Jan 16, 2019
Traditionally, HR has always been tasked to attract, develop and retain the talent that is required to achieve organizational goal. However, of late their remit has expanded. This can be attributed to the fact that more than 80 percent of CEOs are focused on driving the digital transformation of their business. To achieve this, they are turning to their HR leaders to facilitate this transformation.
HR is now tasked with leading their organization through this transformation by fundamentally rethinking their approach to the workforce, work, and the way their organization needs to operate to drive organizational success.
To drive this change, HR teams are leveraging technology to augment recruitment using HR-Tech Solutions. While the market is still emerging, Gartner is conservatively sizing the market to be valued at $14 Billion. However, at the given pace and the necessity, the market is expected to transform to a massive $34 Billion industry by 2021.
HR Tech, powered by technologies like Artificial Intelligence, Machine Learning, and Analytics, is creating an impact on the traditional recruitment process. The results of this approach include accelerated hiring cycles and better access to talent.
A survey by Gartner has indicated that 68 percent of employers globally believe that HR Tech will help recruiters automate the initial phases of searching the right candidate for the right job. 62 percent of employers also believe that this makes the entire recruitment process more efficient and cost-effective. Interestingly, the survey also indicates that 65 percent of employers intend to use HR Tech to create a positive experience for the candidate.
Here are the key touchpoints in the recruitment lifecycle that HR Tech is completely transforming:
1. Workforce Planning:
Thanks to HR Tech, companies have now started to look internally to fulfil their hiring requirements. Companies from the IT/ITeS industries have reportedly saved as much as 40 percent in revenue just by using technology to plan their workforce.
Using technologies like artificial intelligence, modern-day Workforce Planning tools can help you forecast the workforce demand and even predict attrition. Moreover, the tools also help with Skill Gap analysis to help the organization manage their internal talent by upskilling.
2. Search and Match:
The job of manually searching for suitable candidates has now become a thing of the past. You can now scour the entire internet for the right candidate in just a click of a button.
This has been taken a step ahead where the prospective candidates can be ranked based on the profile match, thereby reducing the time and effort to skim through thousands of profiles to find the right match.
3. Talent Relationship Management:
Recruiters are now putting an effort to build a strong relationship with the candidates not just before and during the hiring process but even thereafter. This brings out the marketer in HR, helping recruiters grow and maintain the candidate pipeline using content, social media and other mediums.
This not only enables an organization to assess where they are losing prospective candidates but also helps source top talent even before the need arises, thereby reducing the waiting time when the need does arise.
4. Candidate Screening:
Screening the already shortlisted candidates has become even so much easier and effortless. Chatbots based on HR Tech can entirely handle the preliminary screening. Moreover, the interview can now be conducted digitally using video interviews and other means without compromising on the skills and personality assessments.
Assessment is no longer restricted to just skills and talent but extends to even behaviour and reasoning.
Setting up interviews was one of the most dreaded tasks for HR executives as it involved multiple stakeholders. However, now everything right from the scheduling right up to the communications can be automated, requiring no or very little intervention from the HR.
Both the interviewer and the interviewee have plenty of resources available including the interview prep, automated score sheets which reduces the dependency on the HR.
6. Selection and Onboarding:
HR Tech has simplified the entire selection process. Adding a layer of data, it is even easier to select candidates that are the right fit for the profile.
Further, owing to HR Tech, the cumbersome onboarding process has been simplified. Everything including the rolling out of the offer letter and even the documentation has been digitized, reducing the waste of time and paper.
Services like background verification and reference checks can be done instantly thereby providing a seamless experience as well as saving a lot of time.
What the future looks like
While there are tons of solutions out there which can entirely automate and integrate with processes like resume capture, interview, and hiring, assessment, performance appraisals, compensation, management, payroll etc; new age solutions are trying to answer the burning need of the hour – Productivity.
The focus has now shifted from just automating the HR system to actually can help increase internal productivity, bench utilization, and employee engagement. Moreover, with digital solutions acquiring lots of data, processing and analysing the data and using the insights for optimizing the process, is becoming more and more relevant. This is where the major chunk of the $34 Billion resides!
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