The recruitment industry or the human resources sector, has completely evolved over the past 20 years. New technology have transformed the way employers recruit and manage talent. From paper CVs to job boards, applicant tracking systems and online assessments, a lot has chatnged over the years.
While advancements in technology have offered some solutions to challenges that employers faced a decade ago, the industry is ever-evolving and recruiters today are dealing with new challenges when hiring the best talent. It cannot be gainsaid that all top companies struggle to get their workforce planning correct, not knowing when to ‘buy, borrow, build or bind’ the skill.
This can be very costly, from time, money and emotional perspectives. Studies show that a wrong hire, rushed recruitment, or the exit of a high-performing employee costs an organisation three times the annual salary of that position on average. This is a terrifying expense. Recruiters must, therefore, ensure that their companies attract the right talent and that they have succession plans for all levels.
Before the internet and social media took over, job listings were posted in newspapers. The reach of these postings, however, was limited. The recruiters in many instances had to settle for less qualified people to fill the open roles. As technology advanced, the recruitment and selection process not only allowed job seekers more options to find careers, they enabled companies to streamline their hiring processes.
Thanks to technology, organisations now receive hundreds, sometimes thousands of resumes daily through various platforms.
This being a golden era where technology solutions are taking the Human Resources (HR) professional to an entirely new level, massive improvisation in HR technology and modernized workforce solutions have come in handy to provide desirable employee experiences and improve sustainable performance.