Enterprise HR systems have always been synonymous with ATSs (Applicant Tracking Systems). Today’s workforce, however, needs HR systems that are
Enterprises are responding by investing heavily in HR technology. According to the Sierra-Cedar 2018-19 HR Systems Survey, medium and large enterprises plan to increase their spend on HR systems by 47% and 48%, respectively. Today, this spending is focused on emerging technologies, which are well placed to fill the gap that exists between ATS capabilities and workforce requirements.
Blockchain, with trust and immutability built-in, makes labor-intensive background checks redundant and enables candidates to add verifiable information as and when their profile requires an update, enabling faster verification even when information is distributed.
We’ve reviewed five emerging technologies, along with notes on how we believe they can be best used:
The workforce profile today consists of full-time employees and contractors who are spread geographically, on different projects.
Blockchain, with trust and immutability built-in, makes labor-intensive background checks redundant and enables candidates to add verifiable information as and when their profile requires an update, enabling faster verification even when information is distributed. According to employee background verification firm HireRight, a typical (zero-issues) background check can take between 2 to 4 business days – blockchain can reduce this to seconds.
Due to the massive number of resumes crowding every job opening, recruiters can spend only around 6 seconds (Glassdoor) looking at a resume – making accurate sorting difficult.
AI/ML can sift through resumes in milliseconds, identifying profiles of genuine interest and driving up job interview-employment ratios. Reducing the number of failed interviews is very beneficial for HR budgets (As an example, L’Oreal (PWC Case Study) improved their interview-to-hire ratio to an astounding 82% by employing AI.)
Forms of information are central to recruitment and are difficult to process and manage. These are often handled by manual processing agents, making onboarding a lengthy process. RPA can automate processes such as form handling, reading user inputs on specially designed forms and leaving only the occasional error to be handled by manual agents.
Where a manual operator may take a few minutes, RPA enables the same form to be processed in a matter of seconds. Scanlog, who use RPA to process order bookings,reduced their form handling time from 4 minutes to 20 seconds – a 1000% improvement!
Chatbots can help serve as the first line of contact for candidates, performing quick profile checks using a question-answer template. AI/ML-based enhancements can enable additional lines of inquiry based on the candidate’s inputs, making it possible to put together a complete candidate profile that allows a shortlisting decision to be made without any human intervention. This adds both interactivity and ease of use to the recruitment process. With chatbots, Deloitte improved their team’s responses to HR queries by 50%, and Marriott’s recruitment chatbots typically handle thousands of queries per day.
Finally, HR SaaS (Software as a service) systems based on the cloud have enabled access to a larger, global and verifiable pool of candidate profiles. With a cloud-based system, the responsibility for sorting and sifting of resumes is often handled by the SaaS service provider. This not only ensures better resume quality but also less effort in terms of verification. TrustRadius has put out a set of 10 key benefits that cloud-based HR can deliver to your enterprise, and industry leaders such as Oracle and SAP (with SuccessFactors) are also advocating moves to the cloud.
One technology may not fulfill your enterprise’s needs – but it is easy to envisage combinations of these tools working together to make your hiring process a breeze. For example, chatbots can work with blockchains to instantly verify candidate information, even asking them for further details and adding them back to the blockchain after verification.
To identify possibilities for your recruitment process with emerging technology, reach out to us. We can help you recruit as well as redesign your hiring and onboarding processes to best use emerging tech, so your recruitment processes become a differentiator for your enterprise.
~N.R
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