AI will change the volume business in recruitment: Satya Sinha
The recruitment world is abuzz with sweeping changes being brought about by technology. AI, Machine Learning, robot recruiters, talent analytics, big data are becoming more and more mainstream as companies the world over experiment more with these technologies.
Today, the recruiter finds himself at an interesting intersection point of man and machine. It’s an inflection point for him as well as these technologies will fast forward and shape not only the recruitment world but also his role going forward. What does he need to be future ready?
Satya D Sinha, CEO Mancer Consulting, one of the leading executive search firms in India, in an exclusive conversation with People Matters demystifies some of these questions.
What are some of the unique challenges in the domain of executive search from an India perspective?
Talking from India’s perspective, it’s entirely a networking business. The more networks you have, the sooner you will be able to fill the position. India is a highly personalized market and only a few people hold that personalized connect required for an executive search.
However, in context to India’s future, what is lacking in most of the current leaders is that they are goal oriented and simply go by the targets or goal sheets provided.
This is assuredly a dearth of leaders, which will certainly create a void in coming four to five years.
Also, while carrying effective executive search, present-day search firms are charging huge amounts. Most of the companies are not willing to settle up with such big amounts. Earlier, majority of companies used to offer retainer ship fees but that ended up resulting in time lags to fill the vacant position as it was an exclusive partnership. So at present time, companies are approaching the top three players and shunning down retainer ship way.
How does Mancer employ talent analytics to find the right fit in sync with your “best fit methodology?”
Ideally, we step into market mapping. Unlike other searches, leadership search is typically competency-based and not JD-based. So, if the organization is looking to hire a CFO professional, it has more to do with certain competency requirement. On the basis of what competencies are needed, you can map the market.
For instance, conceding that a leading investment firm is looking for a CFO, we will essentially look for a CFO with the investment banking background. After mapping, you get to meet the candidates. Conventionally, it transpires that majority of candidates are passive candidates. In this case, if you approach ten CFOs, it is most likely that eight of them won’t be interested in a job change but won’t mind talking to the firm.
Once they are convinced on switching the job, we link them up with the concerned organization. Besides providing assistance in the process of discussion and interviewing, we also shed out inputs from an HR perspective.
You also cater to startups through your product Start-up boot. Could you throw light on how hiring for them is different from corporates?
Startups are far different from corporates, in terms of their quick decision making efficiency. For startups which are funded, it is easier to make speedy decisions. However, in case of non-funded startups, they are very particular about making decisions and are mostly unsure of what do they want. So on one side it’s tangled, but on the other hand, it is also very quick.
How do you think technologies like AI and Machine Learning change recruitment in coming times?
Undoubtedly, technologies like Artificial Intelligence and Machine Learning will bring a change in the recruitment process.
I strongly believe that these technologies will transform the volume business to a great extent.
To cite an example, if I am looking for 100 Java developers for an organization, which is a skill-based hiring, technology will make it easier. In the present scenario, the process is facilitated by a sourcing guy who sources profiles from multiple platforms like Naukri, Google, LinkedIn, among various others.
AI can perform this role seamlessly as it has the power to search through contextual search and source CVs with Java profiles faster. The technology can then apply intelligence in deep learning format and shortlist ten best CVs. It is thus going to make a definite impact on the volume of hiring business, primarily at mid and junior levels. However, in case of a senior level hiring, a sound recruiter, a good networking guy will be required.
What are some of the recruiting technologies that are trending this year?
Talking about inbound hiring, Param.ai while in outbound hiring solution, Belong is catching the eyes of the recruiters this year.
We also see a great inclination towards RPO and project hiring this year. In contrary to the past, companies today are less likely to spend on their fixed costs and are willing to outsource to a recruitment firm. One of the prime reasons being, a lower hiring number increases the overall cost.
How should recruiters use data to create talent recruitment strategies that work?
Looking from a data perspective, an insightful recruiter goes by the analytics of the data, not the data exactly.
Data individually is of no use unless it doesn’t have analytics on top of it.
If I am hiring for a company, I will make inquiries for them regarding the analytics of the staff members that have been hired in the past. Requesting information of such kind, we tap the companies and business schools from where the people have been hired in the past.
The central idea revolves around how you make use of data provided and put analytics on it that works orderly.
With the advent of robots as recruiters, what do you think are necessary skills for a future recruiter? What does he need to be future ready?
Future recruiters unquestionably will have to up-skill themselves on the technology front. They can’t refuse to understand digital quotient and must be immensely digitally savvy. But on the other hand, it is equally important for them to up-skill themselves on the behavioral side too.
A recruiter needs to be a great relationship guy. Communication skills will become essentially useful as a sourcer could have done recruitment without communication skills. But with Artificial Intelligence creeping in, being a sourcer without any communication skills would lead you into trouble.
Mancer Consulting is the Gold Partner for People Matters Talent Acquisition League Annual Conference 2018. Know more about such trends at the People Matters Talent Acquisition League Annual Conference 2018 on 30th May which will seek to address the most poignant talent acquisition challenges, what’s next in TA, and how AI and machines are becoming matchmakers for recruiters today.