Cadenza Chronicle

By next year Millennials will make up 75% of the global workforce.

This brings with it a whole host of challenges for employers, but there is help on the way.

The very thing that is spearheading this change and revolutionizing the workplace – artificial intelligence, could also be the thing that saves it.

6 Months To Breakeven

This is the average time it takes a business to break even on a new hire.

When taking this into consideration, it becomes clear why getting recruiting right is critical, yet so hard.

According to multiple third-party and in-house recruiters, three of the most commonly used candidate sourcing techniques today are:

• Getting in touch directly with specific candidates
• Targeted ads
• Social media

Problems abound with each.

The first method is the most time-consuming, while yielding too few candidates.

Targeted ads solve the time conundrum, but bring forth a flood of candidates, often far too many to reply to and review on an individual basis.

As for social media, it can be the worst of both worlds. Taking time to create compelling content that accurately represents your value proposition, while also attracting far too many non-local applicants to sort through.

So, what’s the solution?

A new, controversial technology is beginning to solve many of these talent acquisition challenges and transform the workplace.

The Evolution of HR

Over the past three decades, ever since the introduction of the PC in the office, the human resources function has changed drastically.

It has gone from a paperwork-heavy administrative function, documenting company policies and employee benefits to a primarily people-facing role.

Along the way, new technology and data tools have helped streamline many manual processes and now artificial intelligence, is making HR more efficient than ever, starting with recruiting.

According to Gartner, 38% of HR managers have explored or implemented AI solutions.

Of those who have already implemented AI, talent acquisition has been the top area for its use and one AI agent is leading the way in this area.

Revolutionizing The Recruiting Process

A commonly-held misconception is that AI will replace employees.

This has caused some trepidation about fully embracing the technology.

However, at this stage, even the most powerful quantum computer, can only process information faster. Not perform all of the complex tasks that the world’s most capable super computer, the human mind, can handle on a daily basis, while using far less resources.

Simply put, AI compliments rather than replaces.

One AI-powered application does this better than others – Cadenza-backed Ribbon.

The first step to finding your next hire is screening candidates, an ardous, time-consuming task.

Picture this: You block out hours of time or even dedicate an entire day to interviewing and then screening out candidates.

However, something comes up that requires your immediate attention or one or more candidates ask to reschedule and all of a sudden, that day you set aside turns into several days, a week, or more. Sound familiar?

But what if you could completely eliminate any last-minute demands on your time, cancellations, and sifting through a mountain of applications?

Ribbon’s Recruit AI efficiently and effectively works for you around the clock, handling the initial stage of the talent acquisition process.

It starts by automating all initial screening calls with the help of proprietary AI technology.

Ribbon’s natural-sounding AI provides a conversational experience while accomplishing two things.

First, it saves you time by having the convenience to be scheduled at the candidate’s discretion. This means no more blocking out parts of your day for first round of interviews.

Second, it also does the heavy lifting by providing automated summaries for each interview, making it easier for you to review and progress candidates to the next stage of your hiring process.

However, the benefits of Recruit AI don’t end here.

Scaling Your Hiring

Besides automating the first stage of the recruiting process, Recruit AI also scales your hiring.

During the initial candidate screening interview, Ribbon’s AI collects data on facial expressions, moods, verbiage, and more.

It then analyzes and organizes this data to rank candidates and provide insights, making it easier than ever before to make decisions.

Any candidate that is moved along to the next interview stage can then easily be tracked through Ribbon’s third-party integrations with a host of enterprise platforms, such as Workday, BambooHR, and others.

One case study encapsulates this perfectly.

Digital agency Tactable serves some of the world’s largest brands, from Wal-Mart to Shopify and needed a way to streamline it’s recruiting process.

Enter Recruit AI.

Not only did it automate the initial interview and screening process, but it also provided comprehensive analytics and insights each step of the way, drastically cutting down the time it took the company to move candidates through its hiring process.

The end result was a more efficient recruiting and onboarding process that was rapid, reducing the time-to-hire by an estimated 75%, with a minimal learning curve.

As per Tactable’s co-founder and CTO “Ribbon was an absolute game-changer.”

What Comes Next?

AI in HR is only going to become more pronounced.

According to the latest State of HR report, a whopping 70% of respondents admitted that AI will significantly impact Human Resources.

This means that many day-to-day tasks, along with parts of the recruiting process, such as candidate sourcing and analysis, are increasingly going to be automated.

But what comes next?

Over the short/mid-term, as AI gets better at interpreting data, increased personalization will become the norm.

From follow up interviews to onboarding, and benefits on the employee side to the recruiting process and HR strategy on the employer end of things.

The Great Resignation, remote work, and the rising trend of young people opting for gig work are just a few of the things that have changed HR over the past few years. Yet, all of these things will pale in comparison to the effect AI is about to have on HR over the next decade.

If you enjoyed this article, you may also like Raising The Bar: How AI Is Transforming The Legal Practice or The Cloud and AI Combo – Groundbreaking or Conflicting?

If you would like more information on our thesis surrounding AI in HR or other transformative technologies, please email info@cadenza.vc