When was the last time you picked up the pen and paper and wrote a letter? When was the last time you went to a post office or even been in the vicinity of a post office? It’s funny that peripherally, nothing changes by the day, but when we look back, everything has changed! Be it the phones, roads, houses, workplaces or even people for that matter. It is safe to say that a lot of these changes are tagged with the advancement in technology. As we know, workplaces are not the same anymore. We have bid farewell to mounds of paperwork and cremated the age-old practices. How has technology impacted talent acquisition?
We know that talent is what runs the business and that talent acquisition is one of the biggest concerns for every organization. With 2020 around the corner, we bring you the impact of technology on talent acquisition, all that you need to know is right here.
We don’t leave any stone unturned and hence let’s start with the basics. What is talent acquisition? It is the process of finding and acquiring talent to fill specific positions in an organization so that the organization can move towards its goal. However, there is a thin line of difference between hiring and talent acquisition. The latter is to fill in skill gaps in an organization. Now the next question that arises is, what is the importance of talent acquisition? Acquiring the right talent is of utmost importance because a wrong hire can cost time and money. The process of talent acquisition aims to minimize mistakes thus saving precious resources.
To put it simply, while ‘acquiring’ a new dress, we look at the price, the material, the quality and most importantly, the fit, isn’t that right? Similarly, while acquiring talent, you have to ensure that they are qualified, compatible and drumroll……..the right fit! Because retaining the dress is always better than exchanging or returning it. Talking about the right fit, here is a blog that will help you hire right.
Six Ways in Which Technology Impacts Talent Acquisition
I think we would all agree that technology has revolutionized a lot of practices and it is only safe to say that it has redefined the talent acquisition process. Here are six ways in which technology has revolutionized talent acquisition.
1. Big Data
In the sea of technological advancements, big data is a super huge fish that attracts a lot of attention. Big data has helped HR by providing a bigger data influx and it goes without saying that big data helps with predictions, analysis, and patterns which would make the acquisition easier. It will help in giving the recruiters a clearer picture of the candidates. It plays a huge role in helping HR cater to the needs of the employees. A new employee can be closely monitored, and his future success can be calculated using existing analytical data. Acquiring new talent for the company requires efficiency. Bigger the data at your disposal, lesser the chances of error.
As we discussed earlier, there is a thin line of difference between hiring and talent acquisition. Talent acquisition analytics can make the process easier and big data is closely connected with it. Tactical and data-driven approaches are employed during the talent acquisition process. For instance, the gender ratio, satisfaction surveys, employee costs, etc can be calculated, analyzed and a general consensus can be reached. Talent acquisition analytics is a way of using data to make informed hiring decisions and t lay down error-free strategies. Now, you can draw the connecting line between big data and talent acquisition analytics.
Meanwhile, you can also read our blog on HR Automation and how it helps in cost reduction here
2. Social Recruiting
Social recruiting is not a pristine idea. However, it has redefined the ways of talent acquisition for good. It has been widely accepted and is being used by HR professionals and recruiters worldwide to attract the right talent to their organization. It is also referred o as social hiring, social media recruitment, social recruitment and likewise. Social recruiting goes past and beyond just posting job opening on the company’s social media handles. Organizations now use social media like Linkedin, Instagram, facebook and to search for potential candidates, find a good match to fill the skill gap, establish a connection with them and inspire them to apply for the open positions in their organization.
Social Recruiting can help the organization in a number of ways like:
- Saving money- It goes without saying that finding talent through social media will not cost you much. All it takes is good interpersonal skills and a little effort with a decent internet connection of course.
- Building a more personal relationship- As discussed earlier, social recruiting exceeds just posting vacancies and goes to the strata of establishing a relationship with the candidate. This professional relationship will help in increasing the probability of the potential candidate filling the skill gap in your organization and becoming an employee.
- Wider pool of talent to choose from- It is not likely for every job seeker out there to be listed in the conventional job sites. It goes without saying that the sea is broader and deeper when it comes to social media. So you are left with a lot of choices and a bigger talent pool to choose from.
- Passive Candidates- This goes in line with the former point. Statistics say that by the age of 42, a person might have changed at least 10 jobs. This means that the person will be searching for the job while they are already working and this makes them a passive job seeker. A passive job seeker is a candidate who is not actively looking for jobs but is willing to switch if the right opportunity springs up. You will be able to find such candidates through social media recruiting.
The dependency on social media hiring will remain high in the coming years as well.
3. Mobile Apps
Mobile Application is not a new word to us. There are countless applications on our phone ranging from messaging to food to entertainment to what not. Disseminating information is a concern. Though E-mails and messaging can deliver the information, the mobile application can make sure that everything is under one umbrella. It provides a comprehensiveness. An official mobile application for the organization will make things a lot easier. A lot of organizations have undertaken this and are doing well. The recent technological advancement is to be thanked here for saving a lot of time, cost and effort.
We are all familiar with the term. It’s funny how a few years back cloud stood for that white mass of gas and water particles in the sky and now refers to the major chunk of data storage. Talk about changes! Well, storing data has always been a major concern for all the obvious reasons; security, availability, storage space, and whatnot. One has to make sure that the data is safe, accessible and likewise, another concern is that of expenses. Cloud has solved all of these issues.
Cloud storage involves stashing data on hardware in a remote physical location, which can be accessed from any device via the internet. Not just that, Cloud storage has helped the recruitment processes and has helped in bringing ease and effortlessness to the table. Only trivial information is kept in physical places. Cloud also helps to protect the data from physical calamities. The assurance that it provides is high and hence the high likeability and interest.
5. Direct Sourcing
Direct sourcing platforms are also gaining popularity as organizations are moving away from conventional and traditional platforms. Organizations are looking past job boards and other media ad that’s where direct sourcing platforms come into play which has a lot of data about talent pool that are pre-screened. They also provide quality referral which is an added advantage. It is like a repository but smarter and better. Organizations will have diverse hiring needs and these direct sourcing platforms will be integrated with databases of local talent communities, diversity job boards, and different minority associations, they also provide diverse candidate outreach for referral campaigns.
Chatbots are familiar to us. Whenever you have posed a problem from a product you use or from an application that you make use of and wanted to raise a complaint, your first point of contact is a chatbot with a list of automated responses. Similarly, organizations are now making use of chatbots to talk to their candidates. Automated messages, interactions and the like are done through chatbots. The general FAQs which candidates have can be understood and can be fed into the chatbots so that those queries will be taken care of by the chatbots. There are several software available in the market. Some will even let you make your own chatbots like engati.com.
Now that we have seen about the impact of technology on talent acquisition, let’s take a quick look at why we need a talent acquisition strategy.
Why Talent Acquisition Strategy?
How does an organization outgrow its competitors? Or rather, how does it grow? The growth of an organization would be stunted if the employees are not creative, innovative and are resistant to change. Having the right people is crucial to the success of an organization and that’s why keeping a talent management strategy in place is important. According to a study done by Korn Ferry, the talent shortage is worsening and industries will witness a shortage of over one million skilled workers globally.
Regardless to say, you need a good strategy in place to ensure that the talent gaps in your organization are filled by the best in the best manner possible. Talent management is a major concern and not an easy business. However, the massive developments in technology helps one to do that. Also, let me stress on this point once again, it’s always better to acquire the right fit in the beginning rather than going for alteration or exchange in the future. Ace your employee retention strategies and be the employer brand everyone wants to work for. Stay tuned to our blogs to know more about what 2020 has in store for you.