Rise of intelligent hiring
The past decade has seen the role of HR professionals gradually evolve from the outmoded “personnel” department to an inclusive “human resources” department. This change can be attributed to the need for keeping up with the rapidly changing industry scenario primarily led by the advent of technology, growth of domestic homegrown multinationals and development of improved employment laws. As most of the business strategies are undergoing a fundamental reorientation and embracing the burgeoning social realm, a rapid cultural shift is taking place, one that is having a real impact on human behavior. Thence, what we are eventually witnessing is a dynamic change in the way talent management or human resources function, due to the substantial evolution of technology and tools.
It’s an undeniable fact that digital revolution has somewhat altered every aspect of our lives, and talent acquisition is no different. LinkedIn, Facebook and Twitter have now become quintessential elements for prospect scrutiny. Social media has catalyzed the growth of digitization, redefining the way business operations, whether HR or logistics, are carried out. With modern technology being extensively leveraged at every step of recruitment, the industry is now advancing towards a new-age solution for better talent acquisition - be it training, performance management or data storage. In fact, it wouldn’t be wrong to say that effective talent acquisition strategy needs to be almost 100% digitally orchestrated in today’s world.
The Game Changer 2017
As evident, digitization has gradually altered the dynamics of the recruitment mechanism, with last couple of years seeing this change speed up at an exponential rate. 2017 has now been warranted to be a game changing year with organizations requiring top-notch technologies to attract the cream talent. Data analytics, artificial intelligence, open talent acquisition suites, talent communities and mobile optimization are now increasingly being used for better quality hire and lower turnover. Adopting these technologies empowers them to enhance their capabilities by providing an alternative system of automated recruitment workflow, helping them become more strategic and efficient in their approach.
As per the Recruiting Software Impact Report, approximately 75% of recruiters and talent managers use some form of recruiting or applicant tracking software. Furthermore, 94% say that the software usage has improved their hiring process with only 5% of HR professionals preferring the traditional methods.
Keeping abreast with the changing industry dynamics, the HR industry is fast adopting new trends for effective talent acquisition. As technology evolves to become a precursor to various HR functions, let us look at some of these new-age talent acquisition methodologies.
Cloud-based tools - Cloud based hiring tools will allow recruiters and hiring managers to easily and affordably find, evaluate and organise top-notch candidates, wherein innovative assessment and filtering techniques will provide a 360-degree holistic view of top applicants.
People Analytics - There has been a shift from back-office HR data to people analytics. It is expected that gradually people analytics will be implemented on a regular basis by companies. The idea of creating a predictive model for recruitment, as part of the people analytics, will certainly give an edge to recruiters, who will be able to map the talent better.
Online Hiring - The online recruitment process is setting new frontiers in the practice of looking for qualified candidates. This internet-based hiring enables an organization to automate and thus simplify the hiring system by efficiently searching; receiving and short-listing resumes and following it up with sending out interview invites and conducting online exams. Additionally, it helps in conducting a thorough background check of the prospective talent group. Such a systematic and efficient mechanism will definitely enable an organization to draw the best candidate for the job in hand.
Influx of A.I. and Machine Learning - Even though the market is still immature and actual uptake is at the earliest of stages, intelligent hiring through machine learning is making its presence felt. Be it software that applies machine learning to auto-screen the candidates, or conducting sentiment analysis on job descriptions through actual machine learning chatbots, AI is increasingly playing a significant role in the sourcing and hiring process. Eventually, if we look around the current trends, companies that have adopted AI for recruiting and sourcing will certainly see an increase in overall performance as well as revenue per employee.
Nevertheless, since every coin has two sides, this version of digital talent acquisition has also come up with its own set of pros and cons. The positive part of this digital advancement is that it enables the removal of biases and allows bringing in objectivity while assessing candidates throughout the selection process. Automating mundane tasks not only improves the candidate experience and makes internal processes more effective, it also makes the employees happier.
Considering the rate of disruption, processing speed and efficiency would become exponentially better while considering huge volume of data, in comparison to the time humans take for doing the same job. However, the obvious flip side to the benefit of speed and impartiality is the loss of a certain unquantifiable human element from the process along with the rising implications of legal liability. The changing dynamics of the workplace, talent acquisition, recruiting and retaining is thus undergoing a mega-disruption.
Modern technology is now evolving in leaps and bounds and is extensively leveraged at every step of recruitment, be it training, performance management or data storage, the industry is efficiently moving towards a new-age solution for better talent acquisition. Equally important to remember is that technology should be an enabler and not the replacement. Since new talent acquisition technologies are constantly emerging to execute more effective and efficient HR solutions, it is critical to ensure a strong team and a sound strategy behind the scenes. Talent acquisition 2.0 therefore needs to be balanced amalgamation of efficient technology leverage and intelligent human interface for organizations to reap in maximum benefits.