Gone are the days when hiring people meant taking out adverts in the newspapers and hoping for a good response.
For the last 10-15 years, certain technology-dependent recruitment practices that have been around but the recruitment-process environment hasn’t really changed all that much. Video-interviewing, satellite conference calls, social and business networking portals etc. all existed within the hiring process from about a decade back but the only difference today is that there is far more dependence on them that there was before. The same is pretty much true for talent hiring data management too.
Most of the small and medium size companies still employ very basic, almost dumb recruitment tracking systems that plod through the hiring cycle, doing no more than filing resumes, posting jobs, sending out correspondence to candidates and pulling up profiles from the archives. Contemporary recruitment platforms are way more productive, agile and far more intelligent.
One doesn’t need a bulky stack of 10-15 different technologies to work the Talent Acquisition piece together anymore.
Today’s hiring technology solutions have such cranked up capabilities that it doesn’t compare to what we’ve ever seen. From an HR standpoint, that’s nothing short of a sensation. Companies and employees alike are either already hooked on to them or are currently in the process of adopting one. And we’ll tell you why – because everyone unabashedly accepts that HR tech is the game changer that we all have been waiting for.
The future looks so bright for recruitment technology that the antediluvian recruitment systems are getting completely blown away.
Following are some of the trends that are shaping the HR talent acquisition technology today:
The Big Data race
Recruiters across the world are recognizing the huge potential behind the idea of running algorithms against increasingly large data on candidates that is available via social media, job boards, and other channels. A typical recruitment process for a medium size enterprise generates massive amounts of data with hundreds or thousands of people applying for jobs but only 2% to 3% of them making to the assessment process. The objective of using algorithms on this data is to help recruiters find the right candidates faster and turn all the data into actionable information.
While many companies are getting caught up in the big data race, we believe small & medium companies can get started with small data. These algorithms can run on data sources available to them and help recruiters achieve the same objectives. These algorithms are the most non-invasive piece of technology available to recruiters today. They can just slip into the background and do their magic. Additionally, there is no threat of the big data systems replacing the recruiter because they are truly designed to help them become more efficient & aid in decision-making.
HR Tech – Literally in the palm of your hand
Some would say that the recruitment cycle, although very exciting is one of the most cumbersome processes to complete. This drudgery is what inspired tech companies to come up with solutions that would liberate the hiring team and make the hiring process totally streamlined. Cloud solutions that are accessible via an app on your smartphone/tablet or other wearable technology have seen enormous success in the few years.
HR teams can hire, contact candidates, schedule interviews, monitor feedback and send out offers from wherever they are 24/7. The process flow identifies process-owners and escalation-points so that there is absolute control over the entire process. Candidates too can now apply for work in a mobile-optimized format.
Crowdsourcing of Talent
With practically everything becoming virtual, the Internet has become like a gigantic talent pool. Crowdsourcing talent has become one of the biggest hiring trends that’s here to stay because of what it offers- access to millions of people across the world, easy online/web interface with them and at a fraction of the traditional costs. Platforms like LinkedIn, Whatsapp, Xing, Twitter Facebook etc. can bring the potential employee and the employers closer and thereby make the recruitment cycle much shorter. More time saved means more time earned. Eventually this means a very tangible impact on the bottom line.
Cognitive computing came about to bring in process efficiency, enterprise competitiveness and increase people productivity. How cognitive computing helps in hiring is it uses its artificial intelligence (AI) neurosystem to receive and process unstructured information in ways similar to humans, and it constantly learns using reasoning and logic. Cognitive computing helps organizations understand language patterns, grasp underlying concepts, form hypotheses and infer and extract ideas.
In most AI based recruitment solutions today, the focus is on reducing time required to identify relevant profiles from all available sources both internal and external. Since this task can be structured around certain rules and based on user behaviour it can further modify its results, this lends itself very well for AI application. This is a classic example of how new technology will eliminate tasks from the job and create a new job or task for the humans.
Cognitive systems enable a tighter recruitment cycle by matching the right candidate to a job, generate a candidate pipeline for each open position, predict results based on information received from e.g. interviewers, current compensation as well as the candidate experience throughout the recruitment process.
PeopleStrong’s Recruitment Technology (Alt Recruit) is a smart, scalable and one-stop recruitment solution for hiring the top talent. It is not merely an Applicant Tracking System (ATS), rather is AI-enabled, Unified, Intuitive and Intelligent recruitment platform which powers end-to-end hiring processes of 100+ organization across the globe. It is integrated with 50+ candidate sourcing channels, processes over 1 million candidates per year and rolls out 60,000+ joining offers per year.
Get in touch with our recruitment solutions executive to know more about Alt Recruit and how we can manage your Recruitments better.