Traditionally, there have been certain aspects of running a business that were more commonly based on certain intangible factors than others. A great example of this has been hiring new employees. This HR practice has traditionally been conducted on a hunch, so to say.
Sure, you looked through the candidates’ resumes and you put them all through the same interview process, but when the time came to actually make the hire, most business owners and HR professionals ended up listening to their gut. Approaching something as important as hiring new employees like that has, unfortunately, resulted in more than a few wrong hires for pretty much every company that has ever existed.
More recently, we are hearing more and more about the costs of bad hires and, in combination with new technological advances, this has led to innumerable new tech solutions being introduced to the hiring process.
The ultimate result of this has been that the vast majority of companies are doing much better when hiring these days. A big part of this is minimizing the role of personal bias in hiring, but there is far more to this story than just that.
Stick around and find out more about how new technologies have been transforming the way companies hire new people.
An Increased Candidate Pool
One of the more noticeable effects new technologies have had on the job market and the way companies hire people is the unprecedented growth of the candidate pool, especially in certain industries.
For example, an accounting software development company from New Zealand can nowadays approach candidates from the United States or Germany and offer them a position, instead of being limited to just New Zealand. New technologies such as project management software, cheap internet and various types of communication and collaboration solutions make this a perfectly viable scenario.
There are certain industries where this is not the case unless the candidates are ready to relocate, but there are also industries where it doesn’t matter where a candidate lives. Remote work has become the new norm and it is a great thing.
This increases the chances of companies finding exactly the people they need, with exactly the skillsets and the experiences they require. More simply, this expanded candidate pool makes it more likely for companies to hire successfully.
Streamlined and Standardized Process
In addition to simply increasing the number of candidates per job ad, new technologies also allow companies to standardize and streamline their hiring process with innumerable tools that have been developed exactly for these purposes.
Companies can now automate posting of their job ads to a myriad websites worldwide, making sure that their ads reach as many people as possible. From there on, thanks to specialized software, they will get all of the applications in one place. After that, they can use application analytics software to narrow down their scope to those applications that show promise.
The next step in the hiring process is the interviews and new technologies have made this easier and more comfortable as well. For example, companies can have all of their interviews set up and conducted from the same piece of software, which can be a fantastic experience considering video interview possibilities which make the whole process easier and simpler for everyone involved.
Once companies make a decision to hire certain people, there are even more HR software solutions that will help them onboard the new candidates more quickly and efficiently, providing yet another way to maximize the success rates of their hires.
Maximizing Effectiveness of Recruitment Partners
For companies that are not handling their hiring on their own and which depend on the effectiveness of the recruitment agencies and job sites they work with, new technologies have also done great things.
The reason is very simple – recruitment agencies and job sites can nowadays do amazing things thanks to new technologies.
Just as an example, job websites (which have become extremely popular for certain companies and industries) can nowadays easily get job boards designed and rolled out by companies like Ejobsite Software. Such companies can also help them track applicants more successfully, market their job openings more efficiently and much, much more.
As a result of this, their corporate clients, companies that are on a lookout for new talent also benefit, as they get more suitable candidates to come in for interviews and potential careers.
Regardless of how a company handles their hiring process, the fact is that new technologies and solutions are making it much easier for them to be successful at it.
Considering how excruciatingly costly wrong hires can be, this is something we should all be happy about.