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Is it really two weeks since the last newsletter? However, just how much has changed over the previous two weeks as the market ebbs and flows at a varying pace depending on your sector.
So what has everyone been talking about?
Well, everyone is talking about it, so here are five positive and negative points on AI in Recruitment.
AI in recruitment is becoming increasingly prevalent and is transforming how employers can source, assess and hire talent.
According to a recent report by Gartner, ‘AI-driven recruitment technology can significantly enhance the speed, accuracy and cost-effectiveness of the recruiting process’.
Here are five ways AI is now being used in recruitment:
1) Automated job postings: AI-driven systems can automatically post job ads to multiple job boards, ensuring the most suitable candidates are reached. Do we need to review how we write job posts to attract more responses? We do, and so can AI do it better.
2) Automated candidate screening: AI can quickly scan through large numbers of CVs and identify those most suitable for the role, even from your CRM.
3) Automated interview scheduling: AI-driven systems can quickly arrange interviews without the need for manual scheduling. Timer saver and creating a better customer journey.
4) Automated reference checking: AI-driven systems can automatically contact and verify references, saving time and reducing errors. Lead generation…
5) Automated offer generation: AI-driven systems can generate personalised offers to candidates based on their skills and experience. Wow, would you leave this to AI?
AI technology is rapidly changing the recruitment and job-seeking landscape. However, while it has many potential benefits, some potential risks should be considered. Here are five ways AI may harm recruitment in the coming years:
1) Automating recruitment processes may lead to job losses for human recruiters. AI-driven systems can scan candidate resumes for keywords, schedule interviews, and even conduct initial interviews more quickly and efficiently than humans. But are they as good yet?
2) AI-driven systems may introduce bias into the recruitment process. AI-driven systems are only as good as the data they are fed, and if the data contains elements of bias, so will the decisions made by the system.
3) AI-driven systems may make spotting unique or out-of-the-box talent harder. This is because AI-driven systems are programmed to find and select the most fitting candidates based on predetermined criteria, which may overlook those with unusual qualities or experience. The human touch.
4) AI-driven systems may lead to a narrowing of skills and experiences when recruiting. AI-driven systems are programmed to find and select candidates that fit specific criteria. This can lead to a narrowing of the skills and experiences required for a role, reducing the diversity of potential candidates. Will this increase or decrease the number of candidates you must vet per role?
5) AI-driven systems may lead to a need for more human connection in the recruitment process. This is because AI-driven systems cannot provide the same level of personal connection as humans, which can lead to a less personalised and engaging recruitment process.
These are just some of the potential risks associated with AI in recruitment. It is essential to be aware of these risks and take steps to mitigate them to ensure the recruitment process is fair and effective. However, we cannot escape the fact that AI in recruitment is revolutionising how employers can find and hire the best talent.
The Jump team spent a day at LinkedIn HQ in London with several recruitment business advisors to discuss AI in more detail. What is coming will change how recruitment is done, and it is fair to say. If you don’t embrace the AI wave, you will get washed away when it crashes on the beach, so you have a choice: swim out and ride the wave or wait and get washed from the beach.
Is the CV dead? Old school for the new school!
With the rise of digital technology, recruitment processes have evolved, and many are now wondering if the traditional CV has had its day.
According to HR News article ‘Is the CV dead? Not according to candidates’, the answer is no. The article states that while the CV is no longer the only way to get a job, it is still a handy tool for recruiters, and most candidates still use it as their primary method of applying for jobs.
So what are the pros and cons of the CV?
1. Easy to understand – the traditional CV is simple to understand and allows recruiters to assess a candidate’s suitability quickly.
2. Rich in detail – CVs are a great way for candidates to showcase their skills, qualifications and experience.
3. Easy to compare – CVs enable recruiters to compare candidates more efficiently and make more informed decisions.
1. Time-consuming – searching through CVs to find the right candidate can be time-consuming.
2. Outdated – CVs can quickly become outdated and only sometimes reflect the most up-to-date skills and knowledge.
3. Not engaging – CVs can be dull and lack the personal touch that makes a lasting impression.
While the CV is still essential, recruiters should evolve their recruitment process to include other methods, such as video interviews, psychometric testing and digital portfolios.
UK Salaries Reach a Two-Year High. So why is this good for Recruiters?
Research from the Office for National Statistics (ONS) shows that salaries will likely increase in the coming years.
This news is particularly beneficial for recruiters, who can take advantage of the higher salaries to attract the best talent, fill critical roles, and increase their fees.
The ONS data shows that wages have steadily increased since 2011 and are expected to continue to rise until 2023. This is a welcome change for recruiters, as they can offer attractive salaries to potential employees and ensure they meet their recruitment goals.
The research by Reuters, which cited Adzuna, showed advertised salaries had increased each month since October 2022, reaching an average of £37,658 in April, up 2.9% from a year earlier.
With the increase in salaries, recruiters can also offer clients data about the right salary expectation and competitive benefits packages and improve their overall recruitment process. This benefits employers and potential employees, ensuring they get the most out of the recruitment process.
Overall, the news that salaries in the UK are reaching a high is great news for recruiters, as it means they can offer attractive salaries to potential employees and ensure they are meeting their recruitment goals.
Do you know where to get suitable DATA sources from?
Are you growing your perm offering?
The REC Jobs Report
This article from REC is a valuable piece of research for recruiters, exploring the current state of the hiring market in the UK.
The report highlights a job-hire slowdown exacerbated by the Covid-19 pandemic, resulting in a steeper increase in candidate supply. The article looks at the pandemic’s impact on the labour market, with the supply of talent increasing in some sectors and decreasing in others.
The article provides valuable insights into the current state of the labour market. It serves as a reminder of the importance of staying up-to-date with the latest news and research. Recruiters must ensure they are aware of the changing trends and ready to act accordingly.
Unsurprisingly, the hiring market has slowed down over the past few months.
The report outlines that the jobs market experienced a “steeper increase in candidate supply” in May.
Here are five key facts from the report:
1. The number of permanent placements placed in May fell by 17% compared to April.
2. The number of temporary placements placed in May fell by 5%.
3. The number of vacancies has decreased by nearly 20%.
4. The demand for staff is still greater than the supply.
5. The number of vacancies is still below the level seen before the pandemic.
It’s clear that the hiring market is continuing to be affected by the pandemic.
Overall, this article from REC provides helpful insights into the current state of the labour market and serves as a reminder of the importance of staying up-to-date with the latest news and research.
The question is, are you experiencing the same?
The market is moving, and according to the city analysts’, H2 to will be bigger and better than H1, so we would love to hear your thoughts and views on AI, the market, or anything recruitment related.