New technology makes recruiting more efficient

Considering the global pace of technological innovation, it is surprising how some sectors manage to stubbornly resist the overwhelming force of change. Human resources and recruitment services is probably one of the biggest areas worldwide which mostly lags approximately 20 years in terms of the utilisation of technology. The last real innovation seems to have been the digitalization of CV-s, and the introduction of central CV databases.

A number of smart solutions have been developed for making human resource services and recruitment more efficient, but these have found negligible use and market share compared to traditional methods. Even professional recruiting agencies still rely on such solutions as a pile of hardcopy CV-s on someone’s desk, an Excel spreadsheet for managing the recruitment process, and the „diagonal reading“ of CV-s to assess the candidates’ suitability. Not to mention manually sending hundreds of identical e-mails to candidates or the questionable regulatory compliance of the way candidates’ personal information is processed.

More progressive and investment-minded agencies have implemented or are implementing software solutions to better manage personal information and processes. However, even these solutions are miles behind the level of smartness which can and should be possible using modern technology.

No need to worry, though. This technology gap also holds immense potential for development. New services improving the efficiency of recruitment processes are constantly being launched. What can we expect?

·       Electronic data management – the age of paper is coming to an end in the recruitment industry. For efficient processing, data need to be updated in real time, and be machine-readable and usable by several team members simultaneously. Candidates’ information, recruiters’ comments, mailing, attached files – everything is being made electronic.

·       Custom solutions for managing the recruitment process – Excel is a great tool. For some tasks. But not for process management. Efficient management of the recruitment process requires much better tools and an exceptional user interface. We all want to have full control of recruitment – to be able to get a quick overview of the state of things, to not forget anything important, and to be able to administer tasks and data with minimal effort. We want everything to be a click away.

·       An evaluation algorithm to filter out the best candidates – an experienced recruiter is expected to select the best candidates from a pile of CVs within minutes. But what if the recruiter is not in their best shape - what if they are tired or distracted? How many hours can a single recruiter maintain their attention, going through CVs one after another? And is this really fun and rewarding work? If we had machine readable data on all the candidates, a computer would make easy work of evaluating their suitability based on search criteria we specify. The results would be sorted by suitability, all decisions would be transparent, there would be no room for human error, and a computer never tires. We would have a high-quality result in a fraction of a second.

·       Machine learning means constant improvement. The idea is simple. Humans learn slowly and have a limited rate of data intake. Machine learning means that, for example, if a computer-picked candidate turns out to be unsuitable, the computer will amend its selection algorithm. No other human input is needed besides telling the computer if the candidate was suitable or not. The algorithm compares a large pool of successful and unsuccessful candidate picks and determines parameters which are likely to positively or negatively impact a candidate’s suitability. The next time the algorithm evaluates candidates’ suitability, it takes into account past results to suggest best candidates based on the amended formula. This is an iterative process, resulting in constantly improving suitability evaluation results. A human would never be able to process such a large pool of constantly updated data. A machine learns from its mistakes based on a vast dataset, in real time.

·       All the information in one place. Studies suggest that 80% of information in the world is no more than two years old. The amount of information increases at an incredible pace. Even the filtering out of unsuitable candidates would take a lot of time if one were to use several database services for background checks. This is why novel services are being introduced, which aggregate data from various sources. Figuratively these are like a Google search for finding people. A single search covers the entire available information field. This saves a lot of time.

Considering these trends, and wanting to make its services more efficient and competitive, Finesta decided this spring to invest in the Skillific search engine.

Rainer Aunpu, the founder of Skillific, has dedicated the past five and a half years to revolutionising the way companies and talent find each other. The resulting concept combines skill-based multi-source search, machine-learning based candidate-job matching, and an exceptionally efficient and convenient user interface for managing the recruitment process. Skillific makes finding the right people substantially faster and easier.

We are planning to launch Skillific in the beginning of 2018.

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