The global skills shortage and the continued rise of technology has created an environment in which competition for talent has become fierce through many industries and jobs categories.
In the US, especially, QJumpers research has revealed recruiters turning away from sourcing new talent in the face of such a competitive market and focusing on engaging and retaining staff instead.
But for those who are willing to take on the recruitment market head-on, there have been some upsides as well:
- Diversity: Employers have been more open to diversity strategies as they hunt down the best talent leading to less bias in employment and the growth in equal employment opportunities reporting.
- Harnessing big data: Big data has been a buzzword for the past two years, but the more competitive environment has made companies create the meaningful strategies to make the most of all the data they are collecting.
- Automation: As automation gathers pace putting lower skilled workers out of jobs and putting extra stress on the skills shortage, successful companies are using the new landscape to identify new skills and roles and using that as their biggest driver for positive change.
In the harsh light of these tough recruitment times, it’s important to identify where the leading edge is and how best to use the fastest-growing trends. So here are the key factors, according to QJumpers General Manager Simon Oldham, changing the way we deal with recruitment and some innovative thinking around how companies can use them to stay ahead of the competition.
Machine learning and AI take over Big Data
The hype of big data highlighted just how difficult it could be to use so much information effectively. Machine learning and artificial intelligence have become the go-to technologies for companies to develop strategies and algorithms to read data and take actions. Instead of just capturing data and reporting on it, successful companies are using AI to use data in a meaningful way, such as by reducing unconscious bias during the shortlisting and interview process, and predicting turnover to help plan talent pipelines.
For example, QJumpers already uses AI for:
- Reading your job ad and auto-define person requirements.
- Reading candidates’ CVs and auto-populating their profile.
- Searching your talent pool for the role’s requirements
The use of AI is constantly driving new avenues to source talent. For example, we are currently in talks with a supplier who has built a machine-enriched, passive candidate database of more than 300 million professional profiles from around the globe. Social profiles are aggregated and then enriched with more than 2 million unique skills and scored using an advanced semantic search engine with more than 20 required/desired critieria.
And we are developing AI for:
- Finding the best places to advertise roles.
- Identifying the best way to phrase job ads depending on categories.
- Automatic filtering and identification of leading candidates.
- Automatic search of external databases and social media platforms such as Monster, LinkedIn and Facebook, and identification of leading candidates.
- Use of chat bots to improve candidate experience and reduce recruiters’ workloads.
- Use of assessments, facial recognition and language to measure and find better cultural fit through both online and video screening.
- Developing an organization-specific algorithm based on your hiring patterns such as: who you have hired, interviewed, shortlisted, ranked highly, or hot prospected.
- Predicting who the hiring manager would hire based on skills, experience, qualifications.
- Searching the web and unlimited resumes and online profiles for same-person specifications.
- Recommending top candidates to contact
- Reviewing who was hired and adapting company-specific algorithm.
Innovation in sourcing and attraction strategies
Because candidates are more sophisticated about who they choose to work for and how they search for jobs, it’s important for successful recruitment strategies to “fish where the fish are”. Technology (especially AI-driven technology) can help search global databases like Monster, Indeed, Careerbuilder and LinkedIn, while platforms such as Beamery and Smashfly have carved out good niches by focusing on employment branding and social recruitment and analyzing success rates of companies’ strategies (although they still need to integrate with an applicant tracking system and company talent pool). Company referral programs have also gathered steam over the past year as an easy and effective way to source quality talent and should be part of any ATS.
Evolution of filtering technology
Speed and efficient sourcing strategies are the hallmark of success in a competitive recruitment market with a Totaljobs survey from the UK claiming 46% of employers had reduced their time-to-hire and 59% now taking less than two weeks to move from advertising a role to the first round of interviews. Analytics and AI have a huge role to play here as part of any ATS and there is an increasing trend to use them alongside video screening tech.
Candidate experience rises to the top
The candidate’s experience is more important than ever as the search for talent becomes more cut-throat. An application process has to be fast, efficient and work on whatever device the candidate chooses. This has led to the development of CRMs – candidate relationship management systems – which work like an in-built automated marketing system for your talent pool to ensure that potential candidates remain interested in your brand until you choose to approach them. QJumpers has built a new “quick apply process” specifically to target candidate experience by allowing applicants to load their CV and then using AI to auto-populate profiles and match them to jobs ads without the need for many other screening tools.