It’s no secret that the world of hiring is shifting. Between workforce disrupts like COVID-19 and a massive wave of layoffs across the board, recruiting and talent acquisition is becoming more critical than ever
Whichever end of the paradox you’re facing – a lack of qualified candidates or a RIF – making sure you’re hiring the right candidates as efficiently as possible is top of mind for hiring leaders in 2022. That’s where talent acquisition tech comes in.
Improve talent acquisition with tech solutions
Talent acquisition (TA) tech isn’t just applicant tracking systems and onboarding anymore. AI and data are driving the evolution of TA tech that extends across the talent acquisition landscape.
Seventy-three percent of companies increased investments in TA technology this year, according to Modern Hire’s new study, The Evolution of Talent Acquisition Technology. The study, which polled 300 senior talent acquisition and HR leaders, also found:
- 70% of companies plan to continue to invest the same amount in TA tech
- 70% of respondents reported quality of hire as the No. 1 driver in technology investments today, and
- Over 60% of companies are using more TA tech solutions today than before COVID-19, yet only 11% of companies are satisfied with their chosen technology.
The study also found that the top drivers of technology investments are recruiter experience, talent analytics and shifting hiring needs.
The benefits of talent acquisition tech
In a fast-paced world, automated systems and emerging technology can take pressure off your HR team and keep things flowing as smoothly as possible. However, utilizing TA technology has other benefits, such as:
- Improving the quality of hires: 70% reported that quality of hire is a key driver of TA tech investments
- Increasing efficiency: Average time-to-fill is 45 days, so it’s no surprise that 68% of respondents listed efficiency as the top driver of investments
- Improving candidate experience: TA tech, while great for recruiters, can also help improve the candidate experience. One in two companies believes that AI is helping the candidate experience, and 44% of candidates would prefer AI over a recruiter who has no time to respond.
- Reducing bias: DEI efforts and reducing bias was one of the top drivers for TA investments in 2020. Those numbers have fallen behind other drivers, but 31% still listed DEI as a key driver in 2022.
The takeaway: In a volatile hiring world, getting your company on board with AI and TA tech can have massive benefits for recruiters, candidates and companies as a whole.