Transform Talent Acquisition with HR Technology By Catherine Miklaus, GreenJobInterview
There’s something interesting happening in the global workforce. With approximately 30 to 45% of the global workforce unemployed, many individuals are increasingly seeking work overseas. According to a recent McKinley Global Institute Report, A Labor Market that Works: Connecting Talent with Opportunity in the Digital Age, HR technology will be the most effective method for sourcing, hiring, and retaining new talent from anywhere in the world. As companies continue to compete for global market share, attracting overseas talent will grow in importance. Win the Talent Wars with HR Technology We’ve heard a lot this past year about how hard it is to find good talent. Companies operating in advanced fields such as science, technology, engineering and mathematics (STEM) continue to cite a lack of qualified candidates as reasons for languishing profits. Many are simply unable to fill their open positions, falling behind their competitors in output and productivity. But as HR technology continues to innovate and improve, this problem will become a thing of the past. Let’s examine how HR technology will become companies’ secret weapons in the war for talent:
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Global talent will become more accessible. As companies embrace HR technology, they will be better able to attract global employees. Using tools such as video interviews, companies will be able to interview employees across borders in regions more heavily populated with highly skilled candidates. HR technology will become the driver to more closely align an estimated 60 million people with positions seeking their particular skill set. Recruiting costs will shrink. According to McKinley & Company’s global data, companies’ costs will reduce by 7% while increasing output by 9%. HR technology such as video interviews, online onboarding software and international conferencing tools will not only allow companies to engage candidates abroad, but it will also keep them engaged. At a time when companies are suffering poor employee engagement rates and rising turnover rates, HR technology will help equalize this process. Expenses such as an additional $50,000 per lost employee will begin to dramatically reduce. This recovered revenue can be reinvested in multiple areas of the business, including making more high level hires. Transparency will increase. HR technology will reshape the search for talent by increasing transparency. Critical skills and education requirements will become clearer in job descriptions, eliminating much of the frustrating generic language that can attract the wrong candidates to open positions. Companies will continue to refine their requirements as well as their offerings, making them more competitive in the labor market. HR technology such as applicant tracking systems and workforce planning software will increase communication and define clearer career paths. This will allow deeper insight into companies and attract choosier candidates. Companies will enhance their employer branding. Companies that may have suffered from poor employer branding will have an opportunity to compete with their largest competitors using HR technology. This will enhance the candidate experience, providing a connection with candidates. This connection will become increasingly important as the talent pool decides where they’d like to work.
Increasing global market share will require companies to enhance the way in which they source, attract, and retain global talent. This talent will ultimately become the reason these companies succeed or fail, requiring innovation and improvement. This innovation can be achieved with the right HR technology in place and a solid commitment to talent acquisition.