By Prangya Pandab - September 03, 2022 4 Mins Read
The industry has weathered complex labour markets before, and it undoubtedly won’t be the last. Companies are gaining an advantage in the battle for talent and building an employee-centric culture by proactively utilizing today’s technology to automate redundant processes, collect business analytics, reduce employee workload, and streamline hiring.
The volatility in the job market today has become synonymous with phrases like “The Great Resignation,” and for a good reason. According to the Bureau of Labor Statistics, there were a record 9.3 million job openings in April alone.
Companies are under more pressure to attract, hire, and retain employees in a market where talent competition rather than a dearth of competent applicants is driving the market.
The issue of talent retention today cuts across all industries. It’s time to think about how technology might act as a competitive differentiator in the hiring process as the fight for top candidates intensifies.
Bringing Tomorrow’s Technology to Today’s Workforce
Businesses using old, legacy processes and tools won’t draw in the modern masses. Instead, to succeed in the hiring game, recruiters must improve their tech offerings and networking abilities by including tools for these three areas:
Hiring from a Global Talent Pool
Before the pandemic, the location was a deciding factor in recruiting, but remote work has eliminated geographic restrictions, enabling hiring managers to cast a wider net.
For businesses wishing to leverage a global talent force, technology that enables virtual interviews for early contact with candidates is a good place to start. Companies must also be able to ensure confidential and secure access to a virtual workplace if they want to take this remote work mind-set that employees are seeking to the next level.
With an increase in cybercrime alongside new remote work trends, the data recovery and built-in fail-safes provided by the cloud can ensure that employees can remain connected and productive from wherever. Finding a platform that allows secure encryption from any desktop or mobile device is especially crucial since it gives employees a secure, flexible means to access company data while reducing the risk of data breaches, ransomware attacks, and IT outages.
AI Can Streamline the Hiring Process and Reduce Bias
Even while face-to-face resume reviews and interviews are helpful during the hiring process, it can take a lot of time to pick a final group of applicants. How can companies effectively weed out unqualified candidates and get in touch with the qualified ones so that the hiring team only interacts with them?
The key is using Artificial Intelligence and Machine Learning to accelerate the background screening process, while automation moves the candidates either up or down the ladder.
Enhance Training and On boarding
The next step for businesses is to assimilate top talent into the company once they have hired them. The productivity and retention of new hires can both be enhanced by a well-structured on boarding process.
A virtual database can more effectively convey role insights like requirements and skills, and real-time communication tools make new hires feel engaged and integrated. But going forward, new technological developments can also be used to make the on boarding procedure more interactive and interesting.
Utilizing new technology doesn’t always entail a rip-and-replace strategy. The technology stack must be flexible and scalable. Therefore, organizations must be cautious in choosing platforms or partners that can integrate with their current tools and processes while investing in next-generation technology to address some of the top hiring and management concerns of today.
Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.
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