According to Crunchbase, by August 2018, the amount of VC money invested in recruiting software startups, in 2018 alone, crossed $600 million. If you are into hiring business you already know the costs and demands by the amount you are paid for the job. Online recruitment has become a convenient yet skill-demanding job with all the automation involved.
While you can’t rely on automation solely for this area, you can always take some help. The capabilities of recruitment software available in India are changing rapidly and HR Tech, once an oxymoron, is alive and well in 2019.
While exciting, the potential of these new technologies can become overwhelming. In November 2018, Josh Bersin, industry analyst and founder of Bersin by Deloitte, revealed he is currently tracking “more than 1400 HR technology companies.” Just like you need a funnel for the talent acquisition process, you would need a funnel to get down to the best recruitment software for agencies in the market.
Job boards and job aggregators play a crucial role in recruitment because 48% of all hired candidates include the ones who applied directly. These include online job portals, that are open to all, as the first step of the hierarchy. Next comes the local or international consultancy agencies wherein the interested candidates are approached for opportunities.
Aggregators relieve you from the task of being on every platform and sourcing the best. They get you the job seekers by doing the sorting, scanning, and processing according to your requirements. Their platform allows you to be choosy as the initial source is huge and contains quality. Some of the popular aggregators include the following.
- Indeed: It has one of the biggest sources of external hires with its resume database of 100 million. It received a whopping 72% of interviews and 65% of recruitments in the US in the year 2017.
- Google For Jobs: Google For Jobs is the direct competitor to Indeed, and it might prove to be a game-changer. It has advanced features such as access to salary information, location filters, bookmarking saved jobs, and the option to select a job board for job application.
- LinkedIn: Emerged as the social platform for the professionals, LinkedIn is a unique kind of job aggregator, wherein the job seekers, companies, and professionals connect most innovatively. It is more of a career platform, therefore, aggregates more quality-wise. Though innovative, it consumes comparatively more time.
Testing & Assessment
According to Aberdeen, 57% of companies use pre-hire assessments for online recruitment. It is to test the knowledge, skills, abilities, and other qualifications (KSAOs) of their candidates. So, vendors in this space are in high demand.
There are varieties of recruitment software available in India. But the best ones come with an adequate range of testing options to help fill different types of job positions. When looking to invest in software for hiring, try looking for the technology used, operators’ expertise, service quality, and the range of questionnaires they offer.
- Questy: When looking for the best recruitment software for agencies and a one-stop multidisciplinary hiring system, Questy is the right place for you. It is a cloud-based, online, paperless pre-hire assessment platform. It not only covers programming challenges but takes care of most of the non-technical pre-employment assessment processes like psychometrics tests, aptitude tests, and career orientation tests. Being cloud-based, it is a reliable option in terms of the security of your data and process.
- HackerRank: If you are looking for technical hires, and want to test them on their programming and analytical skills, HackerRank is the best option available in the market. It creates coding and technical assessments to help recruiters assess the skills of developers and software engineers. It also offers an online interviewing tool.
Applicant Tracking Systems
In 2018, many employers started using ATS to find the right candidates. An estimation suggests that 90% of large organizations and 68% of small & medium businesses will use ATS for hiring.
- Oracle Taleo Cloud Service: It is the most popular ATS service. It relies heavily on social media sourcing and thus has a high referral rate and higher data levels. It has every feature from talent sourcing to offer management.
- Greenhouse: It is the fastest-growing ATS by market share in 2017, according to Ongig, which is known for its structured hiring and interviewing approach.
- iCIMS: It is diverse and available worldwide for businesses of all scales. People look upon it as a quality ATS tool as it is an international service.
AI & Automation
Over the year’s recruiters have witnessed a drastic increase in hiring volumes, whereas companies have decreased resources for recruitment. Since this trend is here to say, we can confidently say that AI-based automation tools will continue to remain important in the coming years as well. As per a report, 66 % of company heads think that cognitive computing will significantly impact HR.
AI is now used in the best recruitment software for agencies in almost every step of the recruitment process, from resume scanning to online proctoring, sourcing, and also to shortlist candidates from different job portals.
- Ideal: This AI-enabled platform screens and shortlists job applicants by analyzing their data including assessments, performance data, etc. It also aligns with the existing ATS of companies.
- Textio: Textio helps in writing correct job postings. It identifies the biased language and gives alternative suggestions.