With the growing importance of recruiting and retaining top talent effectively and efficiently, smart hiring processes are the need of the hour. It is about time organisations move beyond merely scrutinising resumes. Salaries and benefits are important factors, but adopting ways that would make candidates an important part of the hiring process will attract the best talent. Studies reveal that due to discrepancies in existing Applicant Tracking Systems (ATS), hiring companies miss out on more than 50% qualified candidates and tech firms incorrectly classify up to 80% of candidates.
Machine Learning to Transform the Talent Acquisition Process
In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, true potential will be unlocked only when organisations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organisation. This data-driven knowledge graph will broaden the scope; hiring companies would no longer have to manually dig through thousands of candidate applications and can leverage intelligent recommendations through machine learning. While machine learning would automate various repetitive aspects of the recruitment process, it would also help identify top candidates from large talent pools on job boards.
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Recently launched Google’s ‘Cloud Job Discovery’ that provides plug-and-play access to Google’s search and machine learning capabilities has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. The Cloud Job Discovery tool encompasses the entire recruiting ecosystem and has been designed to provide an improved candidate-employer experience. Google has also launched a tool called ‘Google for Jobs’ that gives smart recommendations to job seekers and helps them find the right jobs.
Chatbots for Candidate Engagement Trending the Global Market
Automation has permeated nearly every sector, with chatbots being the latest addition to the HR toolbox. Hiring companies are now using smart algorithms to screen candidate resumes and are deploying intelligent recruitment assistants to identify top prospects; pre-screen candidates; and to facilitate effective candidate engagement.
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Recruitment Marketing and Advertising Initiatives to be the Go-to Strategy for Talent Acquisition; Interactive Recruiting to Metamorphose the Overall Hiring Experience
A recent study by Future Market Insights highlights the importance of marketing and advertising in the recruitment process. The growth in the talent acquisition market has led to the evolution of many technologies that are revolutionising the recruitment landscape. To enhance the talent acquisition process and bring in more effectiveness, recruiting organisations are moving towards interactive hiring that requires extensive communication with the applicants in addition to the basic sourcing and recruitment process. A detailed report on the global talent acquisition and staffing technology and services market by Future Market Insights forecasts the market to reach a valuation of US$ 196,136.0 Mn by 2028, up from US$ 100,605.9 Mn in 2017. This translates to a CAGR of 6.25% during the 10 year period from 2018 to 2028.