Param.ai conducted a research study in association with People Matters (an HR media platform) on the role of HR Technology in Recruitment.
This survey saw participation from 124 companies across various industry types and employee sizes.
The study focused on three aspects of technology adoption in recruitment:
A) Recruitment strategy: What are the recruitment priorities for the year 2018 and the challenges in the journey?
B) Technology adoption: The different technologies adopted by organizations in different phases of recruitment life cycle and the recruiters’ expectation from the technology.
C) Recruitment budgets and capabilities: Understanding recruitment budgets for the year 2018 and the readiness of TA team in adopting new age recruitment tools.
Here are the top findings from the study:
1. Speed & Quality: 67% respondents said that balancing speed and quality of hires is the top most priority.
2. Skilled talent pool is a challenge: Unavailability of skills among candidates poses a hurdle for Talent Acquisition executives, say 62% of the respondents.
3. A technology to enhance the human-decision making: 48% respondents expect the recruitment technology to enhance their decision making.
4. Social Media is the winner: 81% of the respondents mentioned using Social Media as their most preferred channel of sourcing candidates.
5. Online Psychometric Testing Tools- the most preferred screening tool: 42% prefer Online Psychometric Tests to perform the screening of the potential candidates.
6. Video Interviews: Video Interviews are being leveraged as the tool for both screening (21%) and interviews (47%)
7. Recruitment budgets are going up – A positive outlook: 50% of the organizations agreed that their recruitment budgets are going up! Another interesting trend that we observed is that only 19% respondents see reducing the recruitment cost as a priority for 2018.
8. Recruitment Team’s readiness: 80% of the organizations are confident about their talent acquisition teams’ capabilities to leverage the power of recruitment technology.
9. Current technology fails to offer powerful insights: While the organizations are positive about their recruitment teams’ abilities to leverage the technology, 66% of them noted that the current technology they are using fails to process data effectively and offer them powerful insights.
10. Adoption of AI and Machine Learning is still at a nascent stage: The study finds that organizations have started to adopt niche technologies like Artificial Intelligence (14%) and Machine Leaning (16%) in an attempt to transform their screening and sourcing processes. However, there is still a long way ahead.