In recent years, talent acquisition has undergone a sea change. Finding the best candidate for a particular job vacancy no longer means studying hundreds of resumes in the hope that you chance upon one that meets all your requirements.
New recruitment technology allows you to virtually view tens of thousands of resumes in an instant. The HR department no longer needs to spend time on routine, non-productive tasks. Automated systems can help with interview scheduling, and recruitment chatbots can handle routine queries from candidates.
The automation of many of the activities associated with recruitment leaves the HR team with more time to spend on identifying and hiring the right person. Concentrating on this core activity can reduce the chances of making a bad hire, a mistake that can have disastrous consequences.
Jörgen Sundberg, CEO of Link Humans, a London-based agency that helps companies strengthen their brand as an employer, says that finding, hiring, and onboarding an employee could cost a firm as much as US$240,000. If the recruit turns out to be the wrong choice, that entire sum will go down the drain.
However, companies can avoid making costly mistakes by adopting the right type of recruitment technology. You can make a start by using a good applicant tracking system.
Benefits of a best-in-class applicant tracking system
Before you select an ATS, check that it allows you to post to the job sites of your choice. Does it work well with the job boards and social networks that you want to access?
Are all its features easy to use and do they meet your requirements? A good ATS should offer:
- A simple way to make postings to job boards.
- An efficient search function.
- Import and export of data.
- Integration with email and calendar functions.
The applicant tracking software should also allow you to store all the relevant notes and documents in an easily accessible manner. This will save time and make the entire process more efficient.
Above all, the ATS should be within your budget and offer reliable customer support.
The case for algorithmic hiring
Advances in recruitment technology have given HR professionals the ability to access a far greater pool of candidates than ever before. Artificial intelligence (AI) can be used to screen potential employees and shortlist the best in an unbiased manner.
AI can also help in another way. It can assist companies in spotting a “jagged” resume. That’s a resume which belongs to a promising candidate, but which does not meet the criteria that recruiters usually look for.
Writing in the Harvard Business Review, George Anders explains why “perfect” resumes could be misleading. Companies recruiting interns have found that candidates from top schools with high grade point averages often don’t make good hires. They show a lack of initiative and an inability to function without supervision.
How does a company spot a jagged resume? The British-Dutch transnational consumer goods firm, Unilever, has put this non-traditional hiring method to good use. In its 2016 recruitment cycle, the company advertised on Facebook instead of visiting the usual list of schools from which it traditionally recruited employees.
The recruitment process was simplified and involved just a few clicks as the relevant data was obtained from each candidate’s LinkedIn profile. Unilever received 275,400 applications. These were scanned by an algorithm that shortlisted individuals who met the job requirements.
The applicants were required to play specially designed online games to test their aptitude and to submit video interviews through an app. The final result? Unilever recruited 200 individuals after interviewing a total of just 300 candidates. They received applications from 2,600 colleges, triple the usual number. The whole process took less time than the traditional method, and it cost less as well.
Use recruitment technology wisely
Can recruitment technology replace HR professionals? It can’t. A computer program cannot build a relationship with a candidate and neither can it convince an applicant to accept an employment offer.
However, automation can help to improve the process of talent acquisition. Algorithms can allow recruiters to carry out their jobs much more efficiently.
Above all, the intelligent use of recruitment technology can help to cut costs and to ensure that a company can find the best possible candidate for a job quickly.