With hiring volume up this year, recruiters are investigating new AI recruiting innovations to efficiently and creatively manage their increased workflow.
The eagerness for bigger and better tools has led to this rise in AI in recruiting: the application of artificial intelligence such as machine learning, natural language processing, and sentiment analysis to the recruitment function.
The interest towards adopting AI in recruiting is similar to why it’s becoming popular everywhere else – to automate or streamline parts of the workflow, especially time-consuming, repetitive tasks that were previously difficult or impossible to do.
Recruiting software that uses AI technology is presenting new opportunities for doing things differently. Continue reading
With hundreds of recruiting tech companies out there, how do you determine which ones are the top recruiting software tools worth investing in?
According to Bersin, the HR tech market is estimated to be worth $14 billion. A big chunk of this market is made up of recruiting software. The applicant tracking system (ATS) market is estimated to be worth $3 billion on its own.
To narrow down the list, I’ve created this guide to the 28 top recruiting software tools of 2017 summarized in the infographic below.
Job Boards & Job Aggregators
Job boards and job aggregators are a crucial part of the recruiting software ecosystem because applicants make up the biggest source of hires at 50%. Continue reading
Ideal Improves the Candidate Experience and Optimizes Talent Acquisition Opportunities
TORONTO, ON–(April 3, 2017) – Ideal, an Artificial Intelligence (AI) for Recruiting company, is pleased to announce the successful implementation of their AI technology with the “cultural department store for booklovers,” Indigo Books & Music Inc. A first-mover in recruitment automation, Ideal enables employers such as Indigo to leverage artificial intelligence technology to automate commoditized recruiting tasks such as resume screening and shortlisting. By eliminating these more routine functions, talent acquisition professionals can focus on high-value responsibilities such as interviewing and building relationships with candidates.
Ideal’s recruitment automation technology has helped Indigo succeed with two compelling initiatives: improving the candidate experience and optimizing talent acquisition opportunities. Continue reading
Recruiters aren’t just people experts these days, they’re software and tech experts too. This is because success depends a lot on having the right recruitment software system in place.
But with thousands of recruiting software tools out there, it can be hard to narrow down what you really need to make your job easier.
To help figure it out, here are 5 features that you need for a great recruitment software system.
1. Automating time-consuming tasks
An Aberdeen Group report found 59% of recruiters said that they don’t have the manpower or time to review all of the applications they receive for a job posting. Continue reading
Often used to measure recruiting efficiency, time to hire is the number of days between first contact with a candidate to the day the candidate accepts the offer.
Workable’s data finds the average time to hire in the US is 24 days (compared to 41 days for time to fill), ranging from 17 days for healthcare roles to 32 days for product management roles.
Although some experts argue reducing time to hire isn’t always beneficial, a recent survey found 52% of recruiters believe a lengthy hiring process is the biggest obstacle to adding headcount.
In today’s competitive talent market, hiring success will depend on intelligently automating and streamlining the recruiting process. Continue reading
Fairly or not, recruiting departments face constant pressure to reduce cost per hire.
Breaking down your cost per hire is an important strategic tool to assess the cost effectiveness and efficiency of your recruiting process, identify areas for improvement, and help guide your recruiting budget.
Here’s an overview of how to calculate your cost per hire to optimize your recruiting process.
Cost per hire formula
SHRM’s formula for cost per hire is the sum of all recruiting costs divided by the number of hires in a specific time period.
(total internal recruiting costs + external recruiting costs) / (total # of hires in a given time frame)
Internal recruiting costs
Internal recruiting costs are expenses related to internal staff and organizational costs of the recruitment function. Continue reading
LinkedIn reports the recruiting metric hiring managers care about most is quality of hire.
Basically, what we all want to know is: is my recruiting process actually selecting the right people or not?
Luckily, advances in recruiting software and recruitment tech are helping recruiters use data to close the loop with hiring managers to demonstrate candidates’ quality of hire.
Here’s how to measure the quality of your candidates and link it to business outcomes in 6 steps.
Step 1: Collecting quality of hire metrics
Generally, there is no “one-size-fits-all” metric because it depends on what your priority is.
LinkedIn reports the top three ways quality of hire is measured are:
Retention: the length of time new hires stay at the company (e.g., measured as a rate of new hires staying vs. Continue reading
Finding the right talent at the right time is never easy and if you’re operating on a shoestring budget, you’ll need some clever ways to recruit top talent. Large companies and fledgling startups alike simply can’t afford to break the bank in hiring new employees, but that doesn’t mean you have to settle. Instead, consider incorporating the six tips below to maximize your reach and bring in the talent your company needs, without going over budget.
1. Maximize Your Web Presence
Whether you’re aware of it or not, the internet is speaking volumes about your business. From your company website to your official social media accounts to the accounts and blogs of your employees, prospective recruits have access to a great deal of information about your company and its culture before they walk through the door. Continue reading
LinkedIn’s latest recruiting survey reports 77% of talent acquisition leaders are interested in better recruitment software tools this year.
With hiring up 11% this January and 56% of recruiters who already find the hiring process takes too long, time-constrained recruiting teams need help coping with increased demands.
With the need for speed in mind, here are the 8 best recruitment software tools that speed up your day presented in an infographic.
Stage 1: Resume review
iCIMS reports a resume spends 15% of its time in the applied phase. For every 100 applicants a job posting receives, about 75% get screened out at the resume review stage. Continue reading
An important recruiting metric, time to fill is the number of days between the day a job requisition is approved until the day an offer is accepted by the candidate.
SHRM’s latest recruitment survey reports the average time to fill is 41 days. But with hiring volume increasing this year and top candidates staying on the job market for only 10 days, recruiting teams are under pressure to reduce their time to fill.
iCIMS’ data breaks down the time spent on each step of the hiring process:
23% HR Screening
37% Hiring Manager Review
This means 63% of the recruiting cycle is directly under your control to streamline or automate. Continue reading