How to measure the impact of a recruiting chatbot

Dec 17, 2018 - Cat DiStasio
That’s certainly cause for celebration. But how do you know—and more importantly, how can you show your C-suite—that your new AI-powered recruiting chatbot was worth the investment? Most companies don’t know. While 61 percent of companies are using some type of AI tool, less than 50 percent of companies using AI are consistently measuring key performance indicators to evaluate the return on investment.    Regardless of your specific reasons for implementing a new AI-powered recruiting chatbot, measuring its impact on your business is essential. Here’s how to measure the efficacy of a recruiting chatbot to ensure you’re meeting your organization’s goals. More efficient recruiting processes Let’s start with the obvious: implementing a recruiting chatbot frees up your human recruiters’ time and energy. AI-powered recruiting chatbots relieve recruiters of the burden of responding to basic inquiries, as well as administrative tasks. This new freedom has several immediate benefits for your recruiting team, including reduced stress, time to improve soft skills, and more time and energy to devote to building relationships with qualified candidates. At the end of the day, all of these perks give your recruiting team a better chance at identifying ideal candidates, and then convincing them to come work for your company. Another key efficiency a recruiting chatbot can offer is improved speed to hire. Recruiting chatbots help companies improve the quality of candidates entering the recruiting funnel and make it easier to have conversations—first, with the chatbot and then with a human recruiter. Our clients have seen speed to hire increase by as much as 70 percent using our recruiting chatbot. The Recruiting Chatbot Revolution ad Improving the candidate experience In today’s job market, high quality candidates have a lot of demands. They want recognition. They want more communication. They want an authentic, personalized experience. And they want to feel valued. And overall, they want a personalized approach that is also tech-centered, according to research. If that’s not the definition of a recruiting chatbot, we don’t know what is. A recruiting chatbot can help you address all these wishes from the very beginning of the process, setting strong expectations and emphasizing the importance of relationships. This is because the recruiting chatbot is always there for the job seekers. It’s there to greet a job seeker, there to answer questions, there to connect a job seeker with a real human recruiter when they are ready to move forward. Ultimately, these AI-powered recruiting tools can help lay the groundwork for your recruiters to take over and continue building trust through human-to-human conversations.   Better sourcing and alignment Without a doubt, sourcing qualified candidates who also align with your organization’s culture and goals is the biggest challenge in recruiting. This issue spans across industries, across job functions, and even across geographic locations. AI-powered recruiting chatbots can make a big difference when it comes to focusing your recruitment efforts on the types of candidates you want to see in your pipeline. According to data from Glassdoor and Appcast, it takes, on average, 5,000 visits to your career site just to get one hire. That’s a lot of money spent on sourcing, recruitment marketing, and employer branding. So it would only make sense to want to try and get the most out of that spend. And a recruiting chatbot can help you do just that. According to our own data, recruiting chatbots double the conversions of qualified candidates on your career site because it gives job seekers options they don’t have when they interact with other potential employers who typically only offer the option to apply immediately. Once you capture the attention of more qualified candidates, your human recruiters can further work to increase the quality of your hires by using conversational recruiting techniques to assess each candidate’s fit for the position and your organization. Doing so can make it even easier to predict future employee performance, all before a job offer is extended. It’s worth noting that only 23 percent of organizations were measuring quality of hire in 2016, up from 19 percent the year before. So if your company is paying any attention to this area, you’re already ahead of the game. Enhancing your employer brand A majority of recruiting leaders worldwide—a whopping 72 percent, according to LinkedIn—say employer brand has a significant impact on hiring. And talent acquisition professionals aren’t the only ones talking about it. Candidates think it’s important too. Before they even apply for a position, 75 percent of job seekers consider an employer’s brand. We’d bet that figure is even higher for passive candidates. Implementing a recruiting chatbot, which improves your candidate experience as we mentioned earlier, will also in turn improve your employer brand. And it’s as easy as dropping some code onto your careers site. Once it’s up, candidates who interact with your company will know that your organization is responsive to their demands and their needs, which is something many companies are still not doing successfully, if at all. Falling in love with your recruiting chatbot It’s not enough anymore to rely on the concept of a technology to help meet your talent acquisition goals. Rather, it is essential to understand the technology’s impact on the business and then decide what and how to measure to ensure that impact is being realized. Understanding how a recruiting chatbot can impact your talent acquisition strategies, help your team work more efficiently, and draw in better candidates are just some of the benefits of a recruiting chatbot that you can start to measure today.  And the best part is that as recruiting chatbots become a bigger part of an organization’s recruiting strategy, more and more qualitative and quantitative data is collected. With this data, employers will have direct access to their candidates which can be used to help focus messaging, source the right candidates, and improve the overall recruiting strategy. This is just the beginning of the benefits of recruiting chatbots. For more about how chat is helping recruiters hire top talent faster, check out our Recruiting Chatbot Revolution eBook below: The Recruiting Chatbot Revolution ad

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