7
min read

Top 3 Innovative Recruitment Technologies Streamlining Talent Acquisition in 2021 and Beyond

We look at three key technologies that will enable organizations to hire smarter, better, and faster.

Top 3 Innovative Recruitment Technologies Streamlining Talent Acquisition in 2021 and Beyond

With hiring at an all-time high, we look at three key technologies that will enable organizations to hire smarter, better, and faster.

The brisk recovery of the employment market has prompted organizations to explore new hiring technologies to support growing talent needs. In this article, we explore key technologies and innovations that are enabling companies to attract and hire talent. 

Video Interviewing

Interviews continue to be one of the most popular methods of evaluating talent. From resume-based discussions, interviews have evolved to take on a more structured and competency-based format. 

While the pandemic was responsible for the rapid adoption of video interviewing, talent acquisition teams are recognizing the value they offer. A recent survey found that talent leaders who believed their organization’s overall quality of talent was higher were 15% more likely to use video-interviewing software than their counterparts. 

As we enter the last quarter of 2021 and offices reopen, a growing number of recruiters are turning to video interviewing as a permanent solution. 

In addition to real-time video interviews, asynchronous video interviewing has also emerged as a popular choice for organizations to assess talent. Asynchronous interviews offer an efficient alternative to real-time interviewing as they typically don’t require human involvement from the organization’s end. 

AI-powered video interviewing platforms have can assess candidate responses and score them against the preset questions. This means that human recruiters no longer need to review every video response, saving precious time and streamlining the recruiting process. 

Additionally, AI-powered interviewing platforms can also provide recruiters with valuable data around candidates’ behavioral traits and personality.  

Pro tip: Investing in an AI video interviewing platform? Watch out for the source of training data – is it social media or actual interviews. Your solution’s accuracy depends on the quality of training data, so, ensure your potential interview platform has been trained on real-world interviews that are reviewed by psychologists and experts.

Gig Hiring Platforms

At its most basic, gig work has been around as long as structured work. In every society, you will find workers who are willing to work temporary shifts or projectlevel engagements. They are not bound to a single employer but are able to adapt as needed. Thanks to technological advancements, gig work has been steadily growing in recent years. 

Specialized technology platforms, like Uber and Airbnb, serve two-sided marketplaces by facilitating the connection between service providers and seekers. As a result, we've seen an explosion of workers participating in the gig economy, consisting of more than 150 million independent contractors across North America and Western Europe alone.

Since 2008, the number of workers participating in the gig economy has increased steadily year over year. In fact, almost 30 million Americans get their primary income from gig work, constituting nearly a fifth of the total workforce. An additional 15 million workers supplement ‘traditional’ full-time work with ‘gigging/freelancing’. As many of the best and brightest workers turn to gig work for their primary employment, whether through choice or the current recession, this number keeps growing. 

With more and more Americans shying away from traditional jobs to bolster their own brands and monetize their skills, the businesses that are set up to best leverage these temporary workers will experience significant gains in time and cost efficiencies. 

Key benefits of using a gig hiring platform include flexibility, ability to acquire specialized skills for a fraction of the cost, build a global workforce, and most importantly, make faster, low-risk hiring decisions. 

Technology connecting two-sided marketplaces is paramount. A sizable portion of this sector is driven by the technology available to facilitate the connection between each side — gig workers to gigs, for example. 

Businesses and individuals want hiring solutions in place that adapt to their current ways of work. Therefore, the best staffing solutions provide multiple ways to make this connection on any device in real-time.

Technology has been a core driver of the gig economy because it has made it easier for both parties to find each other, maximizing the time spent on actual work, rather than the administrative or redundant tasks leading to that work. 

These platforms have, in many cases, enabled workers to cut out the middleman and become their own boss altogether. Gig staffing offer businesses the ability to instantly connect with available, qualified workers, and vice versa.

In addition to the platforms themselves, mobile hiring is beginning to play a part in the larger process and growth.

Mobile devices are ubiquitous in today’s economy. The World Advertising Research Center estimates almost three-quarters of the world’s Internet users will access the web exclusively through smartphones by 2025. In total numbers, that comes out to about 3.7 billion people.

Businesses looking to retain or gain an edge in attracting core talent need to ensure they have hiring solutions in place that are optimized for mobile devices. This especially rings true for gig workers. Applicants who prefer to find work via their mobile devices are sourcing jobs. 

Most importantly, the connected workforce tends to be more flexible. They’re less likely to look for long-term careers and more likely to find something that “works for now.” The ease and convenience of applying through mobile devices has contributed to overall participation in the gig economy.

AI Programmatic Recruiting Platforms

In a tight labor market like today, audience targeting plays a key role in determining the number of applications you receive. 

The  purple squirrel is always the goal of any hiring process. The data culled, developed, and  reported  by  software programs should bolster your strategic sourcing initiatives by providing real-time information such as which job sites perform the best based on the job type,  how many candidates fall off in the process and where, and so on.  The stronger the  data set is, the better you should be able to target your recruitment resources to particular sites or channels that are likely to yield big candidate results. Sounds logical, right? Maybe if you’re a data scientist and you have all the historical information you need  neatly  centralized in one place. But that is usually not the case for most HR teams which are left in  the dark making educated guesses on things like when, where, and how to get the word out  about their open positions. 

This is where Big Data and Machine Learning come to the rescue to analyze the data and  automatically focus your job board spend toward the highest yield channels.

For example, if you got a lukewarm response from Job Board X the last time you hired for  this position, but had many interview candidates from Niche Job Board Y, wouldn’t you  allocate more of your resources more toward Niche Job Board Y next time? If it were only  that easy with so many job sites to choose from across all your different types of jobs.

By tapping into Big Data and letting the AI guide the process, you’re setting yourself up for a better  ROI pool — not to mention a better candidate without having to do the guesswork.

Programmatic recruiting platforms AI-enabled algorithms to mine years and years of  historical performance data across millions of job ad campaigns to determine the  ideal  targeting strategy for each job type. These sophisticated algorithms can do much more than  just determining  the best places to advertise jobs. They also calculate the right CPC bid rate  site by site, and even determine how long a job ad should be promoted on a specific site  before it will no longer get results.

Conclusion

While this is in no way an exhaustive list, it demonstrates how recruiting technology has evolved and the growing role of AI in streamlining talent acquisition. In 2022, we expect to see all three technologies becoming more common as organizations look to cope with their hiring needs.