How recruiters can use technology to save time and generate new revenue streams

RecTech

by MATT GIBBS, Co-Founder, Recruiterly

Technology is changing the way recruitment specialists work. Recruiters can leverage new technology to make the recruitment process easier, faster and more effective by streamlining and automating part of the method. Intelligent software packages can now help to auto-screen candidates and analyse resumes for keywords. But is this far enough? Take social media as a case in point.

Social recruiting has evolved at rapid pace in the last few years, ever since the humble ‘Apply Now’ function was introduced. This simple, yet incredibly effective, function has enabled job seekers to quickly submit an application via their social profile without the need to save the role and apply via a desktop computer at a later time. The result is more applications for each advertised vacancy and a highly effective method for expanding an agency’s candidate pool.

According to Glassdoor, 8 out 10 (79%) job seekers now use social media as part of their job search, while almost half (45%) search and apply for roles via their mobile device. This has the added benefit of enhancing the candidate experience which in turn raises the profile of both agency and hiring company as employers of choice.

Using social media opens up a wealth of opportunities for referrals and recommendations, which is a great way to gain both more candidates and clients.

Over the last two to three years, LinkedIn has been under fire from many within the global resourcing industry. To some extent, this can be justified. One of the biggest frustrations that we, and other recruiters have with the platform is the way in which many of our peers us it to search for candidates.

Specifically, we see candidates being bombarded with new job opportunities that, in the majority of instances, have little or no relevance to that candidates’ specific background. This not only tarnishes the reputation of recruiters in general, it’s also an immense waste of valuable time and effort – pursuing individuals that are unlikely to result in a successful hire.

Of course, from a candidate perspective, this is incredibly frustrating too – and if they are genuine job seekers, the dual challenge they face is how to find the role they really want and choosing to work with an agency that can genuinely support them. Indeed, if you’re not taking advantage of this medium, you’re effectively rejecting the 45% of jobseekers using their mobile phone to search for jobs – you could be losing 45% of qualified candidates to competitors.

Any mention of social recruiting invariably leads to a conversation about video interviewing too. After many false starts, it now appears that the technology has gotten its act together to develop user-friendly platforms that employers can and want to use as part of the hiring process. The likes of SparkHire and HireVue coupled with more recent incumbents Facebook Live and Periscope have collectively been shown to reduce both the time to hire and cost per hire. No wonder as estimated 40% of US recruiters would like to use video as part of their screening process.

Digitalistmag.com states that 88% of resumes received for a specific job are sent from candidates who are unqualified. This has a negative impact in that manually screening resumes is the most time-consuming part of a recruiters job – time that could (and should) be spent focusing on interviewing great candidates and other billable activities – the argument for a greater adoption of technologies within agencies has never been greater.

In fact, it is estimated that the average recruiter in the US wastes up to 10 hours every week by failing to adopt to new technologies. Taken over the course of a month, that’s the equivalent of a full working week – with so many hours lost each month, the question is how much business is being left on the table?

Technology can be used to help match up candidate skills and experience to specific job adverts, helping recruiters save time as this will be done automatically, rather than having to go through each resume.

Automating this part of the recruitment process will help to speed up the recruitment process reducing the risk that talented candidates go to competitors. Recruiters can also use technology and AI to help them match other aspects of the job other than matching skills and experience, such as salary, location, personality and culture fit.

Using technology to save time for recruiters gives them more time to spend networking to meet new potential clients and to build relationships with existing and new clients, generating new revenue streams for the business. Recruiters may also have more time to spend on additional services like online training or holding workshops for candidates, this opportunity opens up new revenue streams to contribute to the bottom line.

 

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