The Rise of AI and How it is Serving Executive Search
July 14, 2021 – Technology is transforming the way business is now conducted, according to a new report by The Taplow Group. Artificial intelligence, in particular, seems to be the focus in many business sectors. “AI is allowing a machine to replicate cognitive abilities found in human beings to make tasks easier, effective, and efficient,” says The Taplow Group. “We agree that it has transformed the manufacturing, medical, retail and multiple other sectors, but what about those areas that require extensive human intervention like consulting, law or recruitment?”
The Taplow Group lays out some examples of how artificial intelligence is assisting executive search consultants:
Draw insights from trends and patterns.
AI would help you to get excellent insights from past data trends and patterns, according to The Taplow Group. For example – the average tenure of a chief technology officer in a retail sector organization is three years. “This means that you could start reaching out to potential candidates once they have completed 2.5 years of service,” the report said. “Similarly, a lot of insights can be drawn from past data. What are the top qualities for CFOs? What are the top challenges that a CEO faces? Data analysis can provide the answer to all these questions.”
Predict the most suitable fit.
Executive search services assisting accuracy with machine learning algorithms predicting the best-suited candidates, according to The Taplow Group. “Technology will also aid in defining the role and job description,” the report said. “AI would narrow down the search and bring to you those candidates who are most suitable for the position. This saves a lot of time in the entire hiring process.”
Suggest the best compensation.
The artificial intelligence machines and devices have data about compensations and benefits being offered for a similar role in the industry. It would help you decide on the compensation and hence gives you more information when you go into salary negotiations, according to The Taplow Group.
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Why artificial intelligence cannot replace executive search management consulting
AI can aid executive search services but it can never replace executive recruitment consultants, The Taplow Group said. Executive search is for C-suite, senior management or positions that determine the strategic missions for the organizations. ”In many cases, even the CVs are not considered and direct interviews are scheduled,” the report said. “Human interaction is essential for executive search and it is the human mind that would probe beyond the roles, titles and skills. It is the human mind that would determine the cultural and organizational fit. Executive search consultants have thorough knowledge about the industry trends, the current challenges and opportunities, and this knowledge combined with the experience would help in finding the best talent for the top managerial positions in the organization.”
“Thus, artificial intelligence would no doubt make the job easier for an executive recruitment consultant but can never replace the human factor in these services,” The Taplow Group report notes. “The human factor would always remain the most crucial element in the search process. It is the inputs and analysis that assist a consultant. You would still need an expert to interpret the trends and find the best-suited talent for the organization.”
Established in 2002, The Taplow Group has 21 partner firms, located across six continents in 18 countries. The Taplow Group partner firms offer executive search, human capital, board advisory and executive interim services across multiple industry sectors. The Taplow Group is established in 19 countries in Europe, America, Africa, Oceania and Asia-Pacific, with 36 offices. Countries covered include: Australia, Brazil, China, Denmark, Finland, France, Germany, Luxembourg, India, Italy, New Zealand, Norway, Russia, Singapore, South Africa, Spain, Sweden, the U.K. and the U.S.
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Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
