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The pressure is on employers to fill contingent positions efficiently and effectively in an environment of low unemployment and a limited pool of skilled labour. Having the right talent at the right time has never been more critical for business success.
To compete for top talent, more organisations with an eye on the future are turning to technologies like artificial intelligence (AI) and data analytics to improve their contingent hiring processes. But this shift is not happening fast enough. A recent survey by Deloitte revealed that the vast majority, 83%, of companies worldwide possess a low analytics maturity, with only a handful of organisations taking the initiative to tap into the full potential of data. It’s estimated that only 35% of companies are using AI and forecasting analytics to predict future talent demand.
Let’s explore how harnessing the power of AI tools within the contingent hiring process can help decrease time to fill and empower decision-makers to anticipate seasonal hiring trends and prepare for future talent needs.
Enabling talent demand planning for contingent roles
Traditionally, demand planning in contractor talent acquisition has relied heavily on historical data and manual analysis that cannot keep up with the dynamic nature of hiring requirements. This often results in accommodating sudden hiring surges, which, coupled with often time-consuming and inefficient processes, leads to issues with filling roles quickly — or at all.
Fortunately, with the advent of AI technology and demand planning software, organisations can now promptly respond to changing market conditions, plan ahead of talent demand, and automate various aspects of the contingent hiring process. For example, employers start to save time by taking a more efficient approach to screening candidates for high-volume, administrative, or lower-skill level contingent roles, using automated online assessments or pre-recorded video interviews.
At Pontoon, we take a data-driven approach to bulk and seasonal hiring, particularly for roles requiring lower-level skill sets. By leveraging our proprietary forecasting tool, we predict future hiring needs based on previous demand and the likelihood of prospective hires. Our visualisations help spot candidate trends, such as seasonal demand before they happen, so our clients can be sure their business needs are met quickly and accurately.
Decreasing time to fill with AI and data analytics
Achieving an efficient time to hire is a top priority in bulk talent acquisition, and analytic forecasting models are stepping up to help conquer this challenge. Advanced algorithms can swiftly analyse vast amounts of data to identify patterns and produce shortlists of suitable candidates. By eliminating manual processes and overcoming the data monsoon head-on, visualisation tools can help HR professionals substantially decrease the time it takes to fill multiple repetitive roles without compromising candidate quality.
When Pontoon’s MSP client needed to source quickly and onboard 200 contractors during the busy holiday season, we worked with our supplier partners to implement an AI assessment tool to ensure success. Candidates that met score thresholds and passed compliance checkpoints could circumvent the interview process, which allowed us to hire all contractors in less than four weeks. At the same time, the quality of candidates hired increased because suppliers pre-vetted and submitted only the best candidates, cutting down on attrition.
The future of contingent hiring: Evolving alongside data and AI
As AI and predictive talent model adoption continue their rapid growth, their influence on talent acquisition is only expected to deepen. The demand for flexible talent is increasing exponentially, and organisations that fail to adapt to these changes risk losing their competitive edge. By staying on top of the latest AI-enhanced hiring tools and adopting a forward-thinking approach to contingent workforce planning, businesses can thrive in this era of relentless technological advancement.
Demand planning for bulk talent hiring is witnessing a paradigm shift, thanks to the transformative power of AI and forecasting analytics. By leveraging AI to streamline the hiring process and analyse seasonal trends, companies can benefit from decreased hiring time and predictive insights into future talent needs. Organisations must be bold and strategically embrace the game-changing solutions this tech offers to stay competitive in the modern business environment. With proper demand planning, talent acquisition leaders can push the boundaries and elevate their bulk hiring strategies to previously unattainable levels.
Let Pontoon help set up a winning contingent strategy for your seasonal or bulk-hiring needs.