The stakes are higher than ever for corporations when it comes to attracting and recruiting top talent. Over the past decade, hiring quality candidates has become more important than capital, strategy, or R&D. Talent is arguably the most valuable asset to an organization's human resources strategy - a study involving 77 companies and over 6,000 executives reveals that “smart, sophisticated businesspeople who are technologically literate, globally astute, and operationally agile” will be the most essential corporate resource over the next 20 years.
High performers have been found to be 400% more productive than average ones.
With emerging technologies in AI, robotic process automation, and machine learning, hiring top talent will be the most important goal for organizations to provide a huge advantage over competitors. High performers have been found to be 400% more productive than average ones, and the gap rises along with a job’s complexity. In occupations that involve highly complex tasks, leading employees are almost 800% more productive. As existing roles become dependent on new advanced technologies, the correlating need to hire for highly complex occupations will also increase.
What is Digital Recruiting?
Digital recruiting can be defined as the use of modern technologies as a tool to attract and hire the most qualified talent for a job opening.
So how are companies able to attract top talent? With competition for quality candidates quickly growing, passively posting job descriptions in the traditional sense is no longer a viable option. Emerging technologies in the digital age are creating new tools and processes for hiring that were entirely impossible before. In fact, research has shown that technology is starting to entirely outpace human instinct, experience, and judgment.
Hires chosen by AI technology were shown to stay longer and perform equally or even better than their counterparts.
A study by the National Bureau of Economic Research compared humans against hiring algorithms for over 300,000 hires in high-turnover jobs. The findings were staggering: hires chosen by AI technology were shown to stay longer and perform equally or even better than their counterparts. These algorithms outperformed humans by at least 25%.
Companies are beginning to abandon old hiring and screening processes in favor of emerging recruiting technology that saves time, reduces cost, and even outperform traditional recruiters. Although the technology is still new and constantly improving, enterprises are realizing the extent of its potential. A study from Deloitte in 2016 shows that although only 8% of organizations reported that they were fully able to utilize machine learning algorithms for their recruiting processes, it’s quickly gaining speed. Large-scale enterprises who aren’t prepared to implement plans to leverage emerging recruiting technologies will lose the war for talent and fall behind competitors. Startups in the recruiting space are already working on perfecting these processes and make it easy for large corporations to incorporate their technology.
Hiring and Recruiting Startups
Scoutible is a game-based hiring platform, using immersive mobile games to pinpoint perfect-fit candidates for jobs. Scoutible’s technology identifies players’ unique cognitive and personality traits through gameplay, then spots opportunities where players’ attributes match those of companies’ proven top performers.
Censia is on a mission to empower enterprise companies in matching opportunities to ideal candidates at scale. Their technology facilitates talent professionals to be strategic partners in their companies. Censia does that by equipping recruiters with artificial intelligence solutions that dramatically shorten the recruiting cycle, lower turnover, and automate the low-value, manual recruiting processes bogging talent teams down today.
Headstart is geared toward fitting the right candidates with the right jobs — and cutting down on all that needless hold-ups that keeps the two from meeting. Headstart works to discover candidate information and whether they have the technical expertise as well as a cultural fit with a company and then helps them connect.
Vetty helps companies make smarter hiring decisions by providing next-generation verification services using deep learning and blockchain.
New Trends in Recruitment
The largest trend that has emerged in modern recruitment is the transformation of traditional work models. The rise of the gig economy, freelancers, and a mobile workforce is reshaping workforce dynamics, altering the nature and perception of work. Globalization and technological innovations are enabling organizations to leverage skillsets beyond their existing workforce by hiring freelancers. This trend is reflected in the rising number of companies offering freelance matching services.
With the rise of the mobile workforce, recruiters must adapt their sourcing approaches beyond the traditional ways.
In addition to common job boards, recruiters are turning to digital and social channels. Social media sites and community forums are quickly surpassing the success of individual job search engines. The added benefit of these channels is the social aspect - popular job openings reach a much larger audience as people share with their networks. Companies should never rely on one single source of candidates - multi-channel sourcing widens the influence of the company to reach highly qualified candidates while also supporting greate workforce diversity.
Inbound Marketing Initiatives
Recent marketing trends in organic inbound content can also be applied to the recruiting space. Content pieces such as videos and blogs highlighting work culture and employee perks can serve as powerful endorsements for the organization. Testimonials from existing employees can also prove to be highly influential - a personal endorsement can be a critical deciding factor for potential candidates.
VideoMyJob is bringing talent acquisition into the digital age by building the most powerful tools in recruitment to help easily incorporate video job marketing into the recruitment process. Employers can seamlessly create, edit, and share videos showcasing testimonials and company brand to help better engage with both active and passive talent.
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