As many as 63 per cent organizations are looking to invest in hiring technology
Even as technology, cloud and automation have been ear marked as big disruptors for businesses as a whole and the HR industry in particular, the use of such technologies in hiring has been the most substantial. According to the People Matters’ HR Technology Study, hiring is the top most function where organizations are increasing technology investment. As many as 63 per cent organizations are looking to invest in hiring technology. The challenges of a talent acquisition professional today includes sifting through large volumes of resumes, hiring across different competencies, countries and across business units and closing critical business positions quickly. Added to this are business scenarios that range from looking for large set of quality candidates in a short span of time to hiring forhighly specialized skills and competencies amongst a small group of people.
The key emphasis in recruitment over the years has been on candidate experience. Companies that previously used a relationship manager to ease the experience are now turning to technological tools to derive feedback directly from candidates. This article will outline the key areas where information and insights are being generated that enable organizations to pro-actively scout for talent. It will also examine what kinds of problems it will help in solving.
- Context Matters: Understanding the context is vital while recruiting. Technologies are being employed today to generate information about market conditions, change in demographic trends in the future, trends in supply of talent, information on the availability of talent – including information on the candidate experience, the prevailing and future demand for jobs, information on who else is hiring for similar jobs and the kinds of competencies required etc. In order for companies to make the best use of information-based technologies, it is important to merge both business needs with external market insights in order to strategize hiring plans for the future. Such insights also need to account for cultural and geographical insights. For example, in Japan, job seekers are less likely to post job CVs online, therefore having access to such insights goes beyond a universal prototype model of awareness building.
- Candidate Consideration: Candidate’s considerationnot only helps companies understand what is important to a candidate but also points to the perception of a brand in the marketplace. It helps companies understand themselves and their competitors. The increased focus on candidate experience means increased emphasis on career tracks and providing opportunities to learn and grow. Technological tools today are tapping into the aspirational aspects of a candidate that can give companies leverage in attracting and retaining the best talent.
- Talent pipeline planning: Using predictive analytics to understand the talent pipeline is another area where technology is being increasingly employed. Such tools use historical data to make predictions in real time about how much demand for talent will be required in the future. This assessment also takes into account multiple variables such as identifying substitutes, mapping training requirements, the need for high quality talent, and changes in work environment. The optimization of a talent pipeline is driven by leveraging macroeconomic and talent data to identify the key drivers that help organizations better plan their resource allocation. For example, identifying which places will be best suited to run a recruitment campaigns for certain competencies.
- Performance Management: Tools using big data and analytics are predicting how employees are likely to perform over a span of two to three years, linking hiring with productivity is critical. This enables companies to come up withhiring strategies that are more likely to yield results for the organization. Technology today can help recruitment teams to increase the odds of right hire by leveraging performance management data and ear mark what makes somebody “successful” in an organization.
Even as companies venture into new areas of business in a robust business environment, the potential for technology to transform the recruiting function is already yielding dramatic results. According to Deloitte’s Talent Analytics research, companies that go through the process of “datafying” their HR organization are witnessing 2-3 times better results in quality of hire, leadership pipelines, and employee turnover. In the information age, where there is no dearth to availability of data, the value addition of technology would be in not only making sense of the data but in using it to find the right solutions to attract, hire and retain the best talent.
This article is a part of the People Matters- Oracle Let's Talk Talent series. Click here to visit the Let's talk talent page to read more such articles.