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The past decade saw major transformations in the ways recruiters source candidates. Hundreds, if not thousands, of “suitable” candidates became available at the click of a button, and the growth of keywords and search filters now allows recruiters to hone in on possible candidates faster than ever.
Rather than transforming recruiting, these innovations have done little to improve the recruiting experience for recruiters and candidates alike. Instead, they have shifted the work burden from finding enough candidates, to weeding out talent from hundreds of applications or thousands of online profiles. The candidate, previously frustrated by the lack of opportunity, now has become discouraged by the lack of response.
Fortunately, times are changing and 2020 is seeing a massive shift in the way that organizations find and recruit talent, fueled by Talent Intelligence technology.
73% of companies report that they struggle to find talent for their organization, and between the rush to fill roles and the average 23 hours spent reviewing incoming resumés, recruiters have had little time to turn their efforts inward.
Statistically speaking, hiring internal talent creates several benefits for companies, including better performance, less overhead cost and lower turnover. A study found that while 83% of employees desired a new job, just over half were wanting to change companies. Another study from the University of Pennsylvania’s Wharton School found that while external hires tend to have more education and experience than internal hires, they also tend to earn 18% more, receive worse job reviews, and are 61% more likely to be fired.
Using Talent Intelligence technology not only frees time to look at internal candidates, but its internal mobility matching function also finds those candidates and compares them with outside talent and applicants.
One of the biggest bottlenecks in talent acquisition was the speed at which talent was found, screened, and hired. The average hire takes about two to three weeks, and the need to quickly find and secure top talent often led to rushed decisions or candidates taking an existing offer, thus compromising overall talent.
Talent intelligence dramatically shortens this time by instantly modeling and sourcing highly-qualified candidates, allowing recruiters to skip hours of screening and move directly into the interview and assessment phases.
With the recruiting process optimized for time and results, recruiters will find themselves able to personally reach out to candidates and establish a deeper, personal relationship with them. Where the talent acquisition process once was fraught with stress and overwhelm on the recruiter’s end and frustration and endless waiting on the candidate’s end, the use of talent technology will allow both parties to work together to determine whether they are the best fit for the role. New, diverse, and ideally suited talent will enter the organization quickly, creating greater impact, revenue, and long-term savings for the organization.
Traditionally, organizations relied heavily on keywords and job titles to find talent for an organization, but this system had two downfalls: similar keywords were easily overlooked, instantly eliminating suitable candidates, and talent actively searching for positions began keyword stuffing their online profiles.
The machine learning process expands on keywords and simple solutions and quickly models the characteristics of a successful candidate based on other successful talent in a process called predictive modeling. The result? The final shortlist of candidates are not just the ones who chose the right keywords, but who are most likely to thrive in the defined role.
The average recruiter spends 25 hours reviewing inbound resumés, ¾ of which are unqualified. The process is both frustrating, exhausting, and prone to bias. Passive sourcing produces much better results but is equally tedious and generally focused on a limited number of platforms due to time constraints.
To better tap into the 95% of qualified candidates who are not actively looking for work, talent intelligence is the best way to do passive sourcing, as it automatically sources from hundreds of websites, quickly producing exceptional results as well as providing additional information that recruiters can use to further evaluate a candidate.
Companies have long known the benefits of creating a diverse workforce (according to a 2015 McKinsey study, diverse companies are 35% more likely to have above-average financial performance), yet close to 40% of recruiters say they struggle to find and retain diverse talent in their organizations.
Talent intelligence works in a number of ways to increase diversity, eliminating unconscious bias from the screening process and also increasing the candidate pool to include passive candidates not currently looking for a job. Another added benefit is that it automatically improves OFCCP compliance.
With Talent Intelligence taking a leading role in the recruiting efforts for hyper-growth startups and large, Fortune 500 companies, there will be a major shift towards technology partnerships. Rather than companies developing their own platforms, they will choose and integrate platforms that meet their recruiting and development needs.