The new emerging workforce and the agony of future recession due to technological disruption are playing a major role in reshaping how we see, think and act in the recruitment and talent space, says Vinay Dua - Head of Sales, HR Tech, Career Builder.
There’s a paradigm shift in the way hiring happened in earlier day’s vis-à-vis today. The technology is moving from boolean searches to semantics. It is all about 'give me what I said versus give me what I want'. The need of the hour is to bring in a mindset shift for every recruiter and organization. In order to stay ahead in such a dynamic realm of changing job roles and skill sets, it is imperative to embrace the changes required to become more tech-fit in the hunt of finding out the best-fit in such shrinking talent pool of today.
As per Atul Sahgal, AVPTA, Infosys, the current size of Indian IT Industry is $150 billion with a potential of growth of up to $350 Billion by 2025. That’s a huge opportunity. However, 70% of this number is threatened by automation. The sooner one adopts and embraces technology, the bigger the likelihood to become a part of the 350 billion success story.
Current talent pool
Candidate today is the consumer and it’s no more a world of generic skill. The shrinking talent pool of niche and new age skills is adding to the intricacies thereby giving rise to a candidate driven market. And the technology disruption is adding to more complexities to it.
The question here is: Are we hiring correctly?
Today’s candidate is smart. Hence, overlooking candidate’s experience can be self-destructive for any organization.
"Imagine an organization you aspire to work for. Just go to their career page and try applying as a candidate. The candidate’s experience speaks for itself", says Vinay.
Focusing on the growing need to improve candidate’s experience in the entire cycle of recruitment is one of the most important opportunity to tap the right talent that is generally overlooked by many organizations.
Technology, the only option
Machine Learning and AI have started way back in 1950, says Atul. It’s in the last few years, that the industry is catching up at an unexpectedly faster pace. From the recruitment standpoint, “It is very important to leverage technology to simplify our life”, quotes Atul.
What are the areas to re-think and act on to keep pace with the changing tech world? Let’s have a quick look.
1. From recruiter to talent advisor
By imbibing technology, the future aims to release a recruiter’s bandwidth by almost 40%. Sourcing and screening process through AI tools helps in streamlining and saving much of time and effort by the recruiters. Chatbots and other tools help to simplify the scheduling process in recruitment. A three-word query gets converted into 50-word query through artificial intelligence making search simpler and effective.
The recruiters can sit, speak and guide the business on crucial talent related issues as an advisor rather than struggling hard to fixing petty issues. And for this, Recruiters must be technology enabled. The onus lies on them to use the right technology for efficiency gain.
2. Rise in recruiting expenses
There’s always a choice, whether one wants to add more people in the hiring team or want to bring in technology to optimize the funnel. In a survey conducted by PwC, 43% top executives have seen a rise in hiring related expenses. However, the rise in the expense not necessarily helps in solving the unanswered questions. The right implementation of AI, machine learning and semantics suiting the eco-system of the organization helps in enhancing the proficiency level of the process.
3. Make the best use of Internal data inventory
Most of the organizations have a huge amount of data. These internally stored resume banks are of great value if mined and used with the correct tools. Make use of your data for full optimization by following these three simple steps:
- Mine the internal existing database
- Use the right tool and technology to mine your internal inventory
- Post the exhaustion of this data, find ways and methods to go about mining the external database
Summing up: The future
- Develop tech fit recruiter
- Create unified dashboards through analytics
- Focus on just in time hiring
- Measure your health of recruitment process
- Shift from predictive hiring to prescriptive hiring