5 Ways Algorithms Can Help You Hire
Algorithms are being used to make the hiring process easier. What are the ways that algorithms can help you hire?
Algorithmic hiring is spreading like wildfire, and for good reason. Algorithms can significantly improve hiring processes. It’s easy to turn away from algorithms because they can seem highly complex and might seem unnecessary. While algorithms themselves might be complex, they actually work to simplify your process drastically. Here is how algorithms can help you hire:
1. Removes bias
As soon as resumes and interviews are introduced to the way you hire, your process is already biased. Anyone in charge of recruiting makes different decisions based on their biases, subconscious or not. Each person has their own idea of what the “right” candidate looks like, but that vision is clouded by bias.
Algorithms clear the clouds and eliminate bias. The factors that an algorithm considers are clearly specified; directly in contrast to inherent human biases. The algorithm used by tilr is especially powerful, as it looks only at the skills of an individual to determine whether they are able to perform a job.
2. Saves time
Using an algorithm automates what would otherwise be a large time-sink: reading resumes and conducting interviews. Cutting out resumes alone can save you days worth of time, but you have to consider the other factors that go into finding a new hire. Potential candidates often go through visual and phone screens after resume checks, then subsequent interviews. Algorithms make these steps unnecessary by simply choosing qualified applicants. Considering the average time to fill an open position is 42 days, you can drastically shorten your hiring process and you’ll need less lead time from posting to hire.
3. Saves money
The average cost per hire is $4,129. Algorithmic solutions can cut the cost-per-hire to a fraction of the national average. The time that you save can also be applied to other functions of your business. When you have more time to work, you can increase your productivity and save the business money.
4. Helps hire the right people
You spend so much time and money hiring because you want the right person for the job. But what if an algorithm could do that work for you? An algorithm can make the right decision because it knows what you need. Algorithms can learn and make predictions based on data, and data is plentiful when it comes to hiring – the most important data being the skills of workers and what is expected of workers. This data can be used to match the right people to a job without bias
5. Increases your talent pool
Some algorithms are title-agnostic, meaning that instead of looking at job titles, the algorithm looks at skills. This yields a larger pool of talent because people are no longer pigeonholed into one industry or job type. For example, someone who has worked as a customer service representative has all of the skills necessary to be a cashier, so an algorithm will see that person as qualified when that person may have otherwise been overlooked.
Once you begin seeing the benefits of algorithmic hiring, its difficult to turn back to the traditional methodology – and that’s not a bad thing. The traditional method of finding workers is outdated and simply doesn’t make sense for a lot of companies. Algorithmic hiring is the future of work. Getting started now could give you the competitive edge.
Have questions about algorithmic hiring or how it could help your company specifically? Check out how tilr can outperform other algorithmic solutions here.