New technologies in recruitment: the future of talent acquisition!
Long gone are the days when managers or recruiters had to read through every submitted resume or search candidates through LinkedIn, till the ideal match was found. As per Bersin by Deloitte, talent acquisition as an industry is estimated at $240billion and it is ever upgrading when it comes to adoption of new technologies. Technology has changed the recruitment game and it doesn’t seem to stop. Cloud and Mobile have already become such an integral part of recruitment that if you have not implemented it as of now, then you are falling way behind. Having said that, there are some new technologies that are disrupting the recruitment space and will reshape it in couple of year. Let us look at top 5 such technology trends.
Artificial Intelligence and ML
With the use of Artificial Intelligence, CV evaluation process can be automated at a large scale where a number of resumes can be scanned, analyzed and sorted within a fraction of the time taken by a human recruiter. Tools like Beamery, uses Machine Learning (ML) to build a relationship with the candidate by enhancing client’s Applicant Tracking System (ATS). The tool also fills in the gaps within candidate’s profile by searching the candidate’s public information across social media channels and finds the missing pieces. Possibilities of unconscious bias, i.e. selection on the basis of gender, race, language, and other factors, are also eliminated with the use of AI for resume shortlisting processes. Tools like ThisWayGlobal does exactly the same by selecting the candidates only on the basis of required skill set, and while ignoring the data related to gender, age, race, etc.
Predictive Analytics and Data Visualizations
The cost of hiring a candidate can be more than $1000 per candidate, which can go as high as $5000 depending on the services and the industry. Numbers these big cannot be ignored by any organization, as a bad hire can cost a company a lot of money. This is where Predictive Analytics becomes too attractive to ignore. Analytic methods combined with AI-ML based recommendation engines can help to answer questions like “who is the best candidate for the profile?”, “When is the best time to connect with the candidate?” or “What is the best geographical location to invest in the recruitment campaign for XYZ skills”, etc. Note that having these details as just rows and rows of spreadsheet isn’t enough, and may lead to more human efforts than intended. Using Data Visualization to represent these details in a proper manner is also very important.
With multiple channels and high online activities, attention span is shrinking and it is important for an organization to convey more information attractively in less time. This is where Interactive Videos can help in the recruitment process. Prospective employees tend to look for the professional opportunities they are passionate about. Companies can leverage creative ways of showcasing their organizational health, work life balance, company culture, etc. and generate excitement among the candidates. For some candidates, professional offerings remain the primary focus to join a company, while for some, the company history and its culture. With tools like Interactive Videos, the company can take candidate engagement to the next level by conveying all these aspects. Interactive Videos also feel more authentic by combining the traditional methods of marketing with current up to date HR functions.
Chatbots have proved their importance in automation of many tasks very quickly across almost all industries, and their advantages in recruitment should not be overlooked. The Talent Acquisition space already has many chatbots that use NLP to automate the recruitment process. One such example is Mya, which uses popular messaging apps like Facebook Messenger to communicate with candidates, where they can get instant replies rather than waiting for the recruiter to resolve their queries. The tool also examines candidates’ application and communicates through the platform to ask relevant questions to gain more information and fill the gaps in their profile. Applications of chatbots are not limited only to recruiters; their benefits are also applicable to the candidates. Bots like Jobo and Yodas ask a series of relevant questions to the candidate, analyze responses, map it with the candidate’s skill set and provide a list of suitable jobs for the candidate along with their assessment of the employer.
The current methods of background verification are very slow. They involve a lot of coordination with multiple parties and a lot of human intervention. This can become very expensive and exhaustive for both the company and the candidate. With the help of Blockchain, all the background verification essentials like qualification, identity, and past experience documents can be pre-validated and stored in a secure platform. Candidates can provide access of this sensitive information to the employer, and when the need arises the employer can verify the information without the need of any third party. This not only saves the cost, but also saves a lot of time in chasing down previous employers to have the information validated. While Blockchain shows a lot of potential in recruitment space, its real time benefits may be more than anticipated, once it’s implemented in the industry.
Traditional recruitment methods certainly did the job but lacked the means to understand candidates more closely and pick the perfect match. Now with the use of AI, ML, Analytics, Chatbots etc. recruiter have the tools to do the same. It will of course not replace the need for human operators; instead will make their work easier and smarter by focusing more on getting right candidates, their engagement and smoother talent acquisition process than to worry about efficiency reducing manual tasks. To sum up, whether it is finding new talent or finding a new employer, technology is here to stay and will constantly evolve the recruitment processes to make them quicker, safer and more efficient.