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While an organization’s vision and mission determine its business success, a strategic talent acquisition planned by a promising talent acquisition company also can go a long way to achieving that success. Why? It is incontestable that talent acquisition is a crucial part of an organizational growth plan, which directly affects its future success. Finding and hiring the best talent is critical. That is because a company will grapple with declining productivity, unambitious staff, and injudiciousness without the right workforce.
A talent acquisition company is a business entity that enables other companies to shift from the short-term approach of transactional recruiting to a long-term strategy that helps build and maintain a healthy talent pipeline. These professional service firms provide end-to-end talent acquisition solutions, from sourcing, attracting, interviewing, hiring, and onboarding new employees within a firm. Undeniably, supporting organizations with the best talent is a critical function of a reliable, capable talent acquisition partner.
On the other hand, utilizing talent acquisition tools can help businesses devise a talent acquisition strategy that helps them stay competitive by monitoring talent availability and recommending appropriate approaches to implement the plan. While this may seem like a no-brainer, utilizing talent acquisition solutions is the linchpin to a successful talent acquisition strategy. These tools provide unmatched talent acquisition solutions that help companies optimize their human capital.
This blog details the role of talent acquisition solutions, tools, and technologies in servicing end-to-end talent acquisition needs.
Talent acquisition solutions are methods, platforms and tools used for identifying and recruiting qualified professionals. These solutions also pave the way to strategically source and manage talent within an organization, which is crucial for driving the business forward. It involves utilizing unique recruitment tactics and innovative tools to optimize the hiring process, streamline current operational procedures, and devise an ongoing business strategy while keeping costs in check.
In a VUCA (volatile, uncertain, complex, and ambiguous) business environment, where the success of an organization is often hinged on the capabilities of its workforce, the need for talent acquisition solutions has never been greater. Without capable teams, a company is prone to faltering and crumbling due to low productivity. Hence, without these solutions, it becomes strenuous for companies with diverse workforce requirements to find and hire the best talent that possesses the prerequisite skills to deliver consistently high results.
The increased complexity of understanding consumer behavior and economic volatility in remote work scenarios has prompted companies to reassess their business models and strategies. As a result, human resources management has assumed greater importance amid uncertainty because acquiring the best talent has never been more critical. In addition, with the emergence of new-age job roles, skill set diversity in job applicants has become highly desirable.
Now, job seekers with diversified skillsets will continue to be in demand to fill new-age job roles. So, acquiring the right talent will be one of the top priorities for progressive, ambitious organizations. While it has been imperative for talent acquisition leaders to wade through uncharted waters post-pandemic, here we list some key challenges they are expected to face and their probable solutions.
Digitalization is more than just about technological implementation and echoes much of the more profound, substantial change to the business models and evolution of work. Nowadays, cutting-edge technologies help transform every industry, and HR management has been no exception. With new technological innovations constantly bolstering the HR tech services, the entire hiring process has become much more streamlined, from screening qualified applicants to assessing the best-fit talent. Although the transition of such a scale is not bereft of challenges, talent acquisition leaders and HR managers need to address those challenges.
A probable solution may be staying abreast of the latest and biggest HR tech trends and continually evaluating what technologies, tools, and methodologies the industry counterparts are implementing to stay competitive in the market. For instance, many HR leaders turn to cloud-based talent assessment tools to automate and streamline their hiring processes and reduce costs. Modern, SaaS-based assessment technology solutions are gaining steady ground because of their conveniences, such as streamlining all the crucial recruiting workflows and simplifying the assessment process for both the evaluator and the candidate. Thus, HR leaders can encourage their teams to embrace and leverage modern technological solutions to enhance their processes and operations.
The global gig economy is estimated to reach $455 billion by 2023. In the United States, more than 50 percent of the workforce is predicted to become a part of the gig economy by 2027. Millennials’ participation in the gig economy will only increase, making them the most prominent generation in the US workforce. Also, it is becoming increasingly apparent that millennials nowadays are highly aware and prioritize employment opportunities that provide pay parity and work flexibility.
In a similar vein, employees are also considering initiatives that help optimize their workforce, such as short-term, project-based, or contractual hiring. Undoubtedly, the need for more gig workers has been on the rise. Hence, talent acquisition professionals need to eschew conventional hiring methods in favor of newer, more effective strategies for sourcing and onboarding the best talent.
As challenging as it is to spot a diamond-in-the-rough hire, retaining those exceptional employees is even more demanding. Hence, it is crucial to focus on employee experience to improve retention rates because the costs inherent in employee turnover can confound both small and large-scale organizations. Therefore, the emphasis on engaging and retaining the right talent has grown more vigorous than ever. Positive candidate experience, for that reason, becomes even more crucial.
The question, however, is what approach should talent acquisition managers take to achieve that? Well, it would be best if they started developing some powerful strategies for enhancing their employees’ experience through relationship building, which contributes significantly to improved job satisfaction rates. For instance, it is well-known that talent acquisition begins with connecting with prospective applicants, and HR leaders should never overlook that.
