Automating Equitable Hiring For Diversified Financial Conglomerate
The Diversified Financial Conglomerate offering enterprise accounts and financial solutions found the conventional approach to recruitment as cumbersome and time-consuming. Also, it found the conversion ratio of candidates making it to the interview as minimal. The company wanted to make the hiring process more transparent, less subjective, and less biased. It wanted a recruitment solution that can help them hire candidates that are the best fit for a specific job profile. The client wanted the screening to be more transparent and the selection on merit without any biases.
The AI-driven intervention for Equitable hiring
Understanding the criticality of the client’s requirement for transparent, bias-free hiring, Recruitment Smart offered its flagship product, Sniper AI, configured and customised to the client’s need. Recruitment Smart offered one-on-one sessions to understand the critical skills the client required from its employees and create an active pipeline of applicants (exhibiting those skills) to hire when needed. As Sniper AI already has had partnerships with all leading Applicant Tracking Systems (ATS), it integrated seamlessly with the client’s existing ATS, SAP SF.
Sniper AI introduced a Equitable hiring approach to the client’s otherwise traditional recruitment process. Criteria of competencies and traits were defined, setting up a benchmark score. These inputs were fed into the Sniper AI program. Upon implementation, Sniper AI tested, evaluated, scored, and ranked candidates based on domain skills, cognition, technical skills, etc. The proprietary machine learning (ML) technology allowed the entire system to learn to weigh and score each unique factor without prejudice.
Using Sniper AI, managers at Diversified Financial Conglomerate could also evaluate work sample tests from multiple applicants, calibrating their judgment to see how one candidate performs compared to the other. It helped them gain critical insights into the problem-solving skills of candidates across varying roles. The top few candidates with the highest scores were shortlisted, and the ones with low scores were eliminated automatically. Hence, only skillful applicants exhibiting the required expertise were hired, fulfilling the client’s requirement of niche recruitment.
Digital Assistance via Chatbot
Recruitment Smart offered chatbot-enabled Digital Assistance to streamline pre-screening and interview rounds for selecting best-suited applicants. The conversational chatbot engaged with candidates and guided them to upload the CV and list their attributes in the desired format. Candidates could chat with the AI-chatbot from any channel with questions and replies customised as per the business rule.
The chatbot conducted consistent and structured interviews wherein every candidate was asked the same set of defined questions, standardizing the entire interview process. It helped the client eliminate any cognitive bias as it assessed the applicants on the factors potentially affecting organisation’s productivity and performance.
Results
For the Diversified Financial Conglomerate, Recruitment Smart offered Sniper AI with customised configuration to match the client’s requirements. Sniper AI, using a robust machine learning algorithm, delivered accurate results the more it was used. Within a couple of months of its usage, it began screening desired candidates with relevant skills with 97% accuracy.
Sniper AI matched applicants’ resumes as per the given job specifications, helping the client to find a perfect fit at blinding speed. As chatbot and Sniper AI conducted interviews and initial screening via completely automated steps, both interventions enabled the client to select candidates for certain roles according to merit without exhibiting any prejudice. Bias-free Equitable hiring by Sniper AI reduced gender biases at every step of the recruitment process, enhancing diversity at the workplace by 12%. Further, it saved countless working hours for the client. The chatbot-enabled Digital Assistance helped streamline the pre-screening. The hiring solutions offered by Recruitment Smart empowered the client to compress the CV shortlisting process by 97%.
The recruitment solutions were scaled up across the geographies in a staggered manner to cover all operating regions helping streamline operations and create uniformity across parameters such as recruiter performance, candidate satisfaction, time to fill positions, etc. The cost of hiring saw a significant drop by 20%. There was better predictability in terms of cost to hire for various roles and geographies and the time to fill in the vacancies.
As the recruitment process was streamlined, the client saw significant improvement in lead conversion ratio by almost 2.7 times. Recruitment Smart helped the client create channel effectiveness analytics to analyse the ROI across different sourcing channels, helping optimise the external spend by 23%. The Recruitment Smart solutions have allowed over 100 recruiters for the client to hire over 1,000 employees on an annual basis across the Middle East.
Delivering Value
Since its launch, Recruitment Smart has always aimed to bring disruptive technology to the recruitment industry. We have been able to deliver three-fold ROI on an average to over 20 of our major clients in the first year of our service offerings. Additionally, our AI-driven solutions have provided other intangible benefits such as improving diversity, implementing and understanding nationality distributions, bias reduction, and Talent Analytics.
