates are most likely to be successful in the role.
Chatbots can provide candidates with immediate help and answer their questions about the job or application process. This allows recruiters to engage with candidates more effectively and save time by automating routine tasks.
AI-powered video interviewing tools can be used to conduct pre-screening interviews, reducing the time and cost of scheduling and conducting in-person interviews.”
What does this mean for the future of Executive Search?
It’s clear that the world of Talent Acquisition has to move with the demands of Technology, especially AI. Ultimately, businesses are going to want accuracy, pace, and great results - particularly when paying a premium for Executive Search.
Search firms are going to have to adapt and embrace AI technology that will help them acquire better talent and also keep up with the competition of other Search firms. Whether it’s the latest software or AI tools to improve the time to hire - there are so many options out there for search firms to revolutionise how they operate when hiring talent.
