Investing in Your Hiring Success: The True ROI of AI for Recruiting
Traditional recruiting chatbots with their static scripts and rigid workflows have made room for Conversational AI-powered intelligent bots (CAI) to take the industry by storm. It helps make the hiring process feel more human for both recruiters and candidates – even when working in high volume hiring scenarios. In-house recruiting teams and staffing firms alike find extreme improvements in recruitment, outreach, and candidate engagement. Recruiters find themselves effortlessly building a talent pipeline and saving hours upon hours spent screening and scheduling potential hires.
Overall, the benefits are clear cut. But besides the positives, conversational AI can be guilty of confusing talent acquisition leaders when measuring ROI for their own records or when explaining their budgets to the C-suite.While #automation is the hot tool in #recruiting, proving the #ROI of AI still proves to be tough. Get the hard numbers with this article from @MyaSystems: Click To Tweet
When it comes to understanding the impact of recruitment automation, it can be tough to know where to start in order to deliver clear numbers around the ROI of AI. The recruiting process is neverending, and there are a lot of moving parts. However, there are a variety of metrics you can measure. Here are the questions any TA leader needs to answer when measuring the performance of their CAI investment:
- Is it building a pipeline for future openings?
- Is it authentically engaging with talent?
- Are candidates satisfied with the interactions?
- How many hours is it saving your team now and in the future?
- Is it saving you the time and cost of making a bad hire?
- Is it helping to build a more diverse team by eliminating unconscious bias?
How much time are you saving?
It’s not uncommon for recruiting organizations to gather metrics like conversations completed, interviews scheduled, candidate satisfaction scores, or passive candidates that are re-activated. If you have this data, that’s all well and good and will add to your comparison. But a great way to truly understand the overall impact of recruiting AI is by looking at time-to-hire. CAI’s overall promise is efficiency without compromising quality, and the easiest way to measure this is by looking at hiring speed. Post-implementation, how much faster are you filling roles?
Recruitment Metrics to Track
|Time to fill||Quality of hire|
|Application completion rate||Candidates per hire|
|Interview to hire ratio||Offer acceptance rate|
|Cost to fill||Retention rate|
|Candidate satisfaction rate||Turnover rate|
Mya Recruit improves the efficiency, speed, and applicant to hire conversion on every hiring path. Here’s how.
- By identifying best-fit candidates and schedules them for interviews
- By supporting various apply paths: message to apply, career site/job board, Facebook, etc.
- By engaging applicants via SMS, web chat, or Facebook Messenger.
Most recruiters follow their career aspirations because they enjoy connecting with other humans and helping them find meaningful career paths while benefiting their company as well. Those career aspirations don’t include the tedious process of screening high volumes of resumes and working as your own receptionist to schedule phone, virtual, and in-person interviews. A solution that solves for these time fillers shows its clear return on investment.
Mya Recruit screens for best-fit applicants fast, for high volume and high touch roles. Mya’s CAI gets this done without sacrificing the candidate experience or employer brand. All the while, your recruiting team can focus on valuable tasks like engaging prequalified top prospects.
Passive Candidate Outreach
Check-in with your talent pipeline.
A large portion of the ongoing recruitment process is the building and outreach of your talent pipeline. The value of passive re-engagement of your existing talent pool will prove the long-term ROI of any AI recruitment technology you adopt.
Mya Outreach can perform outreach campaigns to existing passive candidates, update their candidate profile data, change candidate status within the ATS, and convert them into active and interview-ready candidates. And from the candidate’s perspective, they feel as though they are catching up with their favorite recruiter. Conversation design creates strong engagement and efficiency while reflecting your brand.
With Mya’s Profile Refresh, recruiters get the ability to instantly refresh their candidate database – all easily accessible and searchable. Specifically:
- Mya refreshes basic information such as location, email, and phone number.
- Mya enriches candidate profiles with job history, work status, work authorization, and more.
- Mya makes this data actionable in your ATS through a verified integration or CSV upload.
From an ROI perspective, Mya Outreach gives recruiters their valuable time back from individually reaching out for candidate status updates and builds an updated talent pipeline with prescreened passive candidates whenever your recruiters are ready to engage for open positions.
Since January, the cost per applicant has risen by 60%, and time to fill increases by 200-300% during a recession. When reviewing the ROI of a conversational AI bot, you need to consider how these play a large part in your yearly recruiting budget.
The importance of providing a positive candidate experience is well-known by recruiting teams. Still, it just doesn’t seem feasible when workloads are heavy, and recruiting in high-volume is continuous.
The leading causes of a negative candidate experience are:
|Tedious application process||Most automated applicant processes today are tedious, overly complicated, and often irrelevant to the job. 60% of job seekers quit in the middle of filling out online job applications because of their length or complexity.|
|Lack of communication||Ghosting is likely the most common reason job seekers report having a negative experience. Seeing that a report found staggering 65% of people say they didn’t hear back from a position they had applied for, this is a common problem that needs to be addressed.|
|Wasted time in interviews||Common examples include recruiters or hiring managers who failed to appear for an interview or showed up late. Or interviewers who were not prepared or seemed to be disengaged or disinterested during the interview. Inefficient interviews reflect poorly on your brand.|
As talent lands on your career site, Mya Engage ensures they can get the answers they need to find the right jobs for them, no matter the time of day. Through dynamic conversations, rather than multiple-choice auto-responses, Mya answers FAQs to progress talent through the application process smoothly. With CAI, Mya determines candidate interest, surfaces relevant jobs, and guides them to apply. Through this process, Mya Engage increases applicant volume and quality at the same time.Read this article from @MyaSystems to learn how you can get the scoop on the #ROI of AI, along with the specific results from Mya Recruit, Mya Outreach, and Mya Engage. Click To Tweet
But, you still need data to prove ROI of an AI recruiting solution. Mya provides the hard numbers around the intangible candidate experience you offer. Within our recruiter portal, you get access to reports with an aggregate view of candidates contacted, conversations completed, and phone screens scheduled. Here, you’ll also see Mya’s response rate, completion rate, schedule rate, and the progress of your talent pipeline.
The ROI of Mya
With the entire Mya platform, the ROI of integration is clear. Through recruitment, passive candidate outreach, and engagement, recruiters get their time back, build a robust talent pipeline for current and future openings, and maintains a conversational experience through candidate engagement. Combined, it’s hard not to see a strong return on investment case for implementing conversational AI — specifically Mya.
To see Mya in action, request a demo here.