The War for Talent is real, with an increasingly diverse talent pool on one hand, and urgent and niche skill-demands on the other. Recruiters are faced with the dilemma of filling job vacancies super-fast, while ensuring the right fit on diverse fronts such as skill-fit, cultural-fit etc. Come, HR technology and various new hiring technologies can help recruiters drive both efficiency and effectiveness. Recruiters must learn to tap into the emerging technologies to streamline talent acquisition operations, and focus on value-adding TA tasks. Here’s how:
Why Employ Hiring Technologies?
India possesses the third largest higher education system in the world*, yet there remain questions about the workforces’ employability as the skills-landscape shifts. Organizations are demanding talent with soft skills, cultural-fit, and digital outlook, apart from the technical and functional skills. $1.97 Tn in GDP growth is at risk over the next decade due to a lack of relevant skills. The answer is to rope in HR technology, to create a direct positive impact on hiring- using HR technology increases ROI by 66%***. Moreover, according to 59% of respondents from the same Times Jobs survey, investment in technology has helped boost the profitability of their companies. The case is clear for companies to invest in recruitment technology at the earliest.
How to Revolutionize Recruitment using HR Technology?
Drive efficiencies in screening and selection: Robotic Process Automation (RPA) and Artificial Intelligence (AI) can help turnover tedious operational processes such as resume screening, selection, job advertisement postings etc. For example, job ads can be designed intelligently to attract the right candidate applications. Predictive recruitment algorithms can help place and present the right vacancies to the right candidates at the exact “moment of need”, thereby creating a unique “talent magnet mechanism”. AI can add value by creating real-time bidding for job-ads. Another area which can benefit by AI-based tracking is making background verifications intelligent and accurate.
Provide the ultimate candidate experience: A job-candidate is an extended ambassador for a company, provided the person has a great candidate-experience. TA teams are aiming to provide job seekers an engaging experience, through intuitive interactions such as candidate relationship management platforms, chatbots, remote hiring etc. Some of the tech-features available these days are interview self-scheduling, applicant status updates through chat /voice, remotely held video interviewing etc. Digital is doling out new opportunities for young job-seekers- recently a creative collage-CV by a 20-year-old was noticed and the millennial was hired by one of India’s leading employers! Similarly, AI-led onboarding can help new joiners assimilate and perform from Day 1.
Employee referrals go social: Referrals are still touted as one of the most reliable talent sources to rely on. Earlier, referrals came in primarily from employees. Today, organizations are using social means to elicit referrals from vendors, partners, families, and friends of employees, and anyone in the wider network! Such social referral software is a rising trend, and it taps into employees’ social connections to seek the best fit candidate.
Tap into the untapped: Passive candidates and niche talent pools: Recruiters must go beyond applicant tracking systems, and keep relooking for relevant talent in existing as well as new talent pools. Talent rediscovery software applies AI-parsing to internal databases, job aggregators and job sites. It gets bots and spiders to throw up the most relevant profiles. Organizations are increasingly hiring for potential and are using software to periodically scan passive and past candidates. Also, gig-workers can provide a great cost-and-skill advantage to one’s workforce and it can be worth exploring a gig worker's application to scout for new-age talent having niche skills.
It’s all about the employer brand: Recruitment marketing platforms go a step beyond mere job advertising. They fine-tune the EVP, based on the candidate profile. For example, if a smart college kid with a digital flair is a must-hire, the software shall throw enticing interactions at this passive candidate- questions such as “Would you like to earn while you attend college?” Employer branding today is espousing millennial values such as openness, transparency etc. A few progressive organizations have started assessing salaries based on profile and skills, than on past pay. Similarly, many organizations are offering work methods such as remote working, part-time working, virtual meetings etc. They are highlighting their digital-commitment in their EVP career content.
Interviews and interactions using technology: The best of talent can be spotted anytime, anywhere. Mobile recruitment and mobile assessment apps such as interviewing apps are a great way to scout talent agnostic of time and location constraints. Recruiters may not be available to chat with candidates round the clock, so human-sounding chatbots can engage with candidates at an initial, basic level to keep them interested. Natural language processing tools can throw interactive questions such as “Tell me about yourself”, express thanks for applying, and take conversations further based on candidates’ hiring stages. Apart from this, video and mobile conferencing and calling are a must to engage with modern millennial job-seekers who expect a digitally-rich hiring experience.
Recruitment values being upheld: TA technologies are encouraging more objective, merit-based talent choices- a huge motivator for the young workforce. AI-based tools are helping to identify and eliminate phrases in job-posts, which may create bias. When job seekers experience a sense of fairness and level-field, they are sure to develop trust in the organization, translating to a better fit and a better-engaged workforce for the future.
Ingraining HR technology as a way of recruitment life does not come easy. Resistance from employees to accept and adopt new ways of working still runs high, at 31%*** (Times Jobs Survey). Leaders must make available the resources, infrastructure, and training so that recruiters can experience the technology-edge for themselves. Top leaders must embrace and showcase how HR technology is transforming work lives for the better. This will ensure seamless acceptance and adoption across hierarchies and pave the way to bring in the best of talent.