The talent acquisition tech investment keeps escalating.
According to Aptitude Research, nearly 70% of businesses have expanded their investment in talent acquisition (TA) tech in 2021 and 73% expect that to continue to grow in 2022.
Not only are the process of hiring top talent getting harder (with better-informed candidates and their rising expectations), COVID-19 added further complications as the period of lockdown and remote work is fuelling “The Great Resignation”.
To outcompete against other businesses in the same sector, recruiters have to deliver both a quality service, as well as scalability. One of the ways to achieve scale easily is through the introduction of swift, connected, secure and easy technology with a trusted provider.
Here are 5 ways technology is transforming Talent Acquisition:
1. Provides access to as wide a talent pool as possible
The adoption of the best candidate sourcing TA tech allows an increased flow of applicants simply by making it easier for recruiters to gain access to untapped talent pools.
For instance, hireEZ helps to automate your search for the top talent by uncovering a comprehensive view of more than 800 million candidates from over 45 open web platforms within seconds.
2. Attracts and secures quality next-gen talent
With a job ad still very much text-heavy and visuals light, creating the right copy, coupled with attractive visuals, is key to attracting the ideal talent. But many recruiters are not trained copywriters/creative experts, and it would take time to often come up with just a single line of copy and/or creative design. A better way to accelerate that process is to utilise AI to provide and/or edit your copy, and work with a creative graphic designer to make rapid progress.
There are already many writing platforms that are powered by Generative Pre-trained Transformer 3 - an autoregressive language model that uses deep learning to produce human-like text. In the recruitment world, there are purpose-built platforms to augment content that is specific to recruitment.
By learning from millions of job ads, Textio brings the world’s most advanced language insights into your hiring and employer brand content, every time you write.
3. Cut costs and increase productivity, and find the best talent
Screening and interviewing candidates takes a lot of time per recruiter. Even if done well, it is no guarantee that the candidate will eventually take up the role, as there are so many other external factors at play.
But the probability of filling the role could be higher if there is a larger number of suitable candidates at the top of the recruitment funnel.
Besides just throwing more recruiters at the problem, a more intelligent option is to leverage a conversational recruitment bot such as Paradox’s Olivia to engage a number of candidates - to handle the early questions, screening, scheduling and onboarding automatically.
4. Consistent candidate experience
According to a study by Career Builders, poor onboarding is a major cause of employee turnover, which can cost a company 100-300% of the employee’s salary in total.
From an employee perspective, 69% of employees who have a positive onboarding experience are more likely to remain with the employer for three years. Companies that focus on the optimum positive onboarding experience retain 50% more new employees than companies that don’t. Positive candidate onboarding also results in a 50% increase in productivity by such a new employee.
Getting your new hires started off on the right foot requires more than just offering them a quick tour of the office and sending them off to their line manager and department. Giving employees the best chance at future success requires a thorough onboarding program.
Smart talent acquisition managers will turn to onboarding platforms such as Enboarder to ensure high quality and consistent onboarding experience for every single new employee.
5. Speed up your offers
The chain is only as strong as the weakest link. When it comes to recruitment, the weak link can often come in the form of deciding if, when and how to make that offer. The usual setback triggers because reference checks that appear to take forever.
Traditional background checks can take anything from 2 to 4 weeks. That is more than enough time for your hiring competition to attract your ideal candidate with their own experience and offer.
To catch up to modern candidate expectations, many hiring companies are shifting towards background screening platforms such as Veremark. Not only is the sign-up process the easiest and fastest, a typical background check will take no more than 2 days, and delivered with accuracy.
Conclusion: Businesses benefit as their talent acquisition tech, processes, programs, and overall culture of excellence evolves
Integration of TA tech into your workflow can really deliver value to your business. Given the extensive selection of TA tech across the complete hiring journey, it is important for businesses to choose vendors carefully so that the best talent acquisition is made time and time again, which means securing quality candidates. All in all, it ensures your company’s success in your industry.
Find out more about Veremark’s background check service to help you engage in the very best talent acquisition transformation journey.