Technology has had a significant impact on hiring processes. Take the example of AI recruiting platforms. The HR team finds so many benefits with the different functionalities. They can reach a wider pool of potential recruits.
The software uses data-driven insights to match candidates to jobs, based on qualifications. It allows for the elimination of human bias, which can compromise the quality of talent.
The company saves time and money that would go into manual handling of such tasks. There is higher efficiency and streamlining of workflows, thus higher productivity in the department.
And, that is not all that is available to the HR department. Application tracking software is another game-changer.
We will explore the benefits a little bit more in our article. But first, let us start by defining what they are.
Application Tracking Software, What Are They?
There is a lot that goes into finding and managing candidates in the hiring process. The teams need to collect tons of information. Such data consists of educational background, experience, and relevant skillsets.
HR must have the right processes in place to filter applicants. Handling such tasks using manual labor would be time-consuming and tedious. They could also miss out on information that could leave out the right talent.
That is where applicant tracking systems (ATS) come into play. They allow for the automation of such tasks, leading to many benefits as we will show below.
Why You Need Applicant Tracking Systems for Your Business
1. Tracking Systems Save the Company Money
Do you know how much it costs, on average, to hire new talent? You could be spending over $4,000 per candidate, every single time. The money goes into advertising for positions.
Factor in the dollar amount in time spent by HR to sieve through tons of applications. Then, there is the cost of interviewing, filtering candidates, and final selection.
After that comes the onboarding process. A small company will spend $1,500 to train a new employee.
Now imagine if the company does not hire the best person based on job requirements. They may need to advertise the position and go through the whole process once again.
Applicant tracking systems automate tasks thus removing the manual handling of such. It results in significant time savings for the teams.
All the candidates need to do is fill in the application form. The ATS then takes over to filter applicants, and narrow down on the best.
The teams can also use the same to communicate with candidates. These include scheduling interviews or follow-ups.
2. Tracking Software Cuts Down Hiring Time
According to Glassdoor, it takes about 23.8 days to hire new talent. For government jobs, it takes more than double that.
And, the hiring time varies depending on the job position. Hiring a research scientist for example can be as long as 44.6 days.
An educational institution hiring a professor should set aside at least 60.3 days. The length of time should not come as a surprise. Many steps go into finding and recruiting employees.
ATS will cut down the time your business spends finding candidates by:-
- Automating tasks, thus higher efficiency.
- Streamlining of workflows so everything moves faster.
- Finding the best quality of candidates from a large pool of potentials. The team does not waste valuable time pursuing those who will not be a good fit for the company.
- Organizing data and storing it in one central location. It allows for quick and easy access whenever the teams need it.
- Saving candidate information can help in the future hiring of passive candidates. Such may have the relevant skillsets for the job openings. The recruiting tools will have already identified them. It cuts down the time spent looking for the right talent.
- Easy sharing of feedback amongst users, thus better collaboration
- Data analytics to track and measure the success of the hiring processes. The data-driven insights help with decision-making around recruitment processes. The teams can also show what is not working or areas that need improvement.
The perfect match between the job and candidate qualifications will help boost retention. Employees can struggle if they feel the job is not the right one for them. The company will experience high turnover, which is a huge expense.
3. ATS Ease the Application and Recruitment Process
Have you ever tried to apply for a job and given up due to the complexity of the process? Finding information about the position is difficult.
When you try to upload your resume, nothing seems to work. And, you don’t get any feedback to queries. At some point, you start to wonder if the company is even legitimate.
You could be losing the right people if the application process is difficult. Applicant tracking software is a fantastic staffing solution.
Automating the recruitment steps will ease the application process. It becomes a win-win situation for the company and candidates.
When looking for ATS for your business, go for those with configurable settings. You can customize them for tasks like video interviewing.
Other customizations are candidate assessments, before hiring. Some ATS allow for the integration of the tracking system with job boards or social media.
And, of course, we cannot forget the important role of a mobile-friendly ATS. All these go towards widening the area a company can access potential candidates.
The HR department is critical to the success of any company. They have the responsibility of finding the right candidates to fill job positions. Yet, the recruitment process is expensive and takes up a lot of time.
But, technologies like applicant tracking systems automate the different tasks. The result is streamlining of workflows, higher efficiency, and productivity. HR uses such staffing solutions to find the right candidates.
The software can sieve through a large pool of potential hires. It will narrow down the best, depending on qualifications and skillsets. Storing information in one central location gives the team quick access.
Candidates also have an easier time applying for job positions with tracking systems.
Data-driven insights can help the HR team improve the hiring processes. The company can identify areas of weakness and improve upon them.