A transparent and structured onboarding process also goes a long way in ensuring that new hires are well integrated into the organization. Thus, the HR managers should also make it a point to structure the onboarding process seamlessly so that employees feel welcomed and a crucial part of the organization. Implementing a buddy program for the orientation of new employees can always come in handy.
Companies need to craft a long-term strategic vision with competent individuals to assume leadership roles to drive the goal. It is not just about finding the right talent alone, but it also has to do with grooming such individuals for future leadership. Companies need to have a structured process to train and develop their potential employees and encourage business leadership. Management should also expand the gamut of responsibility for talent acquisition teams, which includes not only hiring A-list talent but also aligning their career aspirations with organizational goals.
Besides, the onus is also on the leadership to aid their human resources department by charting a career development path for high potential talent. After all, inspired and motivated employees will be those brand advocates who envision a long-term future with their organization.
Talent acquisition solutions are essential for organizations to keep the hiring process from becoming cumbersome and resource-draining. Moreover, the best talent often may not actively seek a new opportunity and can be as elusive as unicorns, meaning identifying and tracking such potential candidates becomes challenging through traditional means of recruitment, such as job postings, resumes, etc.
Switching to talent acquisition solutions enables businesses to stay ahead by monitoring talent availability and encouraging new talent acquisition approaches to remain competitive and excel. With each technological shift or emerging demographics, the highly competitive candidate-driven market is growing more combative and complex. To that end, companies need unique, scalable solutions for managing talent shortages.
As a talent acquisition expert, you are keen on securing the best talent for a particular role. But you also want to leave no stones unturned when it comes to making the hiring process streamlined for your applicants and teams, so talent acquisition tools come in useful.
These online talent acquisition services comprise AI-driven analytics and automated processes to minimize manual efforts and furnish candidates insights for acquisition experts, helping them find the most qualified talent for the position. The ease with which these tools facilitate recruitment decision-making speaks volumes about their need in talent acquisition processes.
To that end, companies can leverage the talent acquisition platform as an integral solution to assess eligible candidates for determining their job fit. In addition, such platforms can help them quickly source the diamond-in-the-rough talent by navigating through hundreds of profiles and shortlisting the most suitable ones.
This convenient solution can eliminate the need for more recruitment agents and minimize the burden on talent acquisition teams. The importance of a talent acquisition system stems from the need to build a healthy talent pipeline. In addition, using such solutions is beneficial as they are cost-efficient, making them ideal for both small and large businesses to incorporate into their systems.
What makes a good tool great is its versatility- which is not only about locating potential candidates but also about matching candidates to roles based on experience, skills, and other factors. It must also be scalable, work in unison with other tools, and support comprehensive reporting that involves tracking metrics for distinct stages of recruitment.
Given below are some essential tools that every hiring manager should add to their armory:
An applicant tracking system is a software that compiles and tracks several job applications. It organizes and sifts through numerous CVs and applications based on keywords before ascertaining candidates’ suitability for a digital talent pool. These data-driven tools are pivotal in talent acquisition management, making the process easy to scale, effectively and efficiently.
Makes candidate prescreening easy- intelligent keyword tracking to discover the most relevant skills, education, and experience. New-age AI-led platforms use NLP (Natural Language Processing) methodology that considers similar meaning words rather than keyword matches, which comes in handy when locating missed out candidates who may have skipped important keywords from their CVs.
Supports automated retargeting- With AI-driven retargeting of candidates, these talent acquisition systems ensure that well-qualified applicants in the talent pool get automatically emphasized for current or future openings.
Adopts a CRM (Candidate Relationship Management) approach to connect with candidates- An ATS provides an excellent way for HRs to store all applicants’ data for future roles, including essential records such as recruiters’ notes, talent insights, earlier interview performance, etc.
Online assessment software is a cloud-based tool for gaining crucial insights into candidates’ abilities. It is an all-in-one virtual assessment system to assess candidates based on on-the-job skills, personality, and behavior, helping talent acquisition leaders decide if the candidate is suitable for the role or not.
Organizations seek such versatile assessment tools to manage a vast talent pool. Besides, creating, administering, and evaluating assessments are humongous tasks for hiring managers. It requires a lot of resources, time, money, and logistical support to conduct a candidate assessment. That is where online assessment tools play a vital role in streamlining the hiring process through AI and automation.
Ascertaining candidates' fitment for given roles based on resumes and interviews only is a flawed approach. The online assessment tool can offer various features to measure critical traits and skills objectively and efficiently.
Online assessment platforms are instrumental in assessing a candidate's personality traits, aptitude, abilities, behavioral style, and intelligence using their assessment battery. One can customize these tests to the jobs the candidates are being assessed for, helping HR professionals determine which employees are most suited for the organization’s ecosystem. It can also help create dynamic technical assessments with the help of cutting-edge tools such as case study simulators, coding simulators, etc.
Many organizations already have an existing applicant tracking system and are already looking forward to integrating it with online assessment software. The seamless integration of the assessment platform with the ATS allows the talent acquisition experts to access assessments and results in one place. Moreover, this integration enables the admins to add a test to a hiring workflow, administer an assessment to the test-taker from within the ATS platform, and view the test results.
The unparalleled assessment security guaranteed by the new-age remote proctoring software is also provided with online assessment software. However, some advanced proctoring features come integrated with such an assessment platform - automated background voice and video check and alert, browser navigation check, etc. In the case of live proctoring, the candidates are closely monitored in real-time to check cheating instances/aberrant behavior for a cheat-free assessment environment.
Online assessment systems eliminate the need to exert manual efforts in analyzing the test outcomes by making it completely automated. They are equipped with the technology to automatically grade the test-taker's responses and create comprehensive, data-driven test reports of the candidate's performance. These insightful reports will give an in-depth view of the participant's performance.
A great assessment platform allows the bifurcation of assessments into different timeslots and facilitates the sending of bulk invites to applicants.
The demand for remote interviews soared in recent years. Besides, recruiting talent, globally or locally, has never been easier than it is now via virtual interview platforms. Using top-of-the-line HR technology tools, besides remotely interviewing prospective candidates, can also aid in conducting pre-employment assessments to gauge candidates’ skills and job fitment.
Modern interview platforms have enabled organizations to expedite conducting interviews at scale across geographic boundaries. But more feature-intensive interview platforms such as Mercer|Mettl can take the online interview experience to another level.
Recruiters can use these next-gen video interview tools to predict on-the-job performance better using collaborative tools, such as competency-based assessments, coding simulators, etc. In addition, candidates can take skills tests and interviews in conjunction, with answers being assessed by AI to provide predictive analytics. The availability of interview questions in multiple formats, such as MCQ, video, etc., also brings an element of interactivity and variety to the hiring process.
Structured interviews: Base interviews on a set of predefined competencies mapped to the job
Faster hiring and easy scheduling: A better time-to-hire metric with time-efficient screening
Data-driven hiring: The video responses of candidates to standardized interview questions are easy to be reviewed and graded by the hiring managers at their convenience
Anti-cheating measures: Uncompromisable security with ready-to-use proctoring features that ensure applicants do not cheat during interviews
Comprehensive individual and group reports: Feedback and ratings for all participants are cogently presented in a consolidated dashboard
Holistic skills assessments: Competency-based questions that help interviewers to ask the right questions
Adopting an effective talent acquisition solution should not be guesswork, and neither can it just be based on frivolous features. Scalability, convenience, and the potential to deliver tailored solutions to meet a company’s talent acquisition needs are vital aspects best uncovered by obtaining feedback from industry experts, clients, peers, etc.
That is where G2 rankings come in. The software marketplace is the largest and most trusted review site that aggregates feedback from numerous reliable sources, such as user community, customer reviews, social media, etc., to assign ranks to various business applications.
Besides, what do all excellent talent acquisition tools have in common? The answer is the ability to provide meaningful data. Hence, instead of instinctive drift-based hiring, effective talent acquisition processes require data-driven talent decisions in today’s competitive landscape.
Data provides a more profound understanding, whether it be about analyzing and predicting the quality of hire, the cost of hiring, retention rates, and high turnover. Hence, gaining actionable insights into each candidate’s skills, interview performance, personality and culture fitment enables HR professionals to get a holistic overview of each individual, helping them induct high-quality hires into the business.
A talent acquisition company aims to find potential candidates for its clients and help them strategize throughout the talent acquisition process, from sourcing to recruiting. These companies have access to a resume database of potential applicants that they can utilize in case of job openings. They also have a vast network of prospective candidates to tap into when a client expresses its requirements for someone with matching experience or skills.
Talent intelligence platforms are AI-driven tools that enable talent acquisition departments to oversee every aspect of the employee lifecycle stages, including the applicant's experience, sourcing, pre-employment screening, onboarding, employee engagement, and internal career mobility.
Talent acquisition services are activities that help organizations save time, effort, and resources in their talent acquisition process, which include:i) Developing recruitment strategies,ii) Building talent pipelines,iii) Sourcing and selecting candidates,iv) Improving employer branding for better talent attraction and retention,v) Managing and leveraging candidate relationships,vi) Performing talent assessments, interviews, and onboarding
Originally published June 29 2022, Updated June 29 2022
Abhilash works with the Content Marketing team of Mercer|Mettl. He has been contributing his bit to the world of online business for some years now. Abhilash is experienced in content marketing, along with SEO. He’s fond of writing useful posts, helping people, traveling, and savoring delicacies.
Talent acquisition is all about strategizing for sourcing, hiring, and retaining the talent an organization needs. This blog offers more insights on the topic.