The capabilities of recruitment tools are changing rapidly and HR Tech, once an oxymoron, is alive and well in 2019. According to Crunchbase, by August 2018, the amount of VC money invested in recruiting software startups, in 2018 alone, crossed $600 million.
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.”
Job boards and job aggregators are central to the recruiting ecosystem because direct applicants make up 48% of all hires.
Indeed: Indeed, with its resume database of 100 million strong, is the biggest source of external hires by far. In 2017, it was credited with an incredible 72% of interviews and 65% of hires in the US.
CareerBuilder: CareerBuilder is the second biggest source of external hires according to industry surveys.
Google For Jobs: Designed to be a direct competitor to Indeed, may prove to be a game changer. It recently added four new features: accessing salary information, applying location filters, bookmarking saved jobs, and selecting which job board applicants job seekers want to use to apply.
Testing & Assessment
According to Aberdeen, 57% of companies use pre-hire assessments to test the knowledge, skills, abilities, and other qualifications (KSAOs) of their candidates so vendors in this space are in high demand.
HackerRank: HackerRank creates coding and technical assessments to help recruiters assess the skills of developers and software engineers. It also offers an online interviewing tool.
Questy: Questy is a cloud-based, online, paperless pre-hire assessment platform that not only covers programming challenges but takes care of most of the pre-employment assessment processes.
AI & Automation
Over 66 percent of CEOs believe cognitive computing can drive significant value in HR. The competing demands of increased hiring volume and decreased recruiter headcount, AI and automation tools will continue to be a top recruiting software category in 2019.
Ideal: Ideal uses AI to screen and shortlist candidates by analyzing rich candidate information such as resumes, assessments, conversations and performance data. A bonus benefit is that it works within your existing ATS eliminating the need to learn a whole new software.
Textio: Textio tackles a problem that virtually everyone in recruiting agrees is a problem: badly written job postings. A main feature it promotes is the ability to identify biased language and then suggesting alternatives to use instead.
Applicant Tracking Systems
With 90% of large companies and 68% of SMBs estimated to use an ATS, applicant tracking systems is the biggest category of recruiting software. 2018 saw a lot of ATS migration as employers continue to search for their best fit. According to OnGig, the most common ATS systems that employers migrate to are Greenhouse Software, Workday, Taleo and iCIMS.
Bullhorn: This functions as both an ATS and CRM, Bullhorn is designed specifically for recruiting and staffing agencies.
Greenhouse: It is the fastest growing ATS by market share in 2017 according to Ongig, is known for its structured hiring and interviewing approach.
SAP SuccessFactors : While technically a full human capital management (HCM) software, it’s the 3rd most popular ATS among the Fortune 500.