AI-powered Market Intelligence is revolutionizing the recruiting industry
The talent acquisition and recruiting industry is undergoing a major, and many would say, necessary transformation thanks to the power of artificial intelligence (AI). In fact, one market research report estimates the potential growth of AI technology into the recruitment industry could reach more than $222.94 million by 2026. But it’s not just the AI in and of itself that is changing recruiting as we know it.
In a job market where the best talent is snatched up quickly or just plain hard to discover, more and more companies are searching for ways to get to the right candidates before the competition. A task that increasingly calls for more streamlined recruiting workflows, the ability to automate candidate screening and shortlisting, and maybe more than anything else – true market intelligence to guide the way.
Hence the expansion of AI-powered Market Intelligence into the recruitment arena. So, where does market intelligence fit into the modern recruiting landscape, and how is it revolutionizing the recruiting industry? Before we dive in too deep, let’s first discuss what AI-powered market intelligence actually is.
What is AI-powered Market Intelligence?
AI-powered market intelligence is advanced technology that combines AI with market research to provide real-time insights into the competitive landscape in a particular industry.
By leveraging AI algorithms, AI-powered market intelligence can analyze large amounts of data quickly and accurately to help recruiters identify the best talent for their open positions. It also helps organizations better understand the overall talent landscape, market conditions and other area-specific situations that may be relevant to their talent search. It essentially provides valuable data to drive better decision making around recruiting and talent acquisition strategies.
How is Market Intelligence different from market research?
Unlike market research alone, which focuses on gathering data on a specific target population and providing insights into the overall market trends, AI-powered market intelligence in recruiting looks at an individual’s qualifications, experience, and other factors to determine whether or not they are a fit for a given role or company. It also goes a step further by combining automated data collection and analysis with natural language processing and machine learning to provide recruiters with the most accurate and up-to-date talent profiles available.
What are the benefits of incorporating an AI-powered Market Intelligence tool into your recruitment strategy?
- Refine talent searches – an AI-powered market intelligence tool such as Arya uses predictive analytics and data on key elements, including compensation, location, skill set distribution, and competitive analysis, to ensure you’re executing more realistic, effective searches based on actual data.
For example, if the role you’re sourcing for is in a location where the average salary is substantially higher than the client is offering, market intelligence equips you with the data to adjust your sourcing strategy and to support your recommendations back to the client.
- Increase access to compatible candidates faster – The real name of the recruiting game today is speed. Discovering the talent most suitable for the job faster than the competition is critical. Not just to nab the best talent, but to minimize your screening costs. One study found that AI-powered market intelligence reduced candidate screening costs by 75% per screen.
But you’re never going to get there manually sifting through hundreds of resumes. That’s where AI-powered market intelligence can be a game changer. The market intelligence in a platform like Arya, screens candidates using more than 300 attributes many AI platforms ignore. The result is you get to target and engage with that top tier of talent most likely to excel in the job – before your competitors.
- Proactive recruiting planning – By leveraging data from millions of sources, AI-powered market intelligence can provide recruiters with real-time insights into the constantly evolving labor market, helping you make more informed decisions about where to allocate resources for the most impactful results. It can also help recruiters identify emerging skill sets, changes in compensation, demand for certain positions, and talent pool forecasting for specific positions in specific geographical locations. This kind of data can be invaluable when it comes to budgeting and recruiting resources.
- Boost employee retention and decrease turnover costs – Some studies indicate the cost of employee turnover is around 33% of the employee’s salary. It certainly stands to reason that if you find and engage more compatible talent in the first place for the job you’re sourcing, your chances of decreasing employee turnover are higher.
- Continually optimize intelligence around localized talent pools – One key benefit of the AI-powered market intelligence in the Arya platform, is the ability to geographically focus campaigns using real-time data, and the fact that the AI in Arya continues to learn as you grow, becoming more and more intuitive.
What to look for in an AI-powered Market Intelligence tool
It goes without saying that you should be looking for an AI platform that offers real-time market insights and predictive analytics. But also be sure to inquire about the integration and customer support process to ensure you choose a platform that seamlessly integrates with your existing ATS or VMS so you can hit the ground running.
- Advanced skills matching capability – AI-powered tools offer the most up-to-date insights into the talent acquisition market, enabling recruiters to make more informed decisions on who to target and when. But a truly powerful tool will also go beyond simple skills matching to find candidates who are not just qualified, but also compatible. The talent scoring and ranking feature in Arya is a perfect example of how you can put the power of AI market intelligence to work to discover the most suitable talent available for a particular role.
- Ability to automate routine tasks – One of the primary reasons AI is becoming a mainstream tool across the entire recruiting spectrum is because of the need by recruiters to simplify workflows and streamline recruiting processes like candidate outreach and communication. With a centralized candidate communication dashboard featuring talk, text, email and chatbot functions, the Arya platform allows for seamless candidate engagement throughout the recruiting lifecycle.
- Diversity built-in – Part of simplifying workflows for most recruitment teams means having the right tools for reaching diversity hiring goals. The AI in Ayra has diversity already built-in, making for a more diverse pool of talent without additional resources.
There’s no question the world of recruiting and talent acquisition will continue to evolve, and the most successful teams will be the ones who evolve right along with it by keeping up with the latest and best technological tools out there.
If you’re team is ready to leverage AI-powered market intelligence to better identify, target and segment potential candidates, optimize your outreach efforts and build powerful pipelines of qualified talent, Arya can help you do it. Contact us today to learn more about the powerful recruiting outcomes you can achieve with a little help from AI and Arya.