The talent acquisition landscape has been continuously evolving in the past few decades. From placing ads on classified sites, manually scanning hundreds of applications, to entrusting the end-to-end hiring process to Artificial Intelligence (AI)—recruiters have come a long way in adopting technology while hiring.
According to research, the HR technology market is expected to increase at a CAGR of 5.8%, i.e. from $24.04 billion in 2021 to $35.68 billion in 2028. Undoubtedly, technology is changing at a mind-numbing rate, and recruiters must stay ahead of the curve.
Below are some top trends in recruitment technology that HR professionals should know to stay at the front end of the tech adoption curve.
7 Ways Technology is Levelling Up the Talent Acquisition Game
With roughly 60% of job seekers misrepresenting their information on their resumes, the resume screening process becomes an indefinite task for companies to recruit the ideal candidate.
While technology certainly does not eliminate the human touch needed in the talent acquisition process, it helps teams adopt a more proactive approach.
For example, relevant tech eliminates the need for recruiters to take up administrative tasks, belabour thousands of candidates’ professional profiles, or play the matchmaking game.
With adequate technology, recruiting teams have immediate, accurate, and comprehensive solutions that put them at ease. Below are seven essential technologies influencing hiring and recruiting decisions:
1. Artificial Intelligence (AI), Machine Learning (ML) and Automation
AI takeover is now mainstream as most talent acquisition leaders find screening a troublesome task from a vast pool of candidates. AI recruitment software leverages AI and ML to auto-screen candidates by conducting sentiment analysis based on job descriptions.
In addition, AI and ML take away the burden of mundane administrative tasks such as data entry by automating the hiring process. Thus, AI helps ease the recruitment process, and lets recruiters dive in for unbiased screening.
2. Big Data and Predictive Analytics
To build a strong hiring core, companies are leveraging the power of big data for strategic recruitment. These processes allow recruiters to turn to algorithms and exclusive tools to access a massive chunk of data (including candidates’ social media profiles, resumes, performance reviews, online preferences, initial skill sets, etc.) to derive deep insights into the candidate beyond their certifications.
Data cuts down the massive recruitment cost needed for manually interpreting the vast data and helps quickly onboarding the most efficient candidate.
3. Cloud Technology
Cloud computing is a software solution that enables recruiters to access information via the internet without storing each data or file locally. It’s a part of modern hiring and recruitment tools and technology since it allows HR teams to increase their capabilities quickly and easily.
Cloud-based recruiting technology such as Naukri Hiring Suite improves the speed and agility of the recruitment process. It helps recruiters access the information they need without keeping or organising each file on a separate computer.
Moreover, large-scale data analytics is made easier with cloud computing laced with AI. Recruiters may instantly access all vital and secret data on mobile devices as needed. Furthermore, one of the most significant advantages of cloud computing for recruiting is the ability of recruiters to share information about prospects in real-time.
4. Job Aggregators
Job aggregators have recently become the first port of call when applicants are looking for a job. These are portals save both applicants and seekers enough time as they pull job listings from various sources and give a comprehensive search.
According to research, the market size for job aggregators is projected to multi-million by 2028 due to its myriad benefits. One of the reasons why recruiters are hiring through job aggregators is because it allows promoting vacancies and gives access to a pool of candidates to choose from. In addition, it helps recruiters quickly assess candidates on the basis of their background and portfolio, resulting in pitch-perfect matching.
5. ‘Gig’ apps
People increasingly choose to work as freelancers or contractors in the gig economy. The ‘gig’ ecosystem allows individuals to simultaneously work on projects for numerous companies, gaining skills and exposure. The gig also gives individuals more independence, freedom to select when and where to work, and more revenue from multiple gig economy apps.
These apps make it easier for workers and individuals to engage with businesses. For example, job seekers can apply for jobs and earn money through these gigs on online platforms such as gig applications.
Post pandemic has brought workers closer to the “gig ecosystem.” Mobile apps and marketplaces have fuelled the number of workers engaging in freelance or gig work more often than before.
6. Applicant Tracking System (ATS)
ATS is a technology that assists recruiters and hiring managers to manage their recruitment efforts through automation. This automation of the mundane process frees recruiters by offloading many traditional hiring chores such as scheduling, data entry, updates, etc.
ATS’s functionalities assist companies in efficiently screening, interviewing, and hiring the top applicants while freeing the critical human workforce to do their job. In addition, most ATS tools are customisable based on the company size and assist in hiring top-notch prospects.
7. Recruitment CRMs
According to McKinsey, companies had difficulty attracting high performers and filling vacancies in less than 12 weeks. With this trouble came a widely adopted solution—CRM.
Companies can manage an applicant’s journey from the minute they apply to the day they start their new job with the help of a recruiting Candidate Relationship Management (CRM).
A CRM can cover the recruiters on everything—from email-nurturing, the position offers to return a signed candidate’s contract and more in between.
Fast Track Your Talent Acquisition Game
Yes, it is without a doubt that technology in recruitment is here to stay. Therefore, it is imperative to improve recruiting operations’ efficiency, productivity, and effectiveness. Despite that, it is vital to understand that technology by itself will not bring about this transformation.
Maintaining a delicate balance between humans and machines is of utmost importance. So keep an eye on All Things Talent (ATT) to tune in to some of the latest industry tech-related conversations and valuable insights.