AI, NLP, Machine Learning – Quantilus Innovation http://testdev1.quantilus.com AI Driven Innovation Wed, 12 Feb 2025 17:44:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.6 http://testdev1.quantilus.com/wp-content/uploads/2023/03/Quantilus-FavIcon-1.svg AI, NLP, Machine Learning – Quantilus Innovation http://testdev1.quantilus.com 32 32 Trending AI Topic of the Week: The Rise of Open Source AI Collaboration http://testdev1.quantilus.com/article/trending-ai-topic-of-the-week-the-rise-of-open-source-ai-collaboration/ Fri, 18 Oct 2024 07:04:03 +0000 https://quantilus.com/?p=24148

Trending AI Topic of the Week: The Rise of Open Source AI Collaboration

Prefer to listen instead? Here’s the podcast version of this article.

One of the hottest trends in AI right now is the explosive growth of open-source AI development, fueled by generative AI. In the past week, there’s been a surge of activity, especially within the open-source community, with developers worldwide experimenting and contributing to generative AI projects. This marks a significant shift in how AI models are developed, with increasing collaboration and transparency across the global developer community.

Why Open Source is Dominating AI Development

Generative AI, like the models behind tools such as GPT-4, has now become a mainstream technology. Platforms like GitHub are seeing a massive influx of new contributors, many working on AI projects that span coding assistants, generative art, and even home automation. This collaborative approach is democratizing AI development, allowing more developers to get involved with cutting-edge AI tools and frameworks.

Moreover, organizations are establishing Open Source Program Offices (OSPOs) to better manage their involvement with open-source AI, ensuring compliance and fostering innovation across sectors like healthcare, cybersecurity, and creative arts​(thedatascientist)​(github).

Key Articles on the Open Source AI Trend

  1. State of Open Source in AI – GitHub Blog
    GitHub’s Octoverse report highlights a major rise in open-source AI projects, with millions of developers contributing to generative AI projects in 2023. This has solidified GitHub as a key hub for AI innovation​(github).

  2. Open Source AI Explosion – The Data Scientist
    This article breaks down the top AI trends of 2023, focusing on the pivotal role of open-source AI in industries like cybersecurity and education. It discusses how open collaboration is driving AI adoption in unexpected sectors​(thedatascientist).

  3. The Future of AI Regulation – Built In
    As AI becomes more widespread, governments around the world are grappling with how to regulate this fast-moving space. The article highlights the intersection of AI development and policy, especially as open-source contributions grow​(builtin).

  4. Generative AI in Open Source – MIT Technology Review
    MIT examines how generative AI is shaping the future of open-source development, creating new opportunities for innovation and collaboration among developers, startups, and tech giants alike​(builtin).

  5. The Importance of Ethical AI in Open Source – AI Magazine
    This piece dives into the ethical concerns that come with the rise of open-source AI, emphasizing the need for transparency, fairness, and accountability as AI technologies continue to evolve​(thedatascientist).

Conclusion

The rapid expansion of open-source AI, especially in generative technologies, is shaping the future of how AI is built and shared. As more companies and developers join forces, the collaborative environment promises faster innovations but also raises new questions around ethics and regulation. To stay ahead, it’s crucial to keep an eye on how these trends evolve.

Share:

More Insights

]]> 4 Ways AI is Changing the HR Landscape http://testdev1.quantilus.com/enamix/4-ways-ai-is-changing-the-hr-landscape/ Wed, 22 Mar 2023 16:14:33 +0000 https://enamix.com/?p=4935

4 Ways AI is Changing the HR Landscape

Big Data and AI is transforming how HR professionals evaluate and manage human resources. By leveraging robust data analytics solutions, HR departments can identify core organizational issues, such as recruitment, employee turnover, and employee engagement. With AI-powered solutions, HR departments can uncover insights that would otherwise go unseen, quickly address emergent issues within the workforce, and make more informed decisions about optimizing workflows for maximum efficiency. Consequently, HR departments can expect increased productivity that drives organizational success. Let’s explore four core functions within HR departments and how big data and AI can help create efficiencies and results.

