The global economy has received an incredible blow from the impact of the novel coronavirus, also known as COVID-19.
Millions of Americans are now suddenly out of work. Recent numbers from the Labor Department show that a staggering 16 million people have lost work in just three weeks alone. During the last recession, job losses totaled only half this amount over the course of two years. Many economists believe that the 16 million figure is almost certainly lower than the actual number of jobs lost. In addition, the U.S. Private Sector Job Quality Index estimates that approximately 37 million domestic jobs are at risk for layoffs as the coronavirus pandemic continues. It’s obvious we’re in a crisis, with no clear end yet in site.
However, there are still a few bright spots of hope. Though many companies have been forced to close and others are cutting back significantly on staffing, there are still other companies that have urgent hiring needs. The trouble for most job seekers will be finding these jobs, while companies will struggle to find the right workers.
This is where Censia is stepping up to help. The company is a leader in artificial intelligence (AI) tools for recruiting.
In response to the unprecedented number of people in America that are newly unemployed and seeking work, Censia has launched a new initiative. ReadyToHire (RTH) allows companies facing large-scale layoffs to add those displaced employees to Censia’s database of more than 500 million professionals, which hiring companies use to find talent. In addition, job seekers can individually add themselves to the database. These individuals and displaced employees receive an AI-enriched profile with a special label. This allows them to receive priority positioning in search results by companies seeking new hires immediately. Job seekers also receive free access to career development tools to assist their search.
Companies seeking to hire right now can access this database for free, while Censia’s AI-based recruitment technology quickly and easily matches them with the best candidates from the ReadyToHire talent pool to fill their open roles. Hiring companies can also receive other incentives for hiring from this pool. Because the program requires no integration or special set-up and it is free to access for both individuals and companies, it can offer a real solution to help those displaced during this unprecedented time.
Censia is a leader in AI tools for recruitment solutions. With Censia’s Talent Intelligence platform, a recruiter can model their ideal candidate and find matches in a fraction of the time it would take to sort through resumes manually. Censia’s database of 500 million+ professionals refreshes in real time, ensuring that all information is up to date. This information is pulled from more than 2,400 public data sources around the world.
Censia enables recruiters to build holistic candidate profiles that go far beyond traditional keyword searches. This allows companies to find candidates that might have been overlooked in traditional hiring processes. It also saves time: Censia’s platform saves 25 hours of company time for each hire. It also allows for 50% faster time-to-hire and 85% faster time-to interview.
Why AI Is a Game-Changer for Recruiting
AI is addressing some of the problems that have plagued recruiting and HR for decades. Traditional recruiting processes take an incredible number of working hours for hiring managers and teams to review countless resumes and try to find appropriate candidates through traditional keyword matching.
Companies like Censia offer an AI-based solution that saves time and produces better results. Companies can build models of the ideal candidate by using real data about the most successful performers within their company or industry—rather than just relying on what they think a good candidate looks like. These candidate models can be based on hundreds of talent attributes, rather than just a handful of basic qualifications. Predictive modeling can also help companies confidently assess whether a candidate will succeed in a role.
Using AI is also an excellent way to eliminate hiring bias. That’s because AI tools like Censia’s find matches based on the true qualities that make up an excellent candidate and make decision based on data, without factoring in biases with regard to race, gender, or other inherent qualities candidates might or might not have. This helps protect companies, allows them to increase diversity, and ensures that every hire is truly a good fit for the role in question.
The time saved by recruitment managers in this process is invaluable as well. In a matter of minutes, a hiring manager can assemble a list of qualified candidates, saving valuable time in the interview process and allowing them to focus only on the best candidates for the role.
Find Your Next Job with Censia’s Help
If you are one of the millions of Americans looking for a job because of the COVID-19 crisis or if your company has urgent hiring needs, be sure to explore Censia’s ReadyToHire initiative. For more information and to learn more about how to take advantage of this new feature, visit www.censia.com/ReadyToHire.