2023 Job Market and AI Influences

AI Meets Human Resources

With over 54% of the US workforce using job boards to research and apply for jobs, it’s safe to assume that job boards are increasing in web traffic and engagement. Organizations and corporations all over the world use job boards and online social media channels to reach prospective candidates. So, how do these companies leverage having millions upon millions of candidates? The short answer: AI.

With the rise of AI constantly growing, organizations are finding ways to partner with AI recruitment professionals to increase and automate the “search and reach” process. AI recruitment tools allow human resource professionals to use artificial intelligence to conduct candidate matching, searching, and outreach. Here are some of the most efficient strategies that AI recruitment tool use to maximize engagement:

·??????Expanding Talent Pool: Organizations are able to tap into pre-existing talent pools alongside internal databases of existing and potential candidates.

·??????Reduce search time: AI recruitment software significantly cut sourcing costs by compiling a list of potential candidates, with some software taking under five minutes.

·??????Reduces hiring bias: Many recruitment agencies have adapted to the needs of the market and labor workforce. To ensure that company expectations and needs are met, AI recruitment tools eliminate potential bias factors and holistically scan the candidate’s resume before adding them to the sourced list.

Everchanging Job Market

The job market is one of the most malleable mediums in the world. Easily influenced by social events and the needs of society, the job market is always undergoing modifications to meet the needs of people. These changes directly affect the way employers and recruiters target and reach candidates. From technological advancements to diversity, equity, and inclusion strategies, here are the most influential job market trends of 2023:

·??????Rising cost of living: According to World Economic Forum, 73% of organizations noticed that the rising costs of living for their employees affect the compensation and benefits packages of candidates.

·??????Implementing consistent DEI strategies: With around 94% of employers integrating DEI initiatives, it is safe to assume the tremendous growth of DEI in the workplace. Many organizations can include DEI initiatives, from cultural support groups to celebrating diverse ethnic and religious holidays and events.

·??????Work-life balance: After the Covid-19 pandemic, the workplace underwent the remote work era, with the majority of organizations continuing this format today. Many companies have added work-life balance initiatives to prioritize the mental and physical well-being of their employees.

The job market is constantly changing to meet the unique needs of both employees and employers, evidently affecting the way recruiters and human resource professionals are viewing the industry. Here at Leoforce, we strive to go beyond conventional AI recruiting tactics with Arya – the 2023 HR Tech Award winner for comprehensive solutions. By integrating with your ATS and expanding your talent pool, Arya diversifies your candidate pipeline and streamlines candidate engagement.

Check out all that Arya has to offer and get a demo today.

Resources:

https://www.pewresearch.org/internet/2015/11/19/1-the-internet-and-job-seeking/#:~:text=Digital%20resources%20are%20now%20more,applied%20for%20a%20job%20online.

https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf