Ever wonder what happens to your job application after you hit submit? Let’s break it down with a bit of math and insight into the challenges faced by talent recruitment teams.
Picture this: A typical job posting attracts 75-100 applicants. Now, only 4-6 of those lucky candidates make it to the interview rounds. What about the other 71-94 applicants?
Ever thought about why this happens? The hard truth is that recruitment teams often get overwhelmed and burned out. They end up unable to cover the entire lifecycle of every application.
Now, let’s dive into the data challenges. Collecting, standardizing, and reconciling data and sharing it further with company stakeholders and candidates is a time-consuming process. The recruitment team, already stretched thin, can only focus on those who meet the initial qualifications. In this blog, we will explore how automation and AI solutions can help talent acquisition teams handle data management effortlessly with the help of bots.
Understanding the Talent Acquisition Process and Its Challenges
Talent acquisition in the organization involves identifying, attracting, and hiring qualified candidates to fill various positions within financial institutions. The process typically includes sourcing candidates, conducting interviews, managing documentation, and creating seamless employee onboarding. When it comes to talent acquisition, the HR team has to handle a lot of manual processes like-
- Creating a standard template for the candidate
- Checking candidate responses and following up
- Validating vacancy reports on a weekly basis
- Sharing reports with stakeholders and saving candidate details
- Handling employee onboarding
- Employees attendance and leave management
With this high volume of manual activity and the pressure to offer easy access to information, employees struggle to focus on the decision-making process. To aid the HR team in handling talent acquisition documentation, automation and AI can be a great help. Let’s see how automation and AI can accelerate the HR talent acquisition documentation process.
Automation and AI in the Talent Acquisition Documentation Process
Utilizing automation and AI in the talent acquisition process means manual efforts will be reduced, and AI bots will take care of the data management tasks that need to be done. Here, the AI bot will start with sending a standardized template to candidates, facilitating the collection of necessary documentation.
Once the candidate responds, the bot efficiently reads the reply email, extracts attachments, and initiates the creation of a dedicated folder identified by the candidate’s email ID. The downloaded files are then systematically saved within the candidate’s folder for easy retrieval and management.
The AI bot doesn’t stop there—it goes on to send automated reminder emails to candidates for any pending documents, ensuring a proactive and organized approach to documentation. Furthermore, on a weekly basis, the bot compiles a comprehensive Vacancy status file and shares it with relevant stakeholders. This multifunctional AI bot not only enhances efficiency in the talent acquisition process but also introduces a level of accuracy and consistency that significantly benefits recruiters and hiring managers alike.
Conclusion
In the competitive landscape, talent acquisition is a critical function that demands efficiency, accuracy, and compliance. The challenges associated with documentation can be formidable, but with the integration of automation and AI, organizations can revolutionize their talent acquisition processes. By leveraging technology to address regulatory compliance, enhance data security, reduce paperwork, and improve collaboration, banks can build a workforce that not only meets current demands but is also adaptable to future challenges.