February 27, 2024

5 Benefits of Embracing Artificial Intelligence in Executive Recruitment

By: sanjay sathe

Corporations across industries are increasingly integrating artificial intelligence (AI) across departments and business functions to drive efficiencies—including in human resources and recruiting. According to research from Gartner, 81% of HR leaders have explored or implemented artificial intelligence (AI) to improve their organization’s process efficiencies.

Benefits of AI in Executive Recruitment

As organizations increasingly adopt AI technology, more recruitment teams are realizing the advantages AI has to offer. In fact, research from Tidio found that  67% of HR professionals believe that using AI brings many benefits and has a positive impact on the recruitment process. 

AI can be particularly beneficial in executive recruitment. While traditional executive search takes place primarily offline and has remained devoid of innovation for nearly half a century, AI technology can help businesses take a more modern approach to executive recruitment.  Below, we’ve highlighted some of the key benefits of embracing AI in executive recruitment. 

1. Streamlines administrative tasks

Traditionally, many tasks throughout the recruitment process are completed manually. Given the complexity of executive recruitment, this approach can lead to a lengthy hiring process, among other drawbacks. 

Rather than spending valuable time and resources on manual, routine tasks, according to research from the Society for Human Resource Management (SHRM), 85% of HR professionals who use AI to support recruitment and hiring say it saves time or increases efficiency.

Some of the administrative tasks that can be streamlined by leveraging AI technology include:

  • Sourcing candidates
  • Matching best-fit candidates with job opportunities 
  • Resume parsing
  • Prompting executive candidates to share pre-recorded videos, rather than conducting initial screening conversations    
  • Scheduling interviews
  • Sending candidate communications
  • Administering candidate assessments
  • Initiating background and checks

2. Enhances candidate matching

Because executives have such a significant impact on overall business success, hiring qualified candidates is critical to long-term business growth and viability. However, research from Development Dimensions International (DDI) found that HR leaders believe about half (53%) of outside executive hires are failures in their roles.

With AI-powered candidate matching, organizations can more effectively find and hire qualified executives who align with their specific business requirements. Additionally, evaluating candidates’ past accomplishments—rather than prioritizing skills—can be a strong indicator and predictor of future performance for executive candidates. AI-powered accomplishment-based matching technology can automatically match the most qualified candidates that align with specific job requirements.

At SucceedSmart, we use a proprietary, patent-pending accomplishment-based algorithm to match best-fit candidates with open positions.

While some individuals may think that AI will lead to job loss, this isn’t necessarily the case and a human element will always be critical in executive recruitment. According to a recent survey from ResumeBuilder, 85% of respondents said AI can help provide recommendations on candidates but final hiring decisions should be left to people. Taking a modern approach to executive recruitment requires a blend of AI-powered technology and human expertise.

3. Increases candidate engagement

The latest AI-powered technology also enables HR and executive recruitment professionals to focus more time and attention on the “human” element of human resources. By automating routine tasks and candidate matching, HR and recruitment teams can spend more time building relationships with the most qualified candidates, which can help increase candidate engagement as a result. 

Other ways AI can improve candidate engagement include:

  • Sharing personalized job recommendations that align with individuals’ background, experience, and accomplishments 
  • Automating candidate emails, interview scheduling, and other communications to quickly and efficiently move forward with next hiring steps
  • Answering common candidate questions using chatbots and related AI technology
  • Leveraging predictive analytics to understand when candidates drop out of the recruitment process and identify areas for improvement 

4. Decreases total hiring time and costs 

A traditional executive search process can take four to six months. The longer executive roles remain unfilled, more revenue and productivity is likely lost. Additionally, with a lengthy process, organizations risk their best senior-level candidates becoming disengaged or accepting offers from competing employers

By streamlining administrative tasks, AI-powered technology enables organizations to decrease total time to hire from several months to a matter of weeks, while also reducing executive recruitment costs.

Retained executive search firms typically charge about 33% of each executive’s first year total compensation, often exceeding $100,000 total. Taking a modern approach to executive recruitment that combines AI and human expertise can decrease total costs by up to 70% 

5. Supports confidentiality and inclusivity while minimizing bias

According to a report from Talent Board, among talent acquisition teams who plan to purchase AI technology, 79% plan to buy tech that removes bias from application and screening processes. The right technology can help remove both conscious and unconscious biases throughout the executive recruitment process—from writing job descriptions to matching and screening candidates. 

SucceedSmart’s generative AI platform, Taylor, is designed to create unbiased, accomplishment-based job descriptions in minutes. The platform also reviews existing job descriptions, flags biases and exclusionary language, and recommends essential changes to ensure organizations don’t unintentionally turn away potential candidates by using exclusionary wording.

In addition to job descriptions, AI-powered candidate matching also minimizes biases during the hiring process while supporting confidentiality for executive candidates. SucceedSmart’s “single-blind” approach promotes diversity and inclusivity in the hiring process, while prioritizing privacy and giving executives complete control over which organizations can view their profile

Partner with SucceedSmart for AI-powered executive recruitment 

In today’s competitive, digital first job market, adopting AI in executive recruitment is no longer an option—it’s essential to securing qualified candidates while reducing hiring time and costs.

SucceedSmart’s executive search software is unique blend of proprietary AI and custom-built accomplishment-based matching technology combined with talent advisors and executive coaches can help your organization fill critical leadership positions with unmatched agility, accuracy, and affordability.

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