In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, true potential will be unlocked only when organisations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organisation. This data-driven knowledge graph will broaden the scope; hiring companies would no longer have to manually dig through thousands of candidate applications and can leverage intelligent recommendations through machine learning. While machine learning would automate various repetitive aspects of the recruitment process, it would also help identify top candidates from large talent pools on job boards.
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Recently launched Google’s ‘Cloud Job Discovery’ that provides plug-and-play access to Google’s search and machine learning capabilities has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. The Cloud Job Discovery tool encompasses the entire recruiting ecosystem and has been designed to provide an improved candidate-employer experience. Google has also launched a tool called ‘Google for Jobs’ that gives smart recommendations to job seekers and helps them find the right jobs.
With the growing importance of recruiting and retaining top talent effectively and efficiently, smart hiring processes are the need of the hour. It is about time organisations move beyond merely scrutinising resumes. Salaries and benefits are important factors, but adopting ways that would make candidates an important part of the hiring process will attract the best talent. Studies reveal that due to discrepancies in existing Applicant Tracking Systems (ATS), hiring companies miss out on more than 50% qualified candidates and tech firms incorrectly classify up to 80% of candidates.
Chatbots for Candidate Engagement Trending the Global Market
Automation has permeated nearly every sector, with chatbots being the latest addition to the HR toolbox. Hiring companies are now using smart algorithms to screen candidate resumes and are deploying intelligent recruitment assistants to identify top prospects; pre-screen candidates; and to facilitate effective candidate engagement.
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Recruitment Marketing and Advertising Initiatives to be the Go-to Strategy for Talent Acquisition; Interactive Recruiting to Metamorphose the Overall Hiring Experience
A recent study by Future Market Insights highlights the importance of marketing and advertising in the recruitment process. The growth in the talent acquisition market has led to the evolution of many technologies that are revolutionising the recruitment landscape. To enhance the talent acquisition process and bring in more effectiveness, recruiting organisations are moving towards interactive hiring that requires extensive communication with the applicants in addition to the basic sourcing and recruitment process. A detailed report on the global talent acquisition and staffing technology and services market by Future Market Insights forecasts the market to reach a valuation of US$ 196,136.0 Mn by 2028, up from US$ 100,605.9 Mn in 2017. This translates to a CAGR of 6.25% during the 10 year period from 2018 to 2028.
Impact of COVID-19 Crisis
The talent acquisition & staffing technology and services market experienced a huge change due to the COVID-19 pandemic. Due to lockdowns, travel bans, and business shutdowns, the COVID-19 has had a negative impact on economies and businesses in a number of countries.
The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market.
Despite a massive economic downturn, talent acquisition & staffing technologies and services businesses have adopted new methods and developed new development skills to recover from the setbacks.
On both, a regional and worldwide scale, market players have begun to explore various funding sources and business tactics to stay afloat.
Product innovation, product approvals, investments, and partnerships & alliances are among the strategies that talent acquisition & staffing technology and service companies are working on. These efforts have paved the road for market players to expand their business and client base.
Recently launched Google’s ‘Cloud Job Discovery’ provides plug-and-play access to Google’s search and machine learning capabilities, which has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. International Business Machine Corporation Oracle Corporation SAP SE Randstad Holding NV Linkedin Corporation PeopleFluent, Inc. CareerBuilder, LLC CornerStone OnDemand, Inc.
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