The right talent sourcing is all that matters for different companies ranging from small to mid-sized to larger ones including the multi-national companies. Hiring the right talent is pivotal for organizational success, but recruiting has been one of the most challenging aspects of the HR, especially for technology and product based companies. The major segment of the industry that source candidates includes the consulting and staffing companies along with a large number of recruitment vendors and sub vendors.
These sourcing agencies are the key activity partners who manage all the recruitment activities. They build candidate networks using social media channels and various other modes. But, today these agencies face a lot of challenges, especially with respect to sourcing of candidates in the IT industry.
According to one of the Technavio’s report on the overview of Global Recruitment Process Outsourcing (RPO) market, they anticipate the market to grow rapidly and will post a CAGR of close to 18% during 2017-2021 period. They predict that the increased usage of neo-sourcing will drive the growth prospects for the global RPO market in the forthcoming years. In one of their reports on human resource outsourcing market analysis, they identify and state that the digitization of human resource outsourcing to be one of the primary driving factors for the growth of this market during the next few years.
In another report by Statista, in 2017, the market size of the U.S. staffing and recruiting industry was 142.8 billion U.S. dollars and is expected to grow to 148.3 billion dollars in 2018. The staffing industry has been steadily growing with a rise of 3% each year. There is a huge revenue turnover involved with this industry segment and a deep dive into the industry is a need of the hour to understand the possible top trends that could lead the staffing services market segment in the years to come. An understanding of some of these factors could help consulting agencies and other players in this segment to better equip themselves to the ever changing scenarios of recruitment and the human resource outsourcing market.
With the ever changing technology innovations and furthering with their continuous advances, AI driven integrated solutions will increasingly influence interviewing and assessment of candidates. It not only results in better recruitment automation, but also makes the hiring process smoother, and more streamlined. However, they will not replace the human functions of assessing a candidate’s potential or determining their cultural fit, but significantly will speed up and shorten the recruitment process. In one blog “Future of recruitment 2020-2030”, the author states that the world of work and the future of recruitment is going to be a highly dynamic market and there is no overwhelming consensus on the cumulative effects of change and the major technological dynamics that will affect the market would be automation, augmentation, artificial intelligence and autonomous vehicles. In another blog by Medium.com that reads “Top 5 Recruitment trends for 2019”, AI is bound to change the scenario of staffing and help prevent any unconscious bias in hiring.
Automation is the new norm today. The automation of business processes and functions becomes possible due to Artificial Intelligence (AI), a rising technology that can analyze big data fast and smartly estimate the available options. AI technologies are widely being used not just in IT but also in research and development and marketing. It’s of no surprise that enterprises have started using AI technology and solutions in HR processes; especially recruitment, in an attempt to automate the recruitment process and explore new means of hiring the best talent. AI is emerging as one of the most useful recruitment technology solutions that today’s HR managers and recruiters must not miss.
Artificial Intelligence (AI) is the emerging class of HR technology developed to reduce or even eliminate the redundant and tiring recruitment activities such as manual screening of resumes. Screening resumes smartly and efficiently is still one of the biggest challenges in the field of talent acquisition. As indicated in the research conducted by Ideal; an advocate of HR technology and solutions, 52% of the talent acquisition leaders reported identification of the right candidates out of a huge applicant pool, as the hardest part of the process. As per the survey of recruiters and talent acquisition leaders, 56% state that their hiring volume increases every year, but 66% of the teams either remain of the same size or shrink.
Since recruitment is the function that is constantly under pressure to reduce cost, deliver value and acquire the best talent, Artificial Intelligence (AI) can prove to be a boon to address these challenges and focus on acquiring the right talent time-efficiently.
Working effectively with the hiring managers has become one of the top priorities for the modern recruitment teams and organizations. It is critically important that the hiring managers and the organization’s HR or recruiters both have the tools needed to work collaboratively for having the great hires. For a successful and more efficient recruiting, every stakeholder in the recruitment process should have the right tools and authority, at the right time and in the right place. This makes the foundation of the empowerment of today’s hiring managers.
The Rising Need for Empowering the Hiring Managers
Surprisingly, more of the companies and recruiters don’t examine if their hiring managers are doing their job effectively. Some of them measure the number of hires done, or the time taken to close the positions. Other emphasize more on cost, while few measure the time-specific retention rate. While tracking these matrices is an important management function, unfortunately, it hardly adds a significant value to the recruitment process. Read more
It has been seen that hiring has gone beyond the conventional job boards and is more about the modern applicant tracking systems. These systems are believed to help the human resource departments of the businesses to remain cool during the massive increase in cover letters and resumed received after the jobs are listed or posted on different mediums. Many companies are shifting from a manual recruitment and hiring process to an automated mechanism. However, a lot of businesses are still unable to see the value that the automation brings to hiring, especially when their existing, tested and true manual process is working. If you doubt about automating your hiring process, this article highlights how the automation actually makes the hiring process more efficient.
The Future of Recruiting & Hiring
Lou Adler, the CEO of Adler Group, a search and training firm, says that the active hiring is at the center of the hiring technology. Most of the hiring technologies work by accumulating a bunch of potential candidates and cutting out those not meeting the criteria or not using the buzzwords in their cover letters or resumes. This kind of sorting is not the best way anymore to make the ideal talent judgments. Read more
With hundreds of Applicant Tracking Systems (ATS) in the market, selecting the right one for your business is indeed a challenge. This is because choosing an ideal ATS is not like selecting the right candidate for the company. Being an HR Director or Recruiting Manager or even an Executive-level HR professional, you have to take a step back and know your organization’s internal environment. You have to evaluate the immediate HR needs, especially pertaining to hiring and recruitment, the human resource challenges the company is faced with, the expectations of the management and budget constraints. Taking your time to narrow down your requirements eventually saves your enough time and helps to choose the best Applicant Tracking System. This comprehensive and quick guide helps you make the best choice, letting you understand what you should consider at each stage of the ATS buying process.
Before going ahead, it’s better to understand what Applicant Tracking System is.
The Applicant Tracking System
“An ATS does all the scrutiny and sorting work so as to lessen your resume overload. The user sets up the application for the potential candidates to fill out and the software scans and segregates them as per user’s pre-defined grading system that determines the topmost or most relevant candidates”. Read more
A buzz is around since last few years regarding how the Artificial Intelligence (AI) technology is gradually making its footprints in recruitment and hiring industry. While many recruiters are still in dilemma about the role of AI in recruitment, a lot of recruiters have already started to embrace the technology to accelerate their recruitment strategies. No matter which of these two camps you are from, you will agree to the fact that robots are coming and many industries are anticipating their future based on AI technology.
Well, the robots have actually started to enter the market and when we closely see the recruitment industry as a whole, we realize that AI has started to prove its worth here. Artificial Intelligence is setting itself as a revolutionary technology and a game-changer in the recruitment industry, letting employers and recruiters readily find and hire the right fit for the job.
How AI & Recruitment are Interlinked Effectively?
Artificial Intelligence is disrupting the recruitment process and the way recruiters discover and hire the best talent. Artificial Intelligence, usually paired with Machine learning technology, enables HR professionals, especially recruiters, to seamlessly and quickly screen the huge volume of data and make their predictions and decisions faster. In fact, an increasing number of recruiters are harnessing the AI technology to define the job role’s “perfect fit”, surface strong and refined applicants from the talent pool and enhance the capability to fill job roles in a shorter span of time. Read more