How automated tools can help with changing talent strategies with inflation and recession disrupting talent market

The talent market has been volatile over the past few months as the impending recession has hampered recruitment. A full-fledged recession could affect hiring plans and alter customary hiring procedures. In addition, the most recent study conducted by the multinational professional services company Aon Plc has shown that India experienced an attrition rate of 20.3% in the first half of 2022, a marked increase following the two-year COVID pandemic-induced lockdown. Despite this, businesses are able to survive by employing a strategy that was started in the year 2020 because of the Covid-19 pandemic, which fully utilises technology. Companies that intended to keep recruiting during the lockdown were forced to modify their employment procedures and adjust to the new standard of living. Companies had to switch to virtual recruitment in order to safeguard the health of their recruiters, candidates, and families.

For most businesses, it was extremely difficult to completely shift the recruitment process online. Some businesses, however, only needed to make a few modest adjustments to their hiring processes. The way these two kinds of businesses used technology was different from one another. Let's examine some of the most important ways that this innovation is enabling recruiters to maintain a talent advantage over their rivals.

Remote interviewing

In the recruitment industry, real-time applications like multimedia video and audio have become more prevalent. In the world of recruitment, real-time video interviewing solutions are the new big thing. It automates the interview process, saving the recruiters' valuable time and effort as well as the expense of holding in-person interviews. Employers keep track of the answers candidates provide to predetermined questions. The software evaluates candidates' observable and intangible qualities (such as voice tonality, facial expressions, word choice, etc.) and assigns them ratings in real time. This enables HR professionals to make informed selection judgements by giving them tangible outcomes. It streamlines and expedites the hiring procedure. By cutting down on pre-interview time, it frees up more time for recruiters to concentrate on other areas of hiring.

Testing and screening solutions

Several efficient methods for evaluating and screening candidates during the hiring process are built into talent assessment tools, including the ability to work with simulations and work samples, administer personality and cognitive ability tests, conduct structured and unstructured interviews, and many others. The most desirable candidates can be found by automatically parsing candidate resumes using candidate screening technologies. For recruiters, this can save numerous hours and lessen unintentional prejudice. Chatbots are used in AI-based recruitment tools to comprehend candidate qualifications and enhance candidate engagement and experience by responding to frequent questions.

Cognitive assessments

Technical and functional skills can be evaluated via online tests. These are very helpful in hiring in huge quantities, like during campus recruitment. On an AI-enabled platform, for instance, IT organisations can hold online coding tests or virtual hackathons with online proctoring. Such evaluations offer an unbiased appraisal of candidates. Both online and offline scheduling and interviewing are options. Companies are completing the initial stages of screening, evaluations, and interviews online and only requesting shortlisted candidates to come in for a face-to-face interview since remote and hybrid methods of working are here to stay.

Applicant tracking systems

Organisations using digital HR are using applicant tracking systems (ATS) more and more frequently. Manually tracking candidates can be expensive and time-consuming. The application process is digitally managed by the ATS system, which is a HR software. The practice of gathering, managing, and following applicant data as it moves through the hiring process is effective. The application workflow can be automated by employing an ATS, freeing up recruiters' time to concentrate on more important hiring-related tasks like interviews. This software makes it easier for potential candidates to apply for jobs and accept offers by reducing friction at various phases of the application process.

Automation in hiring is a trend that will not go away because it helps both employers and job seekers. By automating time-consuming, repetitive tasks and producing consistent, error-free output, an automated recruitment system frees up company resources and saves valuable time, enabling businesses to concentrate on fostering a positive company culture, enhancing client relationships, and developing more sustainable operations with a more effective and proactive HR team. Automation in the hiring process not only improves retention, prevents turnover, assists in making data-driven decisions, saves time and money, and gives candidates a top-notch hiring experience to all stakeholders.

The article has been written by Pasupathi S – Chief Operating Officer – HirePro