Many leading technology companies have the same goal in mind: They want to hire the best tech candidates available in the job market.
However, given the limitations of the manual process of hiring, both the hiring company and the tech talent face many uncertainties during the hiring and job finding process respectively. Specifically, when determining the ideal salary, career expectations, work benefits, and culture fit, among other factors.
1.The Limitations Of Traditional Offer Management
Although there are many applicant tracking systems available, most companies often neglect the most crucial stage: the offer stage or salary package proposal stage. To this day, most hiring companies still create salary proposals using Microsoft Excel or Google Sheets despite the existence of automated systems.
This slows down the hiring process and requires a lot of guesswork on the part of the hiring manager or HR executive to propose an ideal package to the candidate. After approval or a rejection, it is not common for companies to have a system that allows its users to retrieve actionable insights from past offers with just a few clicks.
Actionable insights include deal-breaker factors for candidates who reject offers or unique value propositions of companies that influence a candidate’s decision.
2.How Artificial Intelligence (AI) Revolutionises Talent Acquisition For Companies
Instead of relying on these manual processes companies should look towards automating them with AI. An AI-powered offer management platform can automatically take all the actionable insights from the past, process the data, and provide predictive analytics to improve hiring, specifically during the last mile: the salary package proposal.
With this data, an AI-powered job offer platform can eliminate any guesswork during the salary package proposal stage as the AI system will accurately identify the correct candidate to approach for the role and calculate the proper compensation to ensure acceptance by the chosen candidate.
With these insights, companies can identify areas in which they are lacking and improve on them. For example, if a candidate resigns due to poor benefits, the managers can be immediately informed. Or if a potential candidate rejects an offer due to a mismatched cultural fit, the company can take this information and pivot to better retain existing staff or hire new staff.
3.How AI Benefits Job Seekers
For job hunters, AI job platforms can also leverage data to predict the proper salary package for their skills and experience which helps candidates identify their market value.
Job seekers will also be able to identify trends in the job market and continually update their skills based on the predictive results of the AI so that they are not left out as technology advances forwards.
As the AI platform receives more data, it can also predict the compatibility of intangible values between a company and a candidate, for example, cultural fit, employer branding, benefits, career growth and more.
If you’re interested in experiencing the advantages that Artificial Intelligence can bring to your organisation, email us at firstname.lastname@example.org and we’ll be more than happy to provide you with a demo of our technology.