Technology is having an impact on multiple areas of business, including human resources. According to a study by Deloitte’s Human Capital Trends, millennials will be 75% of the workforce by the year 2020. HR needs to adapt swiftly to meet business requirements to keep them competitive.
There are many excellent HR technology resources which make the hiring process much less daunting. By utilizing the latest tools and technologies, businesses can improve the recruitment process and simplify the executive search.
Executive search firms
If an organization doesn’t have the internal resources for the hiring process then they will take the help of executive search firms. Some companies take help of such firms to recruit qualified candidates from competitors.
Executive search firms use their industry connections and in-depth domain knowledge to find candidates who match the expectations of the companies. They take interviews and present selected candidates to the client. Executive search firms also craft attractive job descriptions to get the attention of highly skilled candidates.
Employee referral, direct applications, and recruitment agencies are some of the major sources of quality applications. However, choosing an applicant who fits what you’re looking for in a job role is still daunting.
There are multiple challenges facing executive search firms, such as new pricing models, digitalization, and internationalization. While executive search platforms are trying to solve the issues. The future of executive search should include strategic people management and succession planning.
Let us have a look at newer approaches executive search firms can use to improve executive search. Organizations can also use HR software solutions to make the recruitment process efficient.
1. Recruiting via social platforms
Professional networking platforms such as LinkedIn allows recruiters to reach a wider variety of job seekers as well as reach target audiences with job postings. This way, they can reach to desired candidates quickly and efficiently.
According to a report by TalentLyft, 94% of the recruiters are already using or planning to use social media platforms to look for new candidates. Meanwhile, 49% of employers found better quality candidates using social platforms.
Apart from LinkedIn, Facebook and Twitter are also becoming a great option to find suitable candidates. Facebook has also actively started introducing new job features. Organizations and executive search firms should focus even more on hiring talent via social platforms. The majority of millennials will be on social platforms, and so provides access to a large pool of candidates.
2. Big Data and AI in hiring
Human Resources had to perform time-consuming duties that surrounded paperwork. Newer technologies have streamlined and digitized processes via portals and platforms. Access to Big Data and AI platforms designed for hiring has helped Human Resources professionals to have deeper insights and make quick yet informed decisions.
Platform and tools which use big data and AI provides a tremendous amount of insights backed by fact-based information. These analytics can help in assessing potential employees based on facts and ensure the right individuals are placed in the right roles.
3. Video interviewing
Video interviewing can’t replace the final stage face-to-face interview, but it saves a lot of time and effort during the pre-screen phase and takes only suitable applicants to the next round. Pre-programmed video-based interviewing eliminates telephonic interviews and one-on-one meetings with applicants who don’t meet the desired qualifications.
Using a video interviewing tool and pre-screening applicants before booking them into meetings with senior executives helps save time and cost of the organization. It also improves the chances and ratio of candidate selection as people who closely match the requirements were selected in the video interview round.
Recruiters can pre-record video questions or share text-based questions for applicants to respond in video and answer those questions. This saves significant time and efforts of recruiters, makes the entire process simpler, fast and efficient. Recruiters can also share completed interviews with key internal stakeholders and decision-makers involved in the hiring process.
During the executive search, an automated and personalized video interview email can be sent automatically. Executives interested in the role, can choose their convenient time, take the video interview and respond within the given timeline.
Technology helps you to simplify the executive search
Specialized tools and techniques help businesses as well as executive search firms efficiently search for skilled executives who match their needs. There are AI-based platforms which scan the resume of the executive. They ask them relevant questions based on their work experience and share the results of the interview with the hiring manager.
In the future, technologies such as Big Data and AI will evolve further and impact Human Resources processes. While many organizations haven’t adopted modern HR systems, in a matter of time, they will need to do so to remain competitive.