An average job opening receives approximately 250 applications—75-88% of which is incompatible. This also means an average recruiter could end up spending 23–hours screening resumes for single recruitment. Now, multiply this math for as many openings you want to fill. A gross wastage of time, if you ask us. Nevertheless, technology has ushered in a sea change in the recruitment industry. And automation tools dramatically reduce redundant tasks and save time and money. One such innovation is resume parsing. So, if you are wondering what a resume parser tool is and how it functions, this post is for you.
What is Resume Parsing?
HRs often use CV and resume parsing tools to automate collecting, importing, and analysing data in it. The resume parser tool uses deep learning and artificial intelligence to identify all the required information fields from the submitted profiles.
Furthermore, it analyses, stores, organises and improves the data with the keyed in taxonomies that are generally used.
Recruiters usually receive candidate profiles (CVs/resumes) in Word or PDF format. Typically, resumes are ambiguous and may come in different languages, and their formatting varies from resume to resume. As a result, a recruiter needs to consider the entire pool of resumes when trying to find a candidate.
On average, nearly 90% of resumes don’t match the specific requirements of the recruiter. However, to hire the most qualified candidate, each resume must be checked irrespective of the time consumed.
This is where the parsing tool steps in; recruiters can now parse resumes with high precision in record time and arrive at a hiring conclusion.
Furthermore, using the resume parsing tool eliminates manual data entry and gives employers access to a better pool of candidates to choose from. The database also allows recruiters to identify the most relevant applicants and take necessary action with a resume parser.
Also read: Internships are Fast Becoming as Competitive as the Job Market: Edumpus (allthingstalent.org)
What Are Some Features of a Resume Parser?
Some typical features of a good resume parser include:
- Ability to parse through different CV formats.
- Maintain a comprehensive taxonomy of skills for identifying candidates.
- Handles multilingual CVs /candidate profiles.
- Ability to extract all the required candidate information in as many data fields as possible.
- Create a resume summary for recruiters to read to help them assess the candidate.
- Extract and better identify resume data using deep learning technology.
- Import candidate profiles (CVs/resumes) in bulk and parse multiple profiles simultaneously.
- Integration with email inbox to parse resumes from inboxes directly
How can Recruiters Benefit from Using a Resume Parsing Tool?
Bringing in cutting-edge technology in recruitment has its clear benefits. AI has crept into all sectors, and the recruitment sector is not far behind. Technology has come a long way, aiding in repetitive, manual tasks that only end up wasting employees’ precious time.
Here are some benefits of using an automatic resume parser tool for recruitment purposes:
1. Saves time
A resume parser automatically parses through resumes, extracts the data, and then saves them into your system swiftly in the requisite fields, without any human intervention.
With this tool, you can organise the candidates’ resumes without delays. It also minimises the time spent selecting the most relevant talent for the job opening.
A resume parser can also import large numbers of resumes quickly, eliminating the need for manual entry and saving substantial amounts of time.
2. Speeds up the process
Using a professional resume parsing tool can speed up the data entry process and save time. Resumes submitted by candidates come in various patterns and formats; candidates include different data points that do not adhere to any specific form.
Manually reviewing these resumes is time-consuming and expensive and might require extra data entry staff. With a resume parser, this job is done in minutes at max, and that too efficiently.
3. Compare candidates easily
No matter how many resumes you parse each day, the resume parsing tool will ensure your candidate information is consistent and one that can be quickly analysed. As a result, the information in resumes can help recruiters locate suitable candidates faster.
Comparing resumes is much easier when you have all the candidate information in one place. In addition, you can incorporate a resume parser into your HR activities by setting up a parsing format with custom parameters.
4. Entire candidate’s data in one place
Recruiters may receive hundreds of resumes for a particular vacancy and may struggle with managing all that information and keeping it in an organised manner that can be accessed easily.
With all of your candidate information in one place, you can easily compare and choose the right candidate. In addition, an automatic resume parser tool can assist your recruitment team with managing the high volume of data.
5. Improve your ROI
A resume parser with fairly good features needs more investment than those with fewer features. However, with added features that can be customised, you can ensure you are getting a handsome return on investment.
With more features and customisations, you can improve the resume selection process and hire the right candidate—just the way it’s suitable to the specific needs of your org, thus gaining ROI.
Also read: Securing Employee & Candidate Data in Digital First World (allthingstalent.org)
6. Remove conscious/unconscious bias
While conscious bias is self-explanatory, unconscious bias in hiring is defined as negative views or stereotypes about a group of people that unintentionally influence an individual’s perceptions, behaviours, and decisions.
“79% of HR experts agree that unconscious prejudice exists in both recruitment and succession planning decisions,” according to BrightTalk.
As automation screens candidates based on their skills and experience, you can eliminate conscious or unconscious bias in your selection process.
And this gives all candidates a fair shot at competing against merit, and no favouritism can occur.
7. Reduce human errors
However experienced or focused you might be, you can still make mistakes when parsing crucial resume information. In this regard, a resume parser can prove useful and has less room for human error.
Uploading resumes into your resume parser and double-checking for irregularities at regular intervals will drastically improve your work productivity.
8. Standardise your resume format
Every week, recruiters receive tons of resumes in various forms, Word and PDF. Streamlining this information manually can be extremely challenging in such a scenario.
Using an automatic resume parsing tool, recruiters can standardise the format in which resumes get saved in their databases. Thus, managing large pools of applicants becomes more accessible, and uncertainty is eliminated.
HR managers and recruiters should seriously consider such a technology that is economical and equally efficient. What are your thoughts about using the automatic resume parser tool for recruitment purposes? Share with us in the comments.
Amazing blog about resume parsing software. Thanks for sharing