DENVER and NEW YORK, April 06, 2022 (GLOBE NEWSWIRE) -- PandoLogic, a wholly owned subsidiary of Veritone, Inc. (NASDAQ: VERI) and leading provider of artificial intelligence (AI) hiring solutions, today shared findings from a new report published by Aptitude Research. Titled “The Power of AI in Talent Acquisition,” the research explores the current state of AI in talent acquisition (TA), challenges and misconceptions, insights on the impact of AI, the importance of ethics and recommendations for companies across the AI journey. The report methodology combined quantitative and qualitative research, including interviews with more than 50 TA leaders at enterprise and mid-market companies.
PandoLogic CEO Terry Baker commented, “PandoLogic knows AI has the power to change the way work gets done. We also know that there are lingering concerns in the talent acquisition space that need to be addressed. With that in mind, the team at Aptitude Research captured the sentiment around AI in TA and analyzed the findings to help debunk the myths and showcase how these solutions support hiring outcomes.”
Establishing a baseline around how companies are using TA technology right now, Aptitude found that companies are increasing their overall investment in TA tech and AI in TA, and 63 percent of companies that participated in the report plan to invest in AI hiring solutions in 2022. At the same time, the TA tech landscape is growing increasingly complex, with all evidence indicating that AI is now a permanent fixture. Despite this, only nine percent of companies are using AI across TA, with 22 percent just starting to and 15 percent using AI inconsistently, leaving ample room for increased use in the coming months and years.
Of those companies underutilizing AI, 44 percent admit that they do not know enough about the technology, while 17 percent say they do not have support from senior leaders, though as Aptitude points out, most people already use AI in their personal lives every day. Recognizing that there is still room for market education as well as technological advancement, the report looks to the future, examining key considerations such as efficiency versus experience, the rise of ethical AI and the role AI plays in recruiter and candidate experiences.
Other key takeaways include:
- Efficiency is the number one driver for TA tech decisions, specifically saving recruiters’ time and improving time to fill.
- Diversity, equity and inclusion are playing a bigger role in TA tech decisions, with over 30 percent of companies having a dedicated budget for these initiatives.
- Finding applicants, reviewing their materials and scheduling interviews are the most time-consuming activities for recruiters.
- Those surveyed see improvements to efficiency and quality of hire as the most significant benefits of AI in TA.
- Better tools to automate processes ranked as the number one resource recruiters need, followed by more time to engage candidates.
Baker concluded, “It’s clear from Aptitude’s research that AI is underutilized in recruiting today because companies do not fully grasp the benefits it provides. This report digs into the activities that take up recruiters’ time, the resources that recruiters need and where AI is most helpful. We are keen to provide a full picture of how much AI has to offer, as we’ve seen and demonstrated at PandoLogic time and time again.”
About PandoLogic
PandoLogic is the leading recruitment marketing and conversational AI platform in North America. Serving the world’s most recognizable brands, PandoLogic utilizes advanced AI technology to transform the future of recruiting. PandoLogic’s flagship product, pandoIQ, is an AI-enabled talent acquisition platform that empowers employers to reach the right candidates on the right sites for the right price. Making more than 7,000 micro-decisions per minute, pandoIQ automates and optimizes the complexities of job placements at scale and precision levels previously unattainable.
PandoLogic is a wholly owned subsidiary of Veritone, Inc. (NASDAQ: VERI), a leader in enterprise artificial intelligence. To learn more, visit PandoLogic.com.
About Veritone
Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) software and solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications accelerate and maximize digital migration, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s hyper-expansive Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through professional and managed services, as well as its robust partner ecosystem, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
