Finding the right talent for your team is hard work. Not only do you have to make sure that the candidate has the right skills to excel in their position, but they also have to be an excellent cultural fit. With so many variables to fit into a cookie-cutter mold, it’s hard to employ a strategy that can vet multiple professionals for their many skills and background. Having to speak with multiple professionals and potential hires take up recruitment professionals’ time that they can employ in other areas of business development. So what is the best hiring strategy of 2020: Using talent acquisition technology.
Talent acquisition technology (TAT) is a broad category that includes job boards, applicant tracking systems (ATS) for processing new hires, and vendor management systems (VMS) for managing staffing suppliers. Many of us have interacted with talent acquisition technology without even knowing it. If you ever interviewed for a company and had to do a virtual case study, leave a pre-recorded answer, or complete a series of skills games, then you’ve interacted with talent acquisition technology before.
What Does the Research Show
I know a lot of us hate giving pre-recorded answers to questions. It feels weird interviewing without having a human on the other side. However, there are reasons why so many companies are using it. According to CareerXroads, organizations are seeing a reduction in time to hire by 56%, a reduction in recruitment costs by 35%, and an improvement in the quality of hire by 30%. On top of that, technology frees up experts to do what they do best: offer great advice to their business partners, create a tailored and warm candidate experience, and get sharp results.
According to Aptitude Research, over 60% of companies are increasing their investment in recruitment technology in 2020. Two divisions of recruitment technology that is gaining much attention are chatbots and interview management systems. According to the CareerXroads, 17% of companies are using chatbots, and 33% of those not using bots are considering investing in them. Chatbots help provide communication with candidates and hiring managers and ensure that time is being scheduled appropriately. The numbers found that the companies that use bots were twice as likely to fill positions in just 2 weeks.
The other is interview management systems. Many companies look to improve the interview process by employing a management system to handle everything from scheduling to tracking the progress of, and collecting feedback on, the interview process. These systems also help create a standard approach that leads to consistent communication with candidates.
Who are the leaders in the TAT industry
HireVue automates the recruitment process by offering services that include scheduling automation, video interviews, video-based assessments, game-based assessments, and coding assessments powered by validated AI.
Entelo automates key recruiting processes so that companies can significantly reduce manual work, hire faster, and maintain a competitive advantage. Entelo is primarily used as a passive sourcing tool. However, its products include search, analytics, matching, and diversity solutions.
Calendly was not initially designed specifically for the talent acquisition space. However, it is now widely used by many managers and talent acquisition teams to automate the scheduling process through their simple, easy to use platform online.
Many companies are thinking more strategically about their technology investments with a big focus on efficiency and innovation. Today, technology needs to do more than keep businesses compliant with organizational standards. It must also provide a workflow for moving candidates through the recruitment process. Technology empowers talent acquisition leaders with the tools they need to hire efficiently and effectively. As a result, the modern talent acquisition landscape is shifting from a human model to a more sophisticated technological suite of solutions.