In Peter Thiels' Zero to One, we learn that in order to achieve vertical progress, we must do new things. The single word for vertical, 0 to 1 progress is technology.
"If smart cars can drive themselves, smart businesses can hire thier own staff." -J
In a survey of more than 800 human capital leaders, we find the majority believe that searching for potential candidates and initial screenings should be mostly, if not completely automated through technology. Improving the recruitment process, though, seems to require a delicate balance between tech and touch. Despite widespread adoption of HR technology, many business leaders still want a human touch for critical moments during the recruitment process but as the labor market evolves, how long will this tech/touch approach be necessary?
Currently, companies use a number of technology based recruitment solutions. Job Boards (Monster, Career Builder), Job Aggregators (Indeed, Google), Job Distributors (ZipRecruiter) Community Sites (Glassdoor) and Social Media (Facebook, Instagram, LinkedIn) are most commonly cited as regularly used or key strategies in recruitment. Nearly half of major staffing firms report testing/considering the use of artificial intelligence in recruitment efforts. Introducing artificial intelligence may improve candidate matching, automate processes and decision making as well as improve candidate experience and engagement. The talent acquisition ecosystem, like any biological ecosystem, is continuously evolving. It is important to note that the rate at which technology is changing is faster today than it has ever been, which means that companies must constantly innovate to keep pace and appeal to the labor market.
The labor market is actively changing. Millennials and Gen Z's rely heavily on word of mouth from friends, as well as researching multiple social media communities to educate themselves about what to expect and which companies have the best reputations. Reputation is a major deciding factor for employment to younger professionals. Preconceived notions regarding a company that have been developed through social interaction with peers will far outpace the creative recruitment strategies of a recruiter. If a company's social reputation is strong, artificial intelligence and automation tools will be able to discover, engage, assess, verify and track interested applicants.
Many staffing firms consider the main factor inhibiting growth today to be the current talent shortage - both internally and externally. Over the next ten years, though, we can expect the talent shortage to recede somewhat, and for other factors - decline in jobs due to automation, the economy, and legislation - to become relatively greater challenges in terms of staffing growth. Staffing Industry Analysts report an expected 21% decrease in jobs due to automation. In terms of revenue share by product, staffing firms project a greater emphasis on online staffing and decreased emphasis on direct hire and permanent placement. Online platforms represent the potential for significant disruption in the way that traditional staffing and talent supply models operate. The utilization of online staffing and human cloud platforms is one of the fastest growing sectors of the staffing industry.
Businesses can automatically receive the resumes of potential candidates recommended for specific open positions. Let us consider the tasks that can be completed by a potential candidate without human interaction: submit resume, rate and review ratings of a company, view and apply for available jobs, create/update online profiles, download tax documents, take relevant assessments, indicate availability for shifts, be pre-qualified, indicate desired job type and be automatically accepted for temp assignments. Automation technology expedites many HR procedures.
Will technology replace human recruiters? Maybe, maybe not. Are businesses able to recruit, assess, hire and retain candidates with technology alone? Absolutely!
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