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How the staffing {industry} can transfer ahead along with the ability of AI


How the staffing industry can move forward together with the power of AI

Whereas 2024 has introduced challenges to the staffing {industry}, it has additionally introduced large innovation with the rise of synthetic intelligence (AI). From elevated effectivity to improved visibility, AI is already having a big effect on staffing companies, and it’s nonetheless solely the start. 

At Interact Boston 2024, few subjects have been mentioned as a lot as AI and the passion for this transformative know-how might be felt throughout the 1,000 staffing {industry} attendees who joined the occasion in Boston. 

To kick off the occasion, Artwork Papas delivered a gap keynote the place he appeared again at how far the {industry} has come, how staffing companies are navigating a difficult market by leveraging AI, and the enhancements early adopters are already seeing. 

Learn on for a recap of his keynote, or take a look at the video to see his full tackle:

A glance again at 25 years of Bullhorn 

Interact Boston 2024 was not solely a chance for our staffing group to attach in particular person but in addition a celebration of 25 years of Bullhorn.

Artwork Papas, CEO and Founding father of Bullhorn, kicked off his opening keynote by shining a highlight on the shoppers who’ve been with us for the reason that starting. 

Over the previous 25 years, Bullhorn has empowered staffing companies to place the world to work, together with working with 164 million candidates yearly to fill 23.1 million job orders throughout 55.3 million submissions.

How the staffing industry can move forward together with the power of AI

All through the previous 25 years, we’ve relentlessly pursued new methods to leverage information from throughout the recruitment course of to assist drive your corporation ahead, no matter market situations. And as companies are navigating one of the difficult markets for the reason that Nice Recession, harnessing information to establish actionable insights has by no means been extra essential.

The facility of AI

Our GRID 2024 Trade Developments Report revealed that successful new shoppers is the highest precedence for staffing companies this yr: 59% of companies reported that they’re centered on consumer relationships, both successful new shoppers or strengthening present relationships. 

However previous playbooks for locating and successful new shoppers received’t minimize it in as we speak’s market. It’s been 15 years since chilly calling was the go-to methodology of securing job orders. At this time’s newer staffing professionals haven’t developed the identical gross sales skillset as their veteran colleagues, and the previous playbooks don’t work anymore… So what’s the reply? AI holds a number of promise. 

Whereas AI would possibly seem to be a brand new participant within the staffing know-how area, excessive performers are already incorporating it into their tech stack. “It’s nonetheless early, and we’re nonetheless determining what AI can do…However what we’re discovering is that half of the parents we surveyed are literally experimenting with AI, and a 3rd of them predict to see actual outcomes from it,” Artwork shared.

How the staffing industry can move forward together with the power of AI

The lifeblood of any robust AI technique is information. As Artwork put it, “You want particular information. You want a number of it. It must be an unlimited information set, and it must be actionable information.” Artwork launched what Bullhorn calls the S.E.A. of information – Particular, Monumental, and Actionable – which is able to gas staffing companies’ AI efforts. 

However what does this truly seem like? 

  • Particular: For AI to have an effect on the staffing {industry}, the info concerned must be as particular to staffing as doable.  Bullhorn can present staffing-specific information to make sure our AI options are tailored for the {industry}.
  • Monumental: No single staffing agency has sufficient information to completely prepare an AI mannequin, however with Bullhorn’s giant, industry-specific information set, we are able to bridge the hole left by conventional AI fashions to higher serve the staffing {industry}.
  • Actionable: Much like instruments like Waze, which supplies driving instructions and visitors alerts, the simplest AI instruments present actionable insights and outputs to assist customers dial in on crucial actions and knowledge. Reasonably than offering outputs or steered actions primarily based on non-staffing outcomes, our AI mannequin will base its outputs on profitable outcomes—placements—to assist each recruiter carry out like probably the most profitable recruiters.

With the S.E.A. of information aggregated and used to coach the AI mannequin, staffing companies are in a position to reap the advantages of getting every part in a single platform, from front-office information to pay and invoice information, and may glean insights to assist run their enterprise.

Staffing companies are already placing AI and the ability of the platform into apply and seeing unbelievable positive factors. These leveraging AI are seeing a 24% enhance in velocity to submittal, a 53% enhance in redeployment, and 36% extra placements per recruiter than these not utilizing AI. In an {industry} the place velocity is every part and getting extra worth from present candidates and staff is essential, these enhancements could make all of the distinction.

Artwork concluded his keynote tackle along with his outlook on the way forward for staffing know-how and AI, noting that this “S.E.A. of information” will make machine studying and AI really helpful and highly effective for everybody working within the staffing {industry}. 

 

Try extra Interact highlights and assets on our Interact Boston Content material Hub.

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