Recruitment software is a blanket term used for the software used in the hiring process. It incorporates technology into a company’s hiring strategies, resulting in optimal handling of management’s recruitment needs. Given that we’ve all been a part of this system – either on the hiring side or the recruitment side, it is safe to say that it is a familiar and relevant practice.
Recruitment software has greatly improved the efficiency of hiring processes. Hiring people may not sound like a difficult task, but hiring right is a definite challenge; there are many layers to the process making it a strenuous task. Fortunately, recruitment software has solutions for every challenge.
Recruitment softwares are backed by technologies like AI, Machine learning algorithms, and cloud-based databases; they are designed to be smart, scalable, and highly efficient. Though these softwares are immensely complex, they are user-friendly, allowing even management professionals who lack IT expertise can make the most out of them.
Benefits offered by Recruitment Software
Recruitment Software provides a truckload of benefits – both for the applicants and the management.
For instance, a candidate gets advertisements for the jobs tailor-made for his CV while the company gets to reach out to the right candidate according to their needs and requirements. It is a win-win for both. Let us explore other such advantages.
Hikes the productivity of the recruiter
The productivity of a recruiter largely lies in faster and better hires. Applicant Tracking System (ATS), is a major component of these softwares and successfully helps recruiters land faster hires.
Another amazing feature of recruitment software is its analytical and reporting capability. It generates accurate and useful reports regarding the hiring patterns, the market, and different key performance indicators (KPIs). Leveraging this data, the recruiter can come up with better strategies to improve their performance.
According to the LinkedIn ‘Future of Recruitment 2020’ survey, 86% of recruiters have admitted that ATS has helped them recruit faster.
Widens the reach of the recruitment
Companies can spread out their talent search throughout the globe which wouldn’t be feasible without recruitment softwares. These softwares have built-in programs that can cross borders and reach the next big-potential employee; at the same time ensuring he notices the vacant position that he is the right fit for.
Also, in times of emergency when companies need to hire quickly, it’s reassuring to have a large talent pool to fall back to. Recruiting softwares provide you with tools that help you with that.
They aid in expanding your talent pool by acquisitioning data from different sources like, graduates who recently entered the workforce, previous applicants, or such other potential candidates. It could also search for the right candidate among social sites like Facebook, LinkedIn, Twitter. Overall, it can go as wide as the world wide web!
Automates recruitment tasks
This is the most ‘smart’ feature available in recruitment softwares. Manually going through each CV to assess a candidate’s qualifications is the most time and effort-consuming task for a recruiter. Further, studies show that 88% of the CVs that come through for a role do not qualify. Imagine the irony!
However, recruitment softwares have built-in capabilities that can scrutinize the qualifications of a candidate through intelligent CV parsing i.e., extracting relevant information from the CV.
They can also assist in conducting interviews. There are tools that enable to observe and examine the candidate’s speech, facial expressions, and word choices to determine if he is the right fit or not.
Chatbots also play a part in this automation process. They communicate with potential candidates when they visit the company website. Studies prove that communicating with the applicant is crucial for the future prospects of the company in the hiring market.
Helps Recruit better candidates
There are many ways in which recruitment softwares allow you to do this. Firstly, they help set up a careers page on your website that is sure to attract attention. They also find relevant platforms to cross-post your vacancies, widening your sources for potential candidates. With wide sources, there is a better scope for hiring the right candidate.
Secondly, as an immediate consequence of the above step, there may be a huge inflow of CVs. In such a case, the software intelligently parses the CVs and will automatically sort the candidates based on the built-in constraints, hence shortlisting a long list of applications.
Through all this, the system knows no fatigue so it is always efficient and it doesn’t show any bias so it will indeed ensure the right hire.
Always a click away
This is an obvious benefit considering our ventures into the cloud and remote technologies. We prefer to have access to everything from anywhere, at anytime. That is exactly what these systems provide.
Rigid office timings can no longer inhibit the applications from flowing in or the offers from flowing out! The systems provide applicants with an interface to apply from anywhere, anytime while simultaneously enabling the recruiters to manage these applications in the same way. Another lucrative win-win.
However, it is ideal to find a single recruitment software suitable for all your needs throughout the recruitment pipeline. That’s why companies usually use a collaboration of different tools as per their varying requirements.
Recruitment software is a multi-million dollar market that is only set to rise in the future. Surveys have estimated that, by 2024, the growth will be incremental and would reach USD 683.80 million.
This software is set to change the way human recruiters function. Any firm that doesn’t wish to fall behind must rise to the occasion and revisit its recruitment strategies.