Recruiting technology is dominating the investment space, with the pool for global enterprises and venture capitalists investing millions of dollars. The new innovation and development in the talent acquisition technology assist the enterprises to tap in the talent. The growing investment from the solutions providers has also resulted that candidates are more satisfied with the recruitment process. It was estimated that by the end of 2018, the investment in the HR technology would have triple compared to 2017. The reason that many of the solution providers are investing such a large amount of money towards devising the solution because the pace at which Artificial Intelligence (AI), Machine learning and Big data are evolving.
David Mallon, a Vice President, and Chief Analyst with Bersin, Deloitte Consulting “There is a lot of money going towards the recruiting and talent acquisition. It’s generating major innovations in the talent acquisition field and also creating a load of noise.” Trends in social recruiting, mobile apps and video interviewing are now becoming the underlying norm. We are seeing improvements in the recruitment policies as they will be an underlying framework that will affect what kind of talent is attracted by the enterprises. The newer trends tend to affect the recruitment process, it has become impossible for the HR resource to choose from the pool of data whether the candidate will be suitable for the job.
Diversity in Recruiting
One area that is gaining loads of traction among the enterprises is the diversity in the recruiting. Diversity was ranked as one of the top hiring strategies in the LinkedIn 2018 global recruiting trends for almost 78 percent of enterprises. Diversity is an imperative global strategy that drives the innovation for the enterprises, however finding such a global diverse candidate is one of the biggest obstacles. Interviewing candidates from such a diverse environment is one of the biggest barriers that the enterprises have to face. Currently, there isn’t enough diversity when we look toward the job position and even responsibilities, most of the groups based on educational qualification, age or sex are concentrated only in the towards certain job role.
The challenge has resulted in the investment from the solution providers, who are driving different data points based upon the job profile. The potential solutions will be depending on the educational background that is diversified along with roles and responsibilities and the assessment test that will analyze the suitability of the candidate for the position. The result solution that is being adopted by the solution providers is by adding virtual job fairs and implanting analytics tools to assist the enterprises to analyze the talent pool. If the companies want to embrace the diverse form of candidates they need to embrace the virtual technology that connects more candidates with the various positions. Once the machine learning technology can analyze and filter the candidates based on the requirements, the interview process can be eased out. The algorithm can track any combination of individual and the industry trend will be able to figure out who will be the best fit for the position. The more targeted is search campaign the better will result to improve the probability of finding the candidate. It also improves the chances for all the candidates to get equal opportunity toward the job position. Enterprises need to be certain that the algorithm isn’t biased towards a certain type of candidates based on ethnicity or sex.
Chatbot’s Towards the Recruitment
Solution providers are looking towards a different innovative solution that can improve the candidate experience. One of them is the chatbot to provide a complete human interaction solution to the candidates. The Chatbot will provide them with a live update on the solutions or answer any questions regarding the interview process. Chatbot technology has got more advanced with time, in recent years, the interactions have improved to become more engaging and solution oriented. It improves the value by implementing a chatbot instead of an actual person to interact with the solution. The solution providers continue providing valuable solutions that will surely impact the acquisitions in the enterprises. The recruiting industry is going through a lot of players showing different innovative solutions that can impact the enterprise’s acquisition process.
Many of the enterprises are wondering about different solutions that can impact the talent acquisition process because the already set talents are not satisfying the requirements and also the migration of the employees is also a grave threat they face. The HR market is quite mature to embrace new technological innovations to impact the management and also talent they attract for different job roles. Enterprises also need to think about various recruiting pain points before implementing any of the technology solutions. If one of the tools works for certain enterprise it might not work for you, innovation in tools is imperative. Lastly, the enterprises can edge ahead with technology and security process with an investment in a startup solution worth the risk.