As Talent Acquisition continues to take center stage in an increasingly competitive labor market, industry leaders and new entrants leverage technology innovations to make the recruiting process more efficient and effective.
Bots - The AI of Talent Acquisition
There is a lot of energy around the potential for Artificial Intelligence to transform many industries - and talent acquisition is attracting both investment and traction. AI in talent acquisition includes multi-lingual, vernacular-versatile AI-powered chatbots that come in a variety of names and personas. From Watson to Ally to Mya to Olivia, these bots can proactively reach out across a variety of communication channels – text, email, social media – to engage candidates. With impressive response rates, increasingly they can escort the candidate into the recruiting journey.
Bots Get (Un)emotional - New technology solutions are also leveraging AI to better screen and evaluate candidates for EQ ("emotional quotient"), and cultural fit, removing human bias from the soft skill evaluation process.
- L’Oreal is using Amsterdam-based Seedlink’s AI technology to analyze written answers to a brief series of behavioral-based questions. The efficiency and effectiveness of this solution has enabled L’Oreal to greatly extend their recruiting reach in China, sourcing candidates from a much broader range of universities.
- Humantelligence has introduced tools to quantify and score an applicant’s EQ and cultural fit. Video interview pioneer, HireVue has incorporated facial and voice recognition technology into its platform to take EQ evaluation in behavioral interviewing to a whole new level.
Videos - The New Norm
Getting Creative with Video – Video interview tools continue to be an important efficiency tool in high-volume recruiting. Recruiters are also using video to enhance their employment brands. Creatively targeted video allow employers to add color and personality as they promote opportunities to candidates who would be good cultural fits. Equally as important, video ads help candidates who would be a poor fit to self-identify.
Video and Virtual Reality - A compelling use of video is to pair it with virtual reality to create a two-way simulation opportunity that allows a candidate to experience life on the job. In parallel, the prospective employer can use real-life situations to evaluate a candidate outside the traditional interview environment.
Video Tools and Vendors - Tools like Skill Scout, VideoMyJob, and SparkHire enable video production, editing and distribution. Video marketing platforms like Clinch and JobViddy provide tracking and analytics to measure and enhance video impact on candidate engagement.
Also of Note
Personalization and Candidate-Centric Experience in a Tight Labor Market – In what remains a fragmented marketplace for recruiting platforms, we continue to see firms like Gr8 People, Avature and Jobvite advance the evolution from traditional ATSs to a more streamlined recruiting and candidate engagement platform, emphasizing CRM and employment branding capabilities. As a tight labor market fuels the war for talent, the quality of the candidate experience and the importance of pre-candidate engagement will remain paramount.
Recent events are having a prominent role in talent acquisition trends. The #MeToo movement has heightened the sense of urgency around issues of diversity and inclusion. Candidate sourcing and evaluation will be scrutinized through this lens, further advancing the use of AI in candidate evaluation and highlighting the importance of well-designed assessments to remove any possibility of bias in the hiring process.
Blockchain - The Year of Growth
Finally, one of the most intriguing developments is the impact Blockchain will have on talent acquisition. Data breaches and continued concern over the security of personal information will hasten Blockchain’s penetration into the recruiting process. Kevin Wheeler, founder of the Future of Talent Institute, predicts that 2018 will be the year of Blockchain. This evolution is early, but clearly Blockchain will have a profound impact on the candidate recruiting and screening process, where the level of security Blockchain provides will be demanded in the marketplace and candidates will control access to their personal information.
DISCLAIMER This presentation is intended for information and discussion purposes only and does not constitute legal or professional investment advice. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinion or position of Harbor View Advisors, LLC (“HVA”). The information in this presentation was compiled from sources believed to be reliable for informational purposes only. HVA does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented.