Q3 2018 | Talent Acquisition Technology2019-01-04T21:57:14+00:00

TALENT ACQUISITION TECHNOLOGY

TALENT ACQUISITION TECHNOLOGY

The impact of technology is unmistakable in talent acquisition and workforce management. Advances in technology have improved productivity and efficiency enterprise-wide. The HR technology marketplace is valued at more than $14 billion, and new technologies continue to enter the space.

Thanks to the enhanced capabilities provided by technology platforms, talent acquisition and workforce management professionals are able to more efficiently predict recruiting outcomes, close talent gaps and improve candidate engagement.

In this section, we cover how technology trends such as robotic process automation, chatbots, virtual reality, predictive analytics and artificial intelligence are evolving talent acquisition processes and functions and what you need to know to gain a competitive edge.

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TALENT ACQUISITION TECHNOLOGY

The impact of technology is unmistakable in talent acquisition and workforce management. Advances in technology have improved productivity and efficiency enterprise-wide. The HR technology marketplace is valued at more than $14 billion, and new technologies continue to enter the space.

Thanks to the enhanced capabilities provided by technology platforms, talent acquisition and workforce management professionals are able to more efficiently predict recruiting outcomes, close talent gaps and improve candidate engagement.

In this section, we cover how technology trends such as robotic process automation, chatbots, virtual reality, predictive analytics and artificial intelligence are evolving talent acquisition processes and functions and what you need to know to gain a competitive edge.

QUICK LINKS

TALENT ACQUISITION TECHNOLOGY

The impact of technology is unmistakable in talent acquisition and workforce management. Advances in technology have improved productivity and efficiency enterprise-wide. The HR technology marketplace is valued at more than $14 billion, and new technologies continue to enter the space.

Thanks to the enhanced capabilities provided by technology platforms, talent acquisition and workforce management professionals are able to more efficiently predict recruiting outcomes, close talent gaps and improve candidate engagement.

In this section, we cover how technology trends such as robotic process automation, chatbots, virtual reality, predictive analytics and artificial intelligence are evolving talent acquisition processes and functions and what you need to know to gain a competitive edge.

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How Robotic Process Automation is Reshaping Recruiting

By CHAD GETCHELL

Automation is one of the most popular emerging technologies currently being deployed in business.

Employers expect that 17% of all work will be automated by 2020. What’s more, 94% of U.S. organizations currently utilizing AI and robotics will increase their use of automation in the next three years.

Source: Willis Towers Watson

What is Robotic Process Automation?

One application of automation is robotic process automation (RPA), which uses AI to automate business processes to human-like efficiency and effectiveness, making employees more productive. RPA tools allow users to configure bots to collect data, trigger responses and communicate with other business systems.

Researchers estimate that the potential savings that companies will experience with RPA by 2025 are between $5 trillion to $7 trillion.

Source: Towards Data Science

The Recruiting Case for RPA

For organizations looking to optimize their recruiting, RPA tools can provide time savings, increase recruiting accuracy and help reduce bias in the recruiting process. RPA technology can be used for high-level repetitive tasks such as candidate and resume screening. RPA systems work every hour of every day to source, screen and organize candidates.

Sourcing Candidates

RPA technology can automate the online sourcing process by canvassing hundreds of talent pools and databases for quality candidates. With bots sourcing candidates on the web, recruiters can spend more time consulting with hiring managers on talent acquisition strategies such as improving employment offers and bolstering recruitment marketing campaigns.

Chatbots

RPA technology can deploy chatbots that leverage sentiment analysis and computational linguistics to interpret a candidate’s communication and to formulate an appropriate response. Chatbots enable organizations to be more responsive by eliminating the downtime between a candidate submitting an application and receiving a response from a recruiter.

Interview Scheduling

RPA technology can also assist with the interview scheduling process. RPA bots can provide candidates with real-time access to a hiring manager’s calendar and suggest specific time slots based on availability.

Enhanced Candidate Experience

With RPA tools, organizations can better manage their candidate experience. Bots can be used to collect real-time data and monitor candidate satisfaction in each stage of the hiring process. Employers can program bots to generate emails soliciting feedback or send short surveys as candidates progress through the process.

HOW ROBOTIC PROCESS AUTOMATION IS RESHAPING RECRUITING

Key Takeaways

  • RPA technology can handle basic recruiting tasks, freeing up recruiters to work on higher-value activities.

  • Chatbots and interview scheduling tools can improve candidate experience and engagement.

  • RPA technology’s ability to be “always-on” provides a competitive advantage in sourcing active and passive candidates.

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Predictive Analytics: A Powerful Talent Acquisition Tool

By ALLISON BRIGDEN

Predictive analytics is an essential AI tool for employers looking to stay ahead of the competition. Predictive analytics allows employers to use the power of data to make predictions about candidates and drive efficiencies throughout the entire talent acquisition process.

What is Predictive Analytics?

Predictive analytics is a type of data analytics that uses data to find patterns and then uses those models to attempt to predict the future.

Predictive analytics can’t tell you what will happen, but it shows what is likely to happen based on past trends. It’s as close as you can get to predicting the future.

Using Predictive Analytics to Improve Sourcing

Predictive analytics models can identify stronger candidates more quickly and accurately than traditional methods. AI sourcing that uses predictive models can start finding candidates as soon as a requisition is opened, giving a recruiter a strong head start to fill the role. An AI sourcing solution that uses predictive analytics modeling can also provide a recruiter with information about how well the candidate matches the job requirements and how likely the candidate is to leave their current role.

Using Predictive Analytics to Make Your Recruitment Funnel More Efficient

Predictive analytics can be used throughout the entire recruitment process to drive efficiencies in an employer’s recruitment funnel. By analyzing the recruitment funnel, you can work backward to learn how many applicants are necessary to make one hire. To accomplish this, you need multiple data points from a large number of hires. The more data you have, the better and more accurate a prediction will be.

Predictive Analytics Considerations

Most HR professionals (95%) agree that predictive analytics would aid their hiring and development efforts, but only a third have access to the technology.

Source: OutMatch

Employers need to ensure that their predictive analytics tool does not discriminate based on race, gender or other protected classes, as this would violate anti-discrimination laws. It is important to look at variables like race and gender to measure potential bias, but the technology should not use that information to target or exclude candidates. To help prevent discrimination, combine predictive analytics technology with the intelligence of a human recruiter.

PREDICTIVE ANALYTICS: A POWERFUL TALENT ACQUISITION TOOL

Key Takeaways

  • Predictive analytics can improve candidate sourcing by recognizing top candidates early on in the recruiting process.

  • By leveraging data, predictive analytics can create efficiencies in the recruitment funnel.

  • Employers need to ensure that a predictive analytics tool does not discriminate based on race, gender or other protected classes, as this would violate anti-discrimination laws.

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How to Use Chatbots to Improve Recruiting

By ALLISON BRIGDEN

AI solutions are driving candidate management and engagement in many ways, including through chatbot technology. Chatbots have become much more advanced in the past few years, as natural language processing continues to improve.

Improving the Candidate Experience

Chatbots help improve the candidate experience through their ability to interact with candidates on demand, streamlining and assisting throughout the application process on the channels candidates prefer and when they are available.

Chatbots are effective tools for candidate engagement, and they are continuously evolving to make the application process easier for the candidate. They can also answer candidate questions on company policies, benefits or culture, and when it gets stumped, a chatbot can contact a human recruiter. Chatbots can also take on some tasks throughout the application process that would typically be performed by recruiters over the phone or through email.

Streamlining the Process for Recruiters

Chatbots can allow recruiters to spend more time with the strongest candidates by taking on more administrative tasks.

Chatbots can help recruiters gain more time in their days by taking on some of the time-consuming tasks that recruiters handle, like responding to simple questions, scheduling interviews and gathering basic information from candidates. Chatbots should be used for repeatable, automatable interactions, enabling recruiters to engage with the best candidates in more high-value ways.

Implementing Chatbots in Your Recruiting

When rolling out chatbots in your recruiting program, it’s important to strike the right balance between automated communication via chatbots and communication from a recruiter.

It’s important to remember that in most cases chatbots shouldn’t take on all of the candidate communication. They can automate some of the hiring processes, but candidates still need to interact with a recruiter. Organizations also need to take steps to continuously make their chatbots more attuned and responsive in order to drive successful engagements.

Looking Forward

Chatbots can play an essential role in creating an improved candidate experience, but the talent acquisition industry has moved well beyond using just chatbots for communication. Now, even more AI and machine learning tools are transforming the industry. Rules-based onboarding functions, candidate sourcing, interview scheduling and candidate matching are being automated to enable talent acquisition professionals to spend more time with the best candidates and on critical talent acquisition functions that involve creative and strategic thinking.

HOW TO USE CHATBOTS TO IMPROVE RECRUITING

Key Takeaways

  • Chatbots can improve the candidate experience by helping you better engage candidates.

  • Recruiters can leverage chatbots to streamline recruiting functions and improve time management.

  • Once a chatbot solution has been implemented, you should to continue to hone your use of the technology to drive continuous improvements.

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Virtual Reality: Enhancing the Candidate Experience

By MARY ANDERSON

While virtual reality (VR) is not new, it is gaining popularity in talent acquisition as a powerful tool for elevating the candidate experience. If used correctly, VR can help companies win talent by standing out with interactive and engaging content. VR is also a strong tool to promote an employer’s brand.

Virtual reality gives candidates a look into real-world activities, virtually experiencing a day-in-the-life of a potential job while helping employers promote their brands to candidates in an immersive way.

Virtual Reality Application in Talent Acquisition

VR is used in many different formats in talent acquisition. Career fairs are a popular example. Candidates use VR headsets to experience a first-hand look at what a day-in-the-life might look like before they pursue a position.

The British Army allowed candidates to virtually ride tanks in a simulated drill; as a result, the British Army saw its recruitment applications rise by 66%.

Some VR applications have merged with gamification techniques. Jaguar developed a skills-based, mixed-reality game to attract electronic and software engineers. Available as a mobile app, users engage willingly in a skills test when in-game. Those with interest in Jaguar and who exhibit high aptitude on these tests are green-lighted through the recruitment process.

Using Virtual Reality to Attract Candidates

VR helps candidates feel more confident about accepting a role because they know more about how an employer operates. With VR, there is a deeper level of personalization and engagement that gives candidates a real-world look into their potential employer’s world. VR creates an emotional connection, similarly to video, but in a more immersive way.

Getting Started With Virtual Reality

If you’re thinking about adding virtual reality efforts to your recruiting program, we recommend taking the following steps before getting started.

  • Confirm your existing talent acquisition program is optimized. Are your processes and candidate flow aligned? Do you have the right ecosystem in place for your entire talent acquisition process? An optimized program will be flexible, allowing you to add VR where it is needed.
  • Understand your target audience. The content you design needs to target a particular audience. You should already have persona-specific content related to your candidate journey. This targeting needs to come to life with VR too.
  • Use VR in conjunction with other tools in the technology ecosystem. VR is a great way to promote your employer brand and attract candidates. Consider doing this through online assessments, video interviewing or a combination of related strategies.
  • Monitor the talent acquisition technology market. As VR matures in talent acquisition, monitor similar and complementary technologies that may also be used in the future, such as augmented reality or mobile applications.
  • Virtual reality should be geared to the right audience as part of an overall recruitment program. Organizations should consider VR and track the growth of associated technologies to stay ahead of the competition.

VIRTUAL REALITY: ENHANCING THE CANDIDATE EXPERIENCE

Key Takeaways

  • You can use VR technology to engage candidates and improve the perception of your employer brand.

  • VR experiences are an excellent way to attract younger candidates. However, it may not be as effective with older candidates.

  • Before implementing a VR program, you should ensure your talent acquisition program is optimized

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