According to one of the articles published in 2017, Josh Bersin, President, and Founder of Bersin & Associates estimated that the entire recruitment market is over $200 Bn worldwide.
It would not be wrong to say that the recruitment industry has never shied away from embracing innovation: the internet arrived, and online job boards followed soon after; LinkedIn launched in 2003, and was almost immediately swarmed by consultants; and CRM systems, as we can attest, have been popular for as long as they’ve been available to use.
However, today the industry is swarmed with an arsenal of newer and advanced technologies and concepts-- Natural Language Processing, Cognitive Automation, Virtual Reality, Artificial Intelligence, and Machine Learning. With a plethora of HR tech startups and solutions emerging in this space, recruiters, TA professionals and organizations are now enabled to streamline and overcome the current blindspots in hiring processes and shift their focus on more strategic work.
These technologies are not only taking care of the operational tasks but are also helping companies in making more informed and better decisions when it comes to hiring. For example- Diversity of candidates appearing for an interview, hiring without bias, expediting the time-to-fill positions, enhancing the candidate experience, etc.
While technology has simplified complex processes, companies often face challenges while implementing and adopting it. But there are a few progressive and forward-thinking enterprises which have been able to tackle varied recruitment challenges by adopting recruitment technology successfully.
Here are a few stories that highlight how organizations can implement recruitment technology to improve business bottom-line:
The importance of the recruitment function has grown significantly in the past couple of decades. With a growing talent gap across the globe, companies today know and understand the relevance of finding the right fit.
For HR leaders this translates into empowering their recruiters to make faster, and more precise hiring decisions to find talent that is the right fit for the company. This is where the recent advent of the application of artificial intelligence (AI) in businesses comes into the picture.
Read this article to know how AI successfully frees up valuable time that recruiters can use to address more vital issues.
With a customer volume of about 19 million and with more than 10,000 employees in the company, AirAsia has a lot of business and talent challenges to deal with. In an interaction with People Matters, Ashish Ashdhir, Group Head- Global Talent Acquisition, AirAsia shared how technology plays a crucial role in dealing with these challenges and talks about the talent attraction tools and techniques being employed by the low-cost airline.
As shared by Ashish, the company adopted an AI-based solution with the help of which they can pre-screen candidates and stack rank them based on their competence and skills and match them to do job descriptions.
Read on to know more about how AirAsia is offering a seamless experience to both its travelers and its employees.
Millennials aka Gen-Y aka The Job-Hopping Generation! Yes, that is the reputation the millennials have unattached to organizations and institutions.
Well, this is what data says. A report by Gallup suggests that 21 percent of millennials say they've changed jobs within the past year, which is more than three times the number of non-millennials who report the same. Millennials also show less willingness to stay in their current jobs. Half of the millennials compared with 60 percent of non-millennials in the same study by Gallup, strongly agree that they plan to be working at their company one year from now. For businesses, this suggests that half of their millennial workforce doesn't see a future with them.
So how do you design a plan that guarantees you success in attracting millennials and made them stay? Read this article to know how Accenture, Singapore implemented various technologies and architected an employee value proposition and a candidate experience strategy that helped them elevate their millennial workforce.
Traditionally, a Talent Acquisition (TA) specialist’s main job revolves around sourcing and hiring talents. While the main role still remains relevant, it is now an opportune and critical time for you as a TA specialist to step up and deliver even greater value to your respective organizations.
Read this article to understand recruitment from a different lens- Technology, Social Media, and Millennials.
Remember, it is critical for TA professionals to be willing to break out of the comfort zone, to embrace the challenges as opportunities and experiment with what could potentially work for you and your organization. While the uncharted territory may seem scary, it is only perceived as impossible until someone steps forward.
Hear more such stories and learn more about how technology is helping organizations become more productive, efficient and smart with talent technology in People Matters Talent Tech Evolve 2019. Click here and register at zero cost get access to unparalleled content, path-breaking insights, and perspectives — all of this VIRTUALLY — AT YOUR CONVENIENCE. YOUR TIME. YOUR PLACE.