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AI is here, and it’s poised to transform every aspect of staffing, helping to drive new efficiencies and unlock value at every step of the recruitment process. But what impact will AI have on executive search firms?
In our recent webinar, Getting ready for AI: Executive search edition, we unpacked the critical role of AI in executive search and discussed strategies for setting up businesses for success with AI. The session featured Bullhorn experts Erik Mateev, Strategy Manager, Automation & AI, and John Hopkin, Product Manager, Invenias who shared the changes they’ve seen in the last few months – and how AI will continue to transform executive search.
Read our recap below for their insights, or check out a recording of their conversation.
The state of executive search
2023 was a challenging year for recruitment. However, some executive search firms outperformed the market by focusing on innovation and leveraging technology. Despite the challenges of 2023, 67% of firms met or exceeded their revenue goals, showcasing the importance of innovation and proactive strategies.
What did these firms do differently?
- Data health: They maintained an emphasis on maintaining a healthy database.
- Technology utilization: Top firms are leveraging automation and analytics for productivity and business insights.
- Digital transformation: Leading firms are committed to the digital transformation journey.
- AI experimentation: Top-performing firms are actively exploring AI for routine tasks.
Mateev stressed the importance of using AI effectively and ensuring data hygiene to achieve meaningful results. He also conducted a poll revealing that over half of the attendees already use AI to summarize candidate profiles, among other tasks.
AI in executive search
Just as executive search differs from traditional recruitment models, integrating AI in executive search should complement the high-touch, personalized service expected. As such, here’s how Bullhorn is approaching AI when it comes to executive search.
- AI strategy: Combining core AI features with supporting updates to improve data quality and entry, ensuring accurate and useful AI outputs.
- Invenias AI assistant: Introducing tools that enable consultants to create high-quality content without needing deep expertise in AI prompt engineering.
- Data quality: Emphasizing the importance of accurate data to maximize the benefits of AI.
Hopkins highlighted the necessity of maintaining high data standards and using AI to enhance, rather than replace, the human element. He demonstrated this with a practical example involving a fictional executive search consultant named Guy.
Real-world application: Guy and Thomas
Hopkins’ example, based on real-life applications of Invenias and Bullhorn AI tools, illustrated the efficiency gains from using AI tools. Guy, short on time, used Invenias AI assistant to draft a personalized email quickly to Thomas. By clicking a single prompt, the AI assistant accessed Thomas’s CV and generated a contextually accurate email. This not only saved Guy significant time and effort but also ensured the communication was professional and tailored, leveraging AI to enhance productivity without sacrificing the personal touch.
What’s to come
By focusing on data quality, leveraging advanced tools, and maintaining a human touch, executive search firms can effectively harness AI to drive success. As the industry continues to evolve, staying ahead with innovative strategies and technologies will be key to thriving in the competitive landscape.
Interested in learning more about AI applications in executive search? Stay tuned for upcoming webinars and resources from Invenias.