 

Recruitment and Hiring

HR departments use big data and AI to streamline recruitment and hiring processes. AI-based systems can automate tedious tasks such as sorting resumes, conducting initial phone interviews, and scheduling further ones. Additionally, AI can enable recruitment teams to quickly uncover hidden skills and better understand job seekers while hunting for qualified candidates. Moreover, AI-driven tools can identify valuable information within unstructured data sets such as CVs, reviews, and interview feedback that recruiters may otherwise not consider during their hiring decisions. These insights give organizations an edge over their competitors in finding the right candidate faster. Other applications in recruitment and hiring include: 

  • Using AI-powered chatbots to answer candidates’ questions.
  • Leveraging predictive analytics to identify the best candidates for a particular role by analyzing their resumes, social media profiles, and online behavior.
  • Using sentiment analysis to assess candidates’ attitudes and emotions toward their current employer and work environment.

 

Employee Engagement and Retention

By using big data and AI to improve employee engagement and retention, which are key focus areas for companies, HR departments can create a more positive work environment, reduce turnover, and improve productivity. AI can also help organizations save money on recruitment and training costs. For instance, companies can use sentiment analysis to analyze employee feedback and identify workplace improvement areas. Additionally, predictive analytics can be utilized to identify employees at risk of leaving the organization. As a result, HR can take proactive measures to retain them.

 

Performance Management

HR departments can create a more efficient and effective feedback loop between employees and managers with the help of AI. This can help employees improve their skills and performance, leading to higher levels of job satisfaction and productivity. Data tools and analytics can capture employee activity, measure employee performance, and identify areas of improvement. Rather than waiting for the midyear or annual period to assess performance, the analysis is continuous and real-time. Access to such data helps employees and managers make more informed and objective decisions for promotions, raises, or resource management. 

 

Learning and Development

AI-driven learning and development is quickly becoming a key factor in workplace success. HR departments are using big data and AI to personalize their learning and development programs and create a more efficient and effective training process. Data analytics is used to identify skills gaps and tailor training programs to employees’ needs. This can help employees develop their skills and knowledge more quickly, which fosters efficacy and increases productivity. Companies that use internal AI-powered chatbots allow employees to access information to provide real-time learning support to employees. Because such chatbots must be trained by the company’s data, tools, and assets, they can provide a wealth of assistance and information at an employee’s fingertips. 

 

When it comes to personalized learning, companies across the globe are now leveraging AI to create more focused and engaging learning experiences for employees. AI also has the potential to create customized learning journeys for each employee based on their specific needs and interests. Such an approach can help improve knowledge retention while providing tailored development paths that nurture individual strengths and weaknesses. A more knowledgeable, confident, engaged, and productive workforce leads to increased business value.

 

If you want to learn more about any of the AI use cases above or explore how AI technology can improve or automate your HR processes, don’t hesitate to get in touch with us at info@enamix.com.

Share:

More Insights

]]> Pros and Cons of Using Artificial Intelligence for Hiring and Recruitment http://testdev1.quantilus.com/enamix/pros-and-cons-of-using-ai-for-hiring-and-recruitment/ Wed, 25 Jan 2023 20:05:47 +0000 https://enamix.com/?p=4925

Pros and Cons of Using Artificial Intelligence for Hiring and Recruitment

In today’s business world, the use of artificial intelligence (AI) is becoming more and more commonplace. From marketing to sales to customer service, AI is being used in a variety of industries to help businesses run more efficiently and effectively. But what about recruitment? Is AI a good fit for the world of HR? Let’s take a look at the pros and cons of using AI in recruitment.

 

The Pros of Using AI in Recruitment
1. Increased Efficiency: One of the biggest advantages of using AI in recruitment is that it can help to speed up the hiring process. With the help of machine learning, artificial intelligence can sift through resumes and job applications much faster than a human can. This means that you can identify potential candidates more quickly and move them through the hiring process at a faster pace.

 

2. Reduced Bias: Another big advantage of using AI in recruitment is that it can help to reduce bias. When humans are involved in the recruitment process, there is always the potential for personal biases to come into play. Whether it’s conscious or unconscious, bias can lead to bad hiring decisions. By using AI, you can remove the human element from the equation and reduce the chances of bias influencing your hiring decisions.

 

3. Improved Candidate Experience: Finally, another big advantage of using AI in recruitment is that it can lead to an improved candidate experience. The use of chatbots, for example, can allow candidates to get instant answers to their questions about the open position or the company. This can lead to a better overall experience for candidates, which could improve your employer brand.

 

The Cons of Using AI in Recruitment
1. High Costs: One of the main disadvantages of using AI in recruitment is that it can be quite expensive. If you want to use AI-powered tools like chatbots or resume parsers, you will need to invest in some expensive software. In addition, you will also need to train your staff on how to use these new tools properly.

 

2. Lack of Personalization: Another big disadvantage of using AI in recruitment is that it can lead to a lack of personalization. When you rely on machines to do all the work, there is less opportunity for personal interaction between recruiters and candidates. This could lead to candidates feeling like they are just another number instead of feeling like they are valued as an individual.

 

3. Job Losses: Finally, another big disadvantage of using AI in recruitment is that it could lead to job losses within the HR department. If machines are doing all the work, there would be no need for human recruiters anymore. This could lead to mass layoffs within the HR department, which would obviously be bad for both employees and employers alike.

 

Conclusion
So what’s the verdict? Is AI a good fit for recruitment? While there are some definite advantages to using AI in recruiting, there are also some significant disadvantages that should not be ignored. Ultimately, whether or not you decide to use AI in your recruiting efforts will depend on your specific needs and goals as an organization.

Check out Quantilus and the Innerview Podcast page for content relevant to this topic.

Share:

More Insights

]]> Using Artificial Intelligence to Improve Charities’ Recruitment and Retention Strategies http://testdev1.quantilus.com/enamix/using-ai-to-improve-charities-recruitment-and-retention-strategies/ Wed, 25 Jan 2023 19:31:54 +0000 https://enamix.com/?p=4923

Using Artificial Intelligence to Improve Charities’ Recruitment and Retention Strategies

With the advancement of technology, charities are able to make use of Artificial Intelligence (AI) to improve their recruitment and retention of staff. As organizations focus on finding new ways to efficiently support people, AI will continue being a major tech trend across the charity sector in 2023. In this blog post, we’ll discuss how charities can leverage AI for their recruitment process and retain staff over time.

 

AI in Recruiting
AI is transforming the recruiting process, making it more efficient and effective. By using AI-based tools, charities can reduce bias in their hiring decisions as well as streamline their processes by automating mundane tasks like sorting through resumes or conducting background checks. Additionally, AI-based chatbots can be used to automate conversations with candidates during the onboarding process and provide personalized answers to frequently asked questions.

 

AI in Headhunting
The use of AI-based headhunting is becoming increasingly popular among charities looking to fill key positions. Rather than relying solely on traditional job postings, charities can use data points from multiple sources such as LinkedIn profiles or resumes to identify potential candidates who possess the skills necessary for a given role. This makes it easier for charities to find qualified candidates faster and with less effort than ever before.

 

AI in Onboarding
Using AI-powered platforms is also beneficial when it comes to onboarding new employees. With these platforms, HR teams can quickly create customized onboarding plans that include all relevant information about the organization and its culture. This helps ensure that new hires are provided with all the information they need to hit the ground running from day one—a factor that improves employee engagement and retention over time.

 

Conclusion:
As technology continues advancing at a rapid pace, using Artificial Intelligence (AI) has become increasingly important for many different industries—including charities who are looking for ways to improve their recruitment and retention of staff. From leveraging AI in recruiting and headhunting processes to utilizing AI-powered platforms during onboarding, charities have plenty of options at their disposal when it comes to harnessing the power of this technology for their benefit. Ultimately, embracing these opportunities now will help ensure a bright future for your organization down the line!

