Identifying the right talent for the right role: How integrated technology can help
Hiring for job fit plays a crucial role in not just increasing workplace productivity and job satisfaction, it improves retention and saves costs. At a time when companies are navigating tough macroeconomic tailwinds, they confront a reality of talent abundance, which eventually makes the process of selecting the right talent for the right job even more difficult.
Integrated technology is important for assessing job fit because it can help companies overcome many of the challenges involved in identifying the right talent. From driving objective evaluations, driving increased efficiency, providing greater access to data and improving the candidate experience.
The benefits of integrated technology
Integrating technology can play a critical role in boosting the candidate experience while also contributing to tangible business goals. Here’s how:
Faster and efficient hiring process:
Integrated technology can speed up the hiring process by automating certain tasks, such as resume screening and skills assessments. This can help companies identify the most qualified candidates more quickly, reducing the time it takes to fill open positions.
By shortening the time it takes to fill open positions, companies can reduce the amount of time that roles are left unfilled, which can improve productivity and reduce costs associated with vacancies.
Reduced bias in hiring decisions:
Integrated technology can help reduce bias in hiring decisions by providing more objective evaluations of candidates' skills, experience, and fit for the role. For example, AI-powered resume screening tools can help remove unconscious biases by eliminating information such as a candidate's name or address from their resume.
Skills assessments can also help provide more objective evaluations of candidates' abilities, reducing the impact of subjective evaluations by hiring managers. By reducing bias in the hiring process, companies can ensure that they are identifying the most qualified candidates for the role, regardless of any demographic characteristics.
Improved candidate experience:
Technology can help improve the candidate experience by providing a more streamlined and efficient application process. For example, companies can use applicant tracking systems to keep candidates updated on the status of their applications, reducing the amount of time that candidates spend waiting to hear back. By providing a more positive candidate experience, companies can attract top talent and improve their employer brand.
The state of talent intelligence in SEA
Research by Accendo and People Matters shows that the lack of integration of technology systems is a major opportunity cost for companies in South East Asia
As businesses across Southeast Asia expand and digitalise, they face a gradual but noticeable increase in the difficulty of filling roles. The study found that due to this difficulty, most HR leaders are only moderately confident that their organisation has the right talent in the right role to execute the organisational strategy. According to some estimates, the average cost of a bad hire is between $17,000 to $240000*.
While a part of the challenge arises externally, with competition across borders and a general shortage of skills putting pressure on their recruiting ability. However, internal challenges also play a significant role - including providing a great candidate experience, rewarding talent, aligning clear career milestones and ensuring a great workplace culture.
Despite facing challenges in attracting talent and retaining the right talent in the right role, most companies seem unprepared to tackle the problem head-on. Only 25% of companies say they are “very confident” that they have the right talent in the right role. 58 % of the companies say they are moderately confident.
Larger companies (2000+ employees) are more confident that they have the right talent compared to smaller companies (<2000 employees). Data from the research suggest that companies are also not integrating technology.
Download the complete report to better understand the talent intelligence opportunity.