Headquartered in Bengaluru, Talent Recruit Software is a recruitment management software company offering innovative products & solutions across a vast array of HR segments that include recruitment management, applicant tracking, social recruiting, candidate engagement, employee referral, and many others.

The need for innovative new HR Tech has become clear to all businesses across industries as they work on hiring faster, engaging better and strategizing to acquire the best talent. Several disruptive advancements are taking place within the sphere of HR Tech, most notability in improving the existing talent acquisition process.

Our research has shown that one of the biggest challenges faced by employers, whether they are industry bigwigs or new entrants, is in finding and hiring the right talent while being time & cost effective. Organizations often invest a lot of time and money evaluating candidates who are either unfit for the position or unwilling to join them. This is one of the key reasons for the outsourcing of recruitment, as HR professionals are more inclined to focus on talent management and retention rather than talent acquisition.

This is compounded by the fact that there are many grey areas in recruitment and the HR Tech market is lacking innovative new systems that can integrate & streamline the end-to-end recruitment life cycle onto a single platform. The most common challenges that we have found with the existing recruitment methods being adopted are the inability to build databases of effective talent pools, lengthy searches for the right talent, fragmented applicant tracking solutions, high dependency on external sources that drive recruitment costs up and an over-reliance on memory power that results in poor candidate engagement.

Despite all these challenges, there is still some resistance within the industry towards adopting new technology. We have come to understand that this is mainly due to the perception that recruitment can still be managed using the traditional methods (read manual recruitment). There are many firms that are investing heavily in reinventing their recruitment processes, without embracing automation, but are still not satisfied with the results. In most cases, they may even be unaware that a comprehensive solution exists that can take care of their recruitment woes. That being said, there is now an increasing trend amongst the HR fraternity to adopt technology for recruitment to aid in hiring the right candidate at the right time & at the right cost.

Businesses will continue to look at other recruiting methods like employee referrals, staffing agencies & company career sites, but social media will continue to be the place to find exceptional talent.

Future Trends in Recruitment

According to a research conducted by Google Accel in March 2016, Global SaaS will grow to become a $132 Billion revenue industry by 2020 & the contribution from Indian market will grow to $50 Billion, with HR Tech as one of the main contributors to the global SaaS market. We believe SaaS will help organizations overcome the reluctance to adopt new HR Tech solutions and subsequent the use of these technologies, particularly ATS technologies, will enable firms to effectively engage candidates and thereby solve a major recruitment challenge as if an organization can find a candidate today, there’s a good chance that its competitor can too. We foresee the adoption of video interviewing techniques, especially those integrated with ATS solutions as the next big step in recruitment for 2017.

In a market where demand greatly exceeds supply, the ability of organizations to analyse critical data and make informed decisions will become imperative, and leveraging the power of technology to make sense of recruitment metrics is what can help to keep them ahead of the competition. We are seeing a steady increase in the number of organizations – be it corporates, staffing firms or educational institutes, looking to adopt various technology solutions for their recruitment process. Organizations expect such a solution to be comprehensive and should be built on the core principles of Automation, Intelligence and Analytics. Such a solution should look to empower recruiters and alleviate common areas of pain by addressing candidate sourcing, screening & assessment, candidate engagement, job offer & selection, and candidate on-boarding, while enhancing candidate outreach and enabling the creation of automated workflows.

The Business Impact

With the adoption of a comprehensive recruitment system, organizations will be able to streamline their hiring process and achieve the following:

Improved recruiter efficiency

Decreased in recruitment costs

Improved candidate offered to hired ratios

Enhanced employer brand

Organizations who are heavily investing in social recruiting will find technology to be an enabler and will also see returns on their efforts though automation. According to the LinkedIn Global Recruiting Trends 2016, SMB recruiters favour internet job boards while enterprise recruiters look to social networks. Businesses will continue to look at other recruiting methods like employee referrals, staffing agencies and company career sites, but social media is the place to find exceptional talent and it will continue to do so. The ability of the ATS to automatically search the web for relevant candidates whenever a job requirement is created will help recruiters in headhunting from social media sources.

As technology keeps on evolving, the methods used by recruiters will have to change as well. We see that organizations prioritize on attracting and retaining the top talent and businesses will have to focus on adopting the latest recruitment technology to stay ahead of their competitors when it comes to searching for and engaging with the top talent. This is one of the leading reasons why we can see a clear shift towards the adoption of HR Technology that is proactive, predictive and prescriptive in nature.