Share:

More Insights

]]> Improve Recruitment with Augmented Writing Software http://testdev1.quantilus.com/enamix/improve-recruitment-with-augmented-writing-software/ Wed, 25 Jan 2023 19:18:23 +0000 https://enamix.com/?p=4921

Improve Recruitment with Augmented Writing Software

As the war for talent continues to heat up, it is essential that HR teams have access to the best tools and processes available. Augmented writing software can help you create recruitment content quickly, without compromising on quality. This technology uses artificial intelligence to learn from a library of existing documents and suggest hiring materials that retain your team’s voice. Let’s take a look at how augmented writing software can benefit recruitment content.

 

Editing, Scoring & Analytics Tools
Augmented writing software can be used to improve the quality of recruitment content across job sites, emails and employer platforms. The editing tool makes it easy for users to review and revise their documents before sending them out into the world. The scoring tool allows users to measure the readability of their documents and ensure they are clear, concise, and engaging. Finally, the analytics tool provides insights into words and phrases related to inclusivity so that HR teams can ensure they are creating fair recruiting materials free of any biases.

The augmented writing platform uses artificial intelligence to learn from its library of existing documents so that when you create new pieces of content, you’ll receive suggested hiring materials tailored specifically for your organization. This means that you are able to produce high-quality recruiting material in a fraction of the time it would normally take—without sacrificing on any details or losing your team’s voice along the way.

 

Writing Guidance & Trends Reporting
In addition to suggested content, augmented writing software also provides users with real-time guidance as they write. This ensures accuracy while still allowing users creative control over their work. It also provides users with trend reports which track words or phrases related to inclusivity so that recruiters know what language is appropriate or popular at any given moment in time. Augmented writing software provides recruiters with an invaluable tool for creating high-quality hiring materials quickly and efficiently—all while ensuring accuracy, fairness and inclusivity throughout all recruitment documents. By leveraging this technology in your recruitment process, you will be able to streamline your workflow while maintaining personalized content that reflects your team’s unique voice. If you want an edge in today’s competitive talent market, investing in an augmented writing platform could be just what you need!

 

Conclusion:
If you’re looking for a way to increase the efficiency of your recruitment process while also improving the content of your job postings, then consider investing in an augmented writing software solution. Not only does it provide real-time feedback on spelling mistakes or grammatical issues; it also provides insights into words and phrases related to inclusivity initiatives so you can ensure that your recruiting materials are as inclusive as possible. By making use of this powerful technology, you’ll be able to streamline your recruitment process while also producing more effective job postings that attract quality applicants from diverse backgrounds.

Share:

More Insights

]]> Top 9 Technology Jobs in Demand for 2021 http://testdev1.quantilus.com/news/top-9-technology-jobs-in-demand-for-2021/ Fri, 18 Dec 2020 17:03:54 +0000 https://enamix.com/?p=4543

Top 9 Technology Jobs in Demand for 2021

The state of jobs in technology has been booming for a long while and, despite the repercussions of COVID-19 on the job market, 2021 looks to be no different. The IDC, a research consultancy, currently projects the technology industry to see a 4.2% market increase in 2021, with global revenue increasing by roughly $2 trillion. And the IDC is still expecting that rate to continue through at least 2024, estimating a 5% compound annual growth rate.

 

The slight difference with the job market in technology entering 2021 is possibly seeing a higher demand for engineers who specialize in machine learning (ML) or artificial intelligence (AI). This trend is in part due to the continued shift to increased automation across many industries. So while the tech job market is still healthy, the most desired skill sets are slightly shifting. Here are nine technology jobs in demand for 2021.

 

1. Software Developer

 

Market Growth: 22% from 2019-29

Versatility and creativity are two words that define what a software developer’s role should strive for and the path someone can take to become a software developer. While computer science (or computer-related) and mathematics degrees are encouraged for those looking to get into software development, online resources and other learning systems that teach coding can provide a path as well. Keep in mind some of the skills or knowledge in high demand for software developers include JavaScript, SQL, HTML/CSS, and Python.

