Today’s labor market is largely candidate-driven. The battle to attract top talent from the pool of under-qualified applicants is getting tougher. Besides, digital disruptive technologies – social media, artificial intelligence, and the cloud - are changing the way HR approaches recruitment exercise.
Thanks to the technological advancement, start ups and Fintech companies can easily compete with multinationals for the same talent. Unfortunately, highly skilled professionals are few and far between. That means companies and recruiters have to work harder to find, attract, hire and retain top talent.
As a result, recruiters are forced to embrace technology for ‘consolation’. In fact, about 75% of hiring and talent managers are now relying on Applicant Tracking System, among other recruitment software to improve their hiring process.
But there is more than that.
If you are into recruitment, you need to fasten your seatbelts, because the ride is going to bumpy especially for those who don’t understand what the future of recruitment industry holds.
Here are technological trends that talent acquisition and recruiting pros need to take advantage of in their quest to attracting the top talent.
Big data analysis – the new recruiters’ superpower
A few years ago, talent acquisition used to be a people’s profession. But, the recent technological advancement has rendered it a numbers profession too. Most hiring managers and other talent professionals believe that data is driving the new recruitment trends that impacts on companies hire new talent.
Thing is, the concept of using data for talent acquisition is not new. But, the increased volume of data being churned out by businesses and the speed at which can be analyzed makes it a very useful tool for talent managers.
Data provides businesses with insights that help recruiting managers make hiring decisions. Today, hiring managers are using data to make strategic decisions. That means recruiters need to come up with, among others, talent intelligence strategies that makes use of data to make intelligent hiring decisions. For example, companies like Jetblue, Novartis, Nielsen, among others are already leveraging data to help them to find, nurture, manage and hire top latent.
2. AI – the secret workhorse
Use of artificial intelligence (AI) is becoming one of top trends that everybody is falling in love with. Admittedly, very few get the importance or impact of AI in their businesses. AI is slowly taking a strong foothold in recruiting. According to findings from The Harvey Nash Human Resources 2017 Survey, about 15% of HR leaders in over 40 countries believe that automation and AI are already impacting their workplace.
How does it help? As a talent and acquisition manager, you are likely to see some of your most repetitive tasks – for example, CV screening - taken care of by the new technology. For example, using AI-enabled recruitment software like LinkedIn Recruiter helps automate the process of searching for candidate. It also quickly lets you get the candidates that already match your criteria.
Other AI-based technologies – Chatbots – helps you respond to different candidate questions. That way, you won’t want to respond to all the questions posed. AI helps reduce the workload, especially where you have to handle repetitive tasks. And, that simplifies your job, improves the general ‘customer’ experience and also leads to huge savings of time resource.
3. Social media recruitment
Searching and recruiting employees through social media is on the rise. While using social networking sites like Facebook, LinkedIn or Twitter to find eligible candidates isn’t new, the disruptive force of change is forcing most job searches to the social media sites. And that makes these platforms a better place for recruiters to find well-rounded candidates.
To date, the features of social media sites are improving all the time. That makes it easy for recruiters to search different profiles, and as a result giving them a much wider scope to find the best talent. In fact, about 94% of talent acquisition managers are networking on social media sites in look out for the best talents.
But, you need to know the tactics and tools you need to use to making your social media fishing expedition a success.
4. Recruiting software and applicant tracking systems (ATS)
Recruiters are turning to recruitment software to help them increase the efficiency of the process. Today, about 70% of recruiting companies are using some form of Applicant Tracking Systems. There are many benefits for the ubiquity of this software when it comes to talent acquisition. ATS help document employee records, and the associated recruitment history and activity. And most importantly, it helps ensure compliance under different state laws that government talent recruitment and onboarding processes.
But, there is a challenge with the use of ATS. The centralized information contained in their databases becomes outdated extremely quickly. And that limits its use in the future. The good thing with recruiting software – it offers more than what an ATS can do. For example, what happens when a talent acquisition manager comes across a promising candidate?
A candidate that has it all – requisite expertise, skills, and levels of experience that aligns well with a respective employers’ recruiting needs? Recruitment software enables them to manage, nurture and engage them so that they can easily provide them for hire, when need arises.
5. Increased appetite for video interviews
The world is becoming increasingly global and interconnected. Whether you are a startup or a multinational, you can tap on the global talent pool. Teleconferencing is one of technologies that has enabled and also encouraged telecommuting. And about 60% of organizations are turning to video interviews for their recruitment exercise. Video interviews are killing the resumes, and ushering in a new way of screening candidates for face-to-face interviews – that’s the first round of interviews.
You can also use video interviews for in-person interview. However, this may take time to plan and schedule because they are more detailed and mostly take a lot of time.
Besides, some teleconferencing software including Zoom, Montage, Interview4 and Jobvite are able to record the interview. That makes it easier for other hiring managers to review the candidates.
Summing it up
The battle for the top talent is becoming tougher. Thus, enterprises – both small and large – need to get put their innovative gears on in their quest for fishing out the best from the muck of inexperienced applicants. Using some of the technological feats that are shaping talent acquisition and management landscape, recruiters can easily search, screen, nurture and refer the best applicants that are a right fit for the respective employers’ immediate needs.
Nilam Oswal is a Software Analyst at SoftwareSuggest and she is fond of Gadgets! When she's not hard at work, she can be found wandering, reading and just generally having a good time in life. She blogs about CRM, Lead Management, BI tools and latest software updates.