by Raghu Nandhan | Mar 27, 2019 | Blog, Recruitment Technology
The world is changing due to the induction of new technologies. Manual jobs are taken by automation, the technologies or machines which were of great use until yesterday are being replaced by newer and better versions of it. As the whole era is changing so is the
Recruitment and Staffing Industry. Finding the right candidates was never easy. Few decades before there was lack of recruitment channels hence there was a time constraint to find good fits in short span of time.
After some years there was abundance of recruitment channels, thousands of candidates were available just a click away. But again, it had its own complexities not every person who applied for the job was a right fit. Filtering and identifying the right candidates was heck of a job for recruiters and obviously not forgetting the time consumed to find the right talent. So, the search for newer ways and technologies to overcome these challenges was always on.
ATS (applicant tracking software) has been and will continue to be highly useful to manage the candidates but it isn’t efficient enough to discover the right fit from a massive pool of applicants and it becomes even more impossible when the greatest fits don’t lie in the database.
So again, the search began and big data as a technology was discovered. It was successfully being used in different fields. So, leaders thought to incorporate big data into recruitment as well. Before we start discussing everything in detail about big data and how it’s being used to recruit top talent, we need to have a solid understanding of what big data is.
Big data is a terminology used for vast, unstructured, complex and huge data which is readily available to us and where traditional database management tools fails to manage it. This huge amount of data is analyzed to reveal patterns and insights which helps to make important decisions in various aspects. Big data analysis is used for everything from education, government, banking or financial services, to analyze someone’s productivity, or even monitoring the weather.
How Does Big Data help in Recruitment?
Big data helps recruiting companies to sort a wealth of information to see a larger and more complete picture of candidates. It evaluates a candidate’s profile by using five V’s:
Big data recruiting doesn’t analyze a candidate just by taking a look at the resume but it collects every bit of information available on internet about the candidate. Thus, helping a recruiter to evaluate the candidate from several angles. A candidate’s social media profile can help recruiter to screen not only on the basis of his skill set but also help analyse his personality and find weather he is a cultural fit or not.
It’s always been a challenge to find candidates with niche skills over job boards. Big data puts special emphasis on candidates who are active on social media platforms like LinkedIn, Facebook, and Twitter etc and demonstrate their expertise by sharing advice, thoughts, and interesting industry insights. It creates a 360-degree picture of a candidate both professionally and personally even before their first interview.
How big data has changed the traditional recruitment process:
- Big data recruiting is not biased as it is not based on subjective factors.
- It makes easy to screen or manager hundreds of applications in a short period of time thus reducing the cost per hire and the average time needed to fill open positions.
- It predicts the future recruitment trends.
- It also predicts about the candidate’s likely tenure with the firm and reveals whether he/ she might be a good fit for the culture of the firm.
If you wish to be a successful recruiter, then you have to learn to analyse data to provide the best possible fit for a position. Big data should be augmented with current recruiting practices and not replace it entirely.
Big data recruiting can help you identify great candidates faster and in a more cost-efficient. However, you can’t solely rely on the information it provides, it can only guide you. Recruitment experts still need to correctly interpret the results to make better decisions.
Recruit smarter, not harder.
We as RPO leaders always thrive to implement new technologies; by leveraging such modern technology, we were able to deliver our customers more effectively.
If you have not yet leveraged the benefits of HR Data Analytics for your business, it’s time to look out for someone who does. Big data analytics in recruitment has transformed the way of recruitment process, saving you time and money as well as ensuring better hire quality
At Pragna, our vision, is to deliver good number of benefits to our Customers, when compared to traditional managed service
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by Raghu Nandhan | Mar 15, 2019 | Blog, Recruitment Technology, Talent Acquisition
Can you answer these questions?
- How many contractors do you use? How many suppliers?
- Are your labour rates at true market price or better?
- What percentages of your contract spend goes through preferred suppliers?
Drawing a blank? If you are not sure what the answers are, that’s OK. It’s likely that you are either new to using a vendor management system or you are currently researching VMS solutions for possible implementation. If you’re not familiar with VMS solutions at all, you’re in for a treat.
Today more than 45 percent of the world’s total workforce has become contingent workers. That includes temporary workers, independent contractors, SOW-based labour, and freelancers.
Most organisations report that they expect their need for non-employee workers to grow more in near future. The problem is that every other organisation is looking for non-employee workers to grow their businesses. So how can you source and manage your extended workforce effectively and efficiently so that you don’t lose the war for talent?
The short answer: VMS.
The way organisations employ workers has shifted away from the full-time employees of yesteryear to a workforce of contingent workers that offer their specialties on a project-by-project basis.
The contingent workforce has significant benefits for the plethora of companies adopting this modern way of hiring. However, those who are hiring contingent workers but are still using manual processes and outdated automation tools to manage their workforce, will not be realizing those benefits, and could in fact be losing out.
This is why a vendor management system (VMS) is fundamental to the success of your contingent workforce management strategy.
The first step is to understand the five core benefits of a VMS—for both procurement and HR. Those benefits include:
- Cost Effective: Contingent workforce expenditures rank among the top spend categories in most organisations. Perhaps more troubling is the fact that most contingent labour is not taken into account when conducting financial planning, forecasting, and budgeting. That means that you may be spending more than you should. In fact, VMS user’s report 80 percent higher year-over-year cost savings compared to non-VMS organisations.
- Clarity: Lack of clarity is one of the key reasons organisations do not know what they are spending on contingent workers. Ardent Partners research indicates that organisations only maintain visibility into 45 percent of their total contingent workforce.
- Compliance:When it comes to contingent workers, if you do not know “who” is doing “what,” “where” they’re doing it, and “how” it is being done, you are setting yourself up for failure. Two important examples that come to mind are misclassification of non-employees and allowing unauthorised individuals access to systems or facilities.
- Quality Matters: The entire goal of leveraging the contingent workforce is to attract, retain, and utilize the best possible talent. A VMS can reduce time to fill and expand your access to quality talent. Some vendor management systems even allow you to source talent directly from the VMS!
- Efficiency: A VMS also drives efficiency by allowing you to automate procurement cycles, consolidate billing, and ensure invoice accuracy. It also makes it easier to measure and monitor your supplier performance. That will help ensure process and performance consistency.
Remodelling VMS Requirements
Today’s organisations increasingly need VMS software to manage both contingent workers hired as individuals and external companies doing project-related work. Many also have a greater need to stay compliant with international labour and tax laws surrounding global use of contingent staff.
HR and procurement leaders should use some key criteria if deciding to switch VMS providers or invest in a new system
- Support for Statement-of-Work Contracting
One of the keys buying considerations today is whether the VMