Ever come across the concept of recruiting metrics? If you haven’t, you might think of it as somewhat of an oxymoron. After all, how can a hiring process, which is a qualitative assessment of candidates, have quantitative standards?
Here’s the thing: modern recruitment is no longer a manual activity that relies on a subjective analysis of individuals. Instead, it’s an automated and streamlined process that looks at applicant data in mass proportions.
That statement may be hard to swallow if you’re using outdated methods as part of your hiring efforts. Yet, statistics can prove otherwise. Apparently, 98% of Fortune 500 companies have already incorporated recruitment software into their operations. And 68% of hiring managers see such applications as an excellent way to bring in better candidates.
Piqued your interest yet? Well, let’s dive right in then!
The tools that make it all possible
The most prominent issues related to recruitment are attracting, tracking, and, more importantly, sourcing potential candidates. Granted, there are other challenges as well. However, most of them are just variations of the original three.
So, here are a few tools that address those specific problems:
- Recruitment Customer Relationship Management (R-CRM)
Everybody’s already familiar with what a CRM application does. Regardless, most people don’t realize that a variation of the software also caters to recruitment. But how exactly does it all work?
Simply put, an R-CRM is an engagement tool to attract candidates. Still, there’s a lot of confusion regarding the distinction between an Applicant Tracking System (ATS) and an R-CRM. While both have similar functions, an R-CRM starts its work earlier in the recruitment process. It helps to picture R-CRMs as megaphones and an ATS as a funnel for consolidating candidate data.
Now, such applications function by smoothening the initial aspects of the hiring process. For instance, these tools might evaluate third-party job boards to send out SMS and email alerts to prospective applicants. In a few cases, organizations even incorporate chatbots into the software to discuss crucial details such as salaries or position responsibilities.
This builds towards an improved candidate experience. Applicants are kept in the loop while managers get an insight into who would be the best fit for the company.
- Applicant Tracking Systems (ATS)
As mentioned earlier, an ATS traces all candidate-related details throughout the hiring process. Essentially, it’s a repository.
While there are multiple options available on the market, the best ones enable managers to filter out applicants based on keywords, listed skills, and qualifications. Think of it as SEO optimization but instead of relevant search results, you get a better look at appealing prospects.
In fact, these applications are so efficient that they eliminate 75% of submitted resumes before they even reach a recruiter. The outcome? A smaller yet vastly more qualified pool of individuals to choose from.
However, such systems are not comprehensive. In short, they still require a degree of oversight to work correctly. For instance, a poorly written resume may remove the perfect applicant from the process before they even have a chance to prove themselves. Consequently, it’s best to ensure that you curate the selection parameters carefully while configuring the software to your organization’s needs.
- Employee Referral Platforms
It’s always wise to save the best for last. That way, you get an idea of the most significant problem in the current hiring landscape: sourcing. Here’s what can help you understand this better:
The most common recruitment channels include job boards and career sites. However, these are also two of the least effective avenues. For instance, people pursuing a position through a job board have a 0.39% chance of getting hired, while career site applicants are looking at a measly 0.83%.
In short, the source—the way an individual comes into contact with an organization—matters. This is where employee referral platforms can save the day. And incidentally, these software applications also bring in exceptional candidates.
Don’t believe it? Well, you are in the minority then. Studies show that 88% of employers believe referrals to be the singular source for above-average applicants. Another 82% see this technique as the most rewarding avenue to hire qualified prospects.
The best bit? Such applications can seamlessly integrate with any existing tool your organization uses. To elaborate, the way it works is as follows:
- Managers post a vacancy on the platform with the help of pre-defined templates
- Employees receive a notification and recommend people from their professional network
- Suitable candidate suggestions go into the system, and the hiring process begins
Better yet, such software tools encourage your workforce to be involved in recruitment efforts by offering incentives. Do you see now? It’s this constant loop of: Here’s a position; there’s the suggested candidate, and here is a reward for making a recommendation.
What works best for you?
In all honesty, you need to evaluate your organizational needs before choosing any recruitment software. If the issue lies in attracting candidates in the first place, it’d be wise to opt for an R-CRM application.
However, with the current recruiting landscape being what it is, your most likely problems may be related to sourcing, prolonged search periods, or candidate ghosting. If that’s the case, an employee referral platform will help you immensely.
Yet, the ideal solution would be to blend all three tools. It may cause you to bear some additional company expenses, but what’s a little bit of money in the face of better operations?
So many challenges to solve, such effective tools
With all the looming technological advancements, you cannot afford to ignore automation in the recruitment process. Doing so will mean your competitors get the cream of the crop while you are left holding just the chaff.
In addition, it’s essential to remember this: The path to a seamless hiring process will require you to jump through several hurdles. But, if you stick to the application you pick while simultaneously tending to internal improvements, the results can be outstanding.
Reference Links:
https://www.topechelon.com/blog/recruitment-technology-used-in-selection-process/
https://www.topechelon.com/blog/recruiting-metrics-analysis-spreadsheet/
https://www.smartrecruiters.com/resources/glossary/applicant-tracking-system/
https://in.topresume.com/career-advice/7-top-job-search-statistics