Just about every industry is in demand for more software developers, and 2021 is expected to see that trend continue.

2. AI & Machine Learning Engineer

 

Market Growth: 344% from 2015-18

Machine learning engineer was one of the fastest-growing tech jobs during the 2010s. Part of the reason is the growing interest in incorporating AI and ML into business applications across various industries. One valued skillset of the ML engineer can use big data to develop models that can forecast economies, develop natural language processing tools, or build IoT technology. 

 

3. DevOps Engineer

 

Market Growth: 24% from 2019-24

Increasing productivity is the DevOps Engineer’s leading role, which is accomplished by keeping the engineering and coding processes cohesive. If the software is inefficient, the DevOps Engineer is responsible for troubleshooting and ultimately getting the software to where it needs to be to run smoothly. One positive for this position in the current job market that has shifted more towards the remote office is that companies are more inclined to bring on DevOps Engineer to work remotely.

Unlike a software developer, a minimum of a computer science degree is recommended for this career path. Program knowledge of JavaScript, Linux, Python, and more are also recommended.

 

4. Data Analyst

 

Market Growth: 11% from 2014-24

Even with the growing use of AI and ML to sift through large data sets, data analysts are still seeing demand for their skillsets heading into 2021. In some cases, data analysts are encouraged to work with AI systems to find patterns and assess new solutions. The position is also almost industry agnostic as providing ways to increase business efficiency by searching through thousands and thousands of data sets is valuable for any company looking for an advantage.

 

5. Web Developer

 

Market Growth: 8% from 2019-29

Black Friday saw a 22% increase in online sales when compared to 2019, so the need for a web developer that can help any sized business with eCommerce or mobile applications probably won’t slow down anytime soon. A college degree is not always needed to become a web developer though relevant work experience is required. Like the software developer position, there are tons of online resources to get a better understanding of coding and graphic design. Knowing HTML, CSS, and JavaScript is highly recommended and understanding frameworks such as jQuery and Bootstrap. Being comfortable with GitHub and design software are also encouraged.

 

6. IT Manager

 

Market Growth: 10% from 2019-29

In some cases, an enormous responsibility of keeping business productivity and workflow at a high rate has fallen on IT departments worldwide as the challenges of the remote work environment have become more apparent. An IT manager who can handle both remote workers and in-office workers is a plus going into 2021.

An IT manager who is always looking for solutions to improve IT systems and can adequately manage their team is still encouraging, more so now. Expect to see this market grow as businesses continue to shift to digital platforms.

 

7. Database Administrator

 

Market Growth: 10% from 2019-29

A database administrator is in charge of securing, organizing, and maintaining a business’ databases. This position is more common at educational institutions and insurance companies and is occasionally more client-facing than data analysts. 

Security is also a huge priority for any database administrator as a vulnerable database can be detrimental. 2020 also saw a 60% increase in cybersecurity budgets, so the database administrator is a growing puzzle piece of any company’s security web. With companies on the continued move to a more extensive reliance on data, there’s no reason to think this position won’t continue to grow moving forward.

 

8. Design/Mechanical Engineer

 

Market Growth: 4% from 2019-29

Inventing and developing new products or systems is becoming even more of a need as companies find themselves needing to adapt to hybrid or remote work environments further into 2021. Also, mechanical engineers play a huge role in healthcare right now as the need to develop new ways to deliver drugs and design new ventilators has increased. Design engineers also have flexibility in choosing what type of industry situation they want to work in.

 

9. Mobile App Developers

 

Market Growth: 8% from 2019-29

Almost every company across any industry has had to rethink what their mobile application needs to offer to its users. Healthcare providers are continuing to adjust their mobile applications’ user experience to help with telehealth visits, manage prescriptions, and make payments. Restaurants are continuing to find new ways to get their food to customers safely and efficiently. And, of course, retail companies that were more reliant on brick and mortar outlets had to find ways to increase online sales.

 

At the center of all these use cases and many more is someone with a mobile app developer’s skillset. Similar to web developers, mobile app developers need to have a portfolio to stand out and show the required technical skills.

 

2021 is still facing uncertainty. However, technology job opportunities are growing for those looking to bring problem-solving, creativity, and innovation to industries and businesses worldwide.

 

Check out eNamix’s job portal to find the next step in your career. 

 

If you have any questions or want to learn more, visit enamix.com or contact info@enamix.com to set-up a consultation with one of our senior account managers.

Share:

More Insights

]]> How AI Video Interviewing Can Drive Your Customer Service Recruitment http://testdev1.quantilus.com/enamix/how-ai-video-interviewing-can-drive-your-customer-service-recruitment/ Mon, 14 Sep 2020 01:34:34 +0000 http://appliqant.com/?p=3303

How AI Video Interviewing Can Drive Your Customer Service Recruitment

Whether you are hiring customer service representatives, retail store workers, telecallers, or any other customer service role, your company can benefit from implementing AI video interviewing in your recruitment process. These customer-facing employees have some of the biggest challenges and highest turnover rates in any industry. Recruiting them can seem like a particular hurdle for HR managers and workforce solutions providers.

 

Backed by artificial intelligence measuring attributes like extraversion, openness, and agreeability, AI video interviewing allows employers to connect with the best talent quickly while saving your organization time and money. Let’s dive into the benefits of utilizing AI video interviewing for customer service recruitment.

 

Benefits of Artificial Intelligence in Recruiting

The emergence of new technologies in the recruiting space has been met with plenty of skepticism over the years. However, the advantages of this new technology far outweigh the fear of AI’s ability to understand and analyze human behavior. Utilizing AI video interviewing in recruiting brings many benefits for organizations in every industry. These include:

  1. Saving time by automating tasks
  2. Standardizing assessment across the board
  3. Improving the candidate experience
  4. Decreasing turnover and hiring costs

For a nonprofit organization, small business, or startup, the cost of a bad hire could be the make or break point for their company. With the average cost of a hire ranging from $20,000 or more, the stakes are high to recruit the best talent as quickly as possible.

 

Getting the right personality fit

Finding employees with the right personality fit for their role and work environment allows employers to maximize the impact of their time spent recruiting. This ensures they will work well with the rest of their team and be able to fulfill their job obligations with ease.

Tools such as the Big 5 OCEAN, Dark Triad, and Jungian (also known as MBTI) personality assessment are automatically included with Appliqant’s video interviewing system. Research already suggests that high extraversion, openness, and agreeableness are critical for success in customer service roles.

 

Decreasing turnover

Customer service roles experience one of the highest employee turnover rates of any industry. Facing turnover rates up to 45% (compared to the U.S. average of 15%) means HR managers will spend even more time recruiting talent for their organizations. Investing in automated interviewing means you will find the right employees the first time.

AI video interviewing will increase the number of applicants who complete in-depth initial interviews and put the best candidates right in front of you.

 

Saving time and money

Companies stand to lose a lot by hiring the wrong person, so having AI video interviewing can let you review prior to offering a position provides an invaluable benefit. Losing an employee six months into the position due to a bad personality fit or other problems means your HR manager is spending more time finding talent for a single role.

The average cost of employee turnover is 6-9 months of an employee’s salary. This means if you have a single position paying $30,000 per year, you could be losing over $20,000 by losing an employee. Imagine if you had five open positions… you can do the math.

 

Candidate Accessibility

Video interviews can be completed in candidate’s own time on their computer, smartphone, or tablet. Candidates no longer have to take a day off work or hide behind a veiled “extended lunch break” or “doctor’s appointment” to attend an interview. Particularly working in customer service arenas, it is difficult for potential employees to step away from their work to attend an interview.

 

What’s Next

The ultimate goal of integrating AI video interviewing is to have a virutal interviewer lead a natural-feeling interview for every candidate. The machine will be able to speak to a person and evaluate their skills and personality accurately every time.

AI technology is currently learning how to evaluate changes in a person’s expressions based on verbal and visual clues. This mimics the way humans form opinions about people, looking at their facial cues and body signals to understand their mood and disposition.

 

By utilizing AI to analyze automated video interviews, we are revolutionizing the recruitment industry to reduce waste in time and resources and bring you the best quality candidates for every position.

Schedule your product demo today to learn how Appliqant can optimize your recruiting strategy.

 

If you have any questions or want to learn more, visit enamix.com or contact info@enamix.com to set-up a 30-minute call with one of our senior account managers.

Share:

More Insights

]]> How to Determine Your Company’s Average Cost Per Hire http://testdev1.quantilus.com/enamix/determine-your-average-cost-per-hire/ Thu, 16 Jul 2020 15:19:40 +0000 https://enamix.com/?p=4220

How to Determine Your Company’s Average Cost Per Hire

Due to the COVID-19 pandemic, making the right hire has become an even more crucial decision invoking anxiety and ultimately can significantly impact a company’s bottom line in this current climate. Some industries have seen a reduction in headcount, however other industries have increased hiring since the beginning of the year. With that involves HR departments navigating a talent pool that has become extremely competitive as the U.S. Bureau of Labor Statistics reported a 14.7% unemployment rate in May (up from 3.5% back in February). To help break through the unknown of hiring in this abnormal environment, our team has put together a guide to determine your company’s average cost per hire.

 

However, identifying the specific external costs (such as third-party agency fees, advertising costs, and travel fees) and internal costs (employee salary, benefits, and fixed real estate costs for example) can get murky and cause some confusion.

 

SHRM determined the average cost per hire across various industries was around $4,000; however, there are also variables to take into account for company size, industry, and what type of position is filled in this amount. For smaller companies, this amount could be closer to $7,000 and in some cases up to $20,000 depending on the level of positions that are hired in a fiscal year.

 

A larger company is more than likely using many external resources and has internal fixed costs that aren’t comparable to small or medium-sized companies, so we’ll focus more on small to medium-sized companies when trying to determine what to take into account for determining your average cost per hire.

 

External Costs

 

Advertising/Marketing

Aside from taking into account the obvious advertising costs on social media or through retargeting and paid search campaigns, one aspect to account for is the cost of materials created by your marketing team or agency used to attract candidates to your company.

 

Expenses to take into account: social advertising, SEO advertising, retargeting costs, job board expenses, job fair/recruiting event expenses, production of marketing material for recruiting.

 

Hiring Process

Any costs related to third-party agencies or RPO’s would fit in this category; however, if your company isn’t using an agency, also don’t forget to take into account the travel expenses. This includes expenses of candidates brought into the office and the travel expenses of recruiters for off-site interviews or job fairs.

 

Expenses to take into account: travel for the candidate and recruiters, technology costs, recruitment process outsourcing, third-party agencies

 

Onboarding

Once the candidate has been hired, be sure to include the candidate’s onboarding expenses in your average cost per hire assessment. This would also include the compensation for the employee referral is applicable.

 

Expenses to take into account: background checks, health screening, drug testing, employee referrals, candidate relocating, training/development

 

Internal Costs

 

Recruiting & Sourcing Staff

Keep in mind the salary, benefits, and bonuses of not just full-time employees in your recruiting and staffing departments, but also part-time employees and contractors. And any training or development costs (such as seminars, expos, etc.) for these teams would also be accounted for in this category.

 

Expenses to take into account: base salary, benefits, bonuses, training/development

 

Facilities

Office and capital expenses may be difficult to identify a hiring cost to, but a way to take into account this category is to take the percentage of the recruiting and staffing department headcount based on the overall office costs.

 

Expenses to take into account: the representative portion of office rent and capital

 

Time 

One area that is overlooked when determining a company’s average cost per hire is the investment of time put in by hiring managers and also the department that the hire would be joining. For example, a new digital marketing position is also going to involve members of the marketing team in the interview and selection process and take time from their day-to-day. A suggested way to determine this cost is to multiply the numbers of interviews done to an internal rate.

 

Reveal Your True Cost Per Hire

 

We’ve created an Excel worksheet to help calculate and determine your company’s average cost per hire. Gather the information and then simply enter the numbers to get your average cost per hire.

 

If you have any questions or want to learn more, visit enamix.com or contact info@enamix.com to set-up a 30-minute call with one of our senior account managers who can walk you through this process.

Share:

More Insights

]]> The Scourge of “Fake” Candidates http://testdev1.quantilus.com/enamix/the-scourge-of-fake-candidates/ Wed, 18 Jul 2018 15:46:16 +0000 http://appliqant.com/?p=3337

The Scourge of “Fake” Candidates

Whether you call it resume padding or application fraud, the trend of candidates lying on their resumes is increasing as unemployment rises. The problem can get even worse, with fake candidates applying and performing the interviews while sending a different person entirely on the first day of the job.

 

Estimates from sources like Steven Levitt and Monster.com estimate that more than 50% of applicants lie or exaggerate the truth in their resume and cover letter. Leaders at top organizations such as Samsonite and Yahoo have been removed from their position after being exposed lying on their resumes.

 

On average, a bad hire of a fake candidate costs an organization $17,000. As applications for top positions become even more competitive, fake candidates may list fraudulent degrees, references, successes, and even entirely falsified positions. This could lead to you hiring unqualified staff who will require additional training and represent your company poorly to customers or investors. If you are a staffing company, this could forever damage the reputation of your services.

 

Here are our best tips for mediating the potential costs of fake candidates.

 

Ask Detailed Questions About Their Experience

 

During the interview, ask them to tell you specific examples from their previous positions with the measurable results. Watch for answers that are vague or have details that don’t align. If they mention incorrect dates of employment, different job responsibilities than were listed on their resume, or don’t give any specifics about their job duties — you’ll know you potentially have a fake candidate.

 

Call Their References

 

Estimates range from 50-85% of hiring managers follow through with calling top candidates’ references. This is a quick way to ensure you are hiring a qualified candidate. Identify your top 2-3 candidates and call their references — they will be able to tell you the dates of the person’s employment, their working style, and whether there were any issues with them performing on the team. You may even want to go beyond their listed references (who may be coached to say specific things) to people you have common connections with on LinkedIn. They may be able to tell you more honest information than the candidate’s listed references.

 

Utilize Artificial Intelligence Technology

 

Artificial intelligence technology matches their video interview to their uploaded form of ID to ensure it is the same person. Appliqant uses advanced facial recognition technology to match the photograph in the ID to the person taking the video interview, to ensure there are no substitutions. Having a recorded video of the candidate also ensures that there can be no substitution with a different person in future interviews. The software also has the ability to understand people’s facial expressions and language patterns. This gives you a personality profile that details traits like narcissism, Machiavellianism, and psychopathy — all red flags you want to avoid in a potential hire.

 

If a candidate has lied about any aspect of their experience, artificial intelligence automated interviews will help you screen those candidates to recruit the best, most qualified talent. Further, video interviews allow you to remember their appearance and voice to ensure the right person steps into the job on day 1.

 

Trust Your Gut

 

If the candidate doesn’t  want to perform a face-to-face interview, their phone number changes after they’re hired, their voice or appearance don’t quite match what you recall, or if it just doesn’t feel right in your gut — trust your instincts! If something feels wrong, take the steps to ensure you are protecting your business and reputation from fraudulent candidates.

 

—

 

It is unlikely that fake candidates will go away any time soon. By taking the steps above, you can mitigate the costly risk of hiring a fake candidate. Take advantage of artificial intelligence automated interviewing with Appliqant’s platform.

 

Schedule a live demo of Appliqant’s video interviewing and assessment technology today to learn how our personalized packages can help you recruit and retain the best talent.

 

—

 

Appliqant is an AI-infused, blockchain driven, automated video interview platform developed by the team at Quantilus.

Share:

More Insights

]]>