Since the inception of technology, its effect on day-to-day life, traditional systems, and global economies has been exceptional. Today we can see its long-term effect in redesigning and transforming sectors worldwide. The recruitment industry is no exception.
An organisation's success and quality are only as good as its people. In fact, according to a report by Harvard Business Review, 71% of CEOs believe human capital is the leading factor for building sustainable economic value and 43% say that investing in people is a top priority at their organisations.
This, among other factors, contributes to the ever-evolving nature of the recruitment industry as employers and recruiters are always on the lookout for new ways to retain and hire the best talent.
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Present day challenges of the sector
Talent acquisition professionals are still reeling from the repercussions of the COVID-19 pandemic on the industry. The global health crisis displaced and devastated several industries and cornered many to either burn out or rapidly evolve to adapt.
The recruitment industry is among a few that fell into the latter category through adopting innovative technology to boost efficiency, processing, and functioning across the board.
However, there still exist challenges to be addressed to optimise this transition. With higher volumes of applicants, the need for more resources arises by boosting the functioning of singular departments to ensure optimisation of the cycle.
Recruiters and employers are under immense pressure to quickly accommodate challenges presented by the new virtual system.
Documenting and processing on a large scale and filtering quality candidates manually is becoming a prominent concern for companies today. Over and above these struggles, organising an effective and structured recruitment process in today's context is more complicated.
Not to mention platform limitations such as lack of centralised visibility and coordination between departments when managing assessment processes.
All of this - along with the people challenge of having an in-person assessment - needs to be addressed through unbiased solutions using technology.
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Talent analytics as a critical tool to optimise the recruitment cycle
Analytical insights have emerged as a strategic tool in optimising the recruitment process with the disruptions caused by the COVID-19 pandemic.
According to a recent survey conducted by MeritTrac, 87% of organisations reported a boost in their online hiring efforts since the pandemic. In response, organisations adopted new approaches and technologies to manage this demand.
A data-driven approach to recruitment is key to resolving almost all of the challenges the recruitment sector faces.
By allowing for objective visibility into the effectiveness of recruitment activities and its ability to track high-potential candidates, analytical insights unlock the potential for organisations to proactively source a robust talent pool and improve the overall recruitment process.
Another essential feature of analytical insights is that they can help match suitable candidates to the right jobs. Through its data-driven reports, this technology assists employers in filtering and matching candidates automatically to apt job roles.
By creating a more automated, connected cycle and eliminating the need for manual processing, analytical insights promote a more efficient and effective system in the present and long term.
Not only does this technology aid ongoing cycles, but it essentially helps improve and intelligently plan the next cycle through predictive analytics.
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Long term benefits of analytical insights for organisations
The benefits of data produced by analytical insights are not restricted to the recruitment process but can also predict and track employee performance, needs, and retention rates.
This futuristic approach is what several multinational conglomerates like Google, Deloitte, Cisco, and Sprint use to optimise their talent pool and boost hiring processes to maintain industry-leading success.
The ability of this tool to learn and improve from the operational activity is a crucial driver for ensuring the long-term success of any organisation. Employers can rely on algorithm-based predictions to eliminate bias and yield more consistent, quality results by creating an environment for objectivity in the decision-making process.
This will help talent management holistically in hiring, identifying role suitability, talent identification and cross-functional movements.
A comprehensive modular assessment ecosystem that might bring together the scattered components of the employment process into a cohesive platform providing complete end-to-end assessment solutions has been sorely absent thus far.
Engaging in a next-generation digital assessment revolution will enable organisations to develop strong workforces, improve decision-making processes, and play a critical role in the formation of new businesses.
(The author is CEO, MeritTrac Services, a UNext company.)
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