What challenges are companies facing as they rely on AI for hiring, and how can they overcome these hurdles?
There’s no doubt that artificial intelligence (AI) is revolutionising the hiring process. My team receives 120,000+ applications each month. We’re using AI to streamline the talent acquisition process and give a more high-touch candidate experience. For example, we’re using the technology for initial CV screening. This frees up our recruiters to focus on what matters most: building meaningful connections with top talent. Time saved by using AI in these early parts of the interview process can be as much as 55 hours in CV screenings and 25 hours in interviews per role.
But, naturally, using AI also brings forth new challenges. While AI offers significant benefits in hiring, it’s essential to acknowledge its limitations. AI may lack the nuanced understanding of human qualities like creativity or emotional intelligence. It currently also struggles to accurately assess things like cultural fit. Therefore, human judgement remains crucial to making final hiring decisions, ensuring a fair and equitable process.
Implementing AI effectively also requires a skilled workforce. Recent data from Deel shows that over half (57%) of Australian business leaders are concerned about local skill gaps. As AI becomes more integrated into business operations, the demand for AI specialists is growing. To address this, organisations can invest in upskilling and reskilling their workforce, as 92% of workers are open to acquiring AI-related skills. Additionally, tapping into global talent pools can provide access to specialised skills and a wider range of candidates. Our research shows that 89% of organisations are open to hiring talent from outside Australia.
In what ways are SMBs using AI to compete with larger enterprises by accessing global talent? Can AI help them navigate international hiring complexities more efficiently?
Traditionally larger corporations have had a competitive advantage due to their resources, internal knowledge and established brand reputation. However, AI is levelling the playing field for smaller businesses by democratising access to information and automation, enabling more advanced talent acquisition strategies that were once the exclusive domain of larger organisations. Smaller businesses can now leverage AI to efficiently screen resumes, conduct initial interviews, and analyse candidate data. By automating these tasks, SMBs can focus on building relationships with potential candidates, providing a more personalised and engaging recruitment experience.
Beyond this, AI-powered HR platforms like Deel can help SMBs navigate the complexities of international hiring. For instance, we’ve introduced Deel AI, one of the largest AI assistants for global compliance data. It helps shows real-time insights into regulations, benefits, and compensation practices across various countries. This enables SMBs to make informed decisions about where to hire, considering factors like quality, cost, and proximity to talent pools. By accelerating the decision-making process, SMBs can gain a competitive edge in the global talent market.
What are some of the best practices for HR managing payroll with multiple tools, and how can AI solutions streamline this process for efficiency?
Deel’s research found that 71% of HR and finance professionals use up to five different tools for payroll management. This leads to frequent switching between solutions, which can create inefficiencies throughout an organisation’s tech stack. When international payroll management is added, the complexity increases. This can lead to greater risk of compliance breaches with local or international regulations, resulting in costly non-compliance fines, payroll errors, and reputational damages.
Our research also shows that many organisations are increasingly looking to new technologies like AI to automate business processes (60%) and consolidate their tech stacks to minimise the number of vendors (59%). This trend highlights the importance of consolidated platforms for simplifying payroll management across global teams.
By using a unified payroll platform with streamlined Al capabilities, HR and accounting professionals can switch between tools effortlessly while maintaining data consistency. The consolidation of solutions helps teams create a single source of truth, enabling HR to access accurate information quickly, which enhances decision-making, productivity and overall efficiency.
Alan is an experienced international talent acquisition leader, having led People & Talent Acquisition teams for some of the largest technology companies globally. Currently Alan is the Head of Global Talent Acquisition at Deel, running Talent Acquisition teams across US, LATAM, EMEA & APAC. Prior to Deel, Alan was a founding member of micro-mobility company Dott, where he was VP of People. Prior to Dott, he held senior roles at Uber & Google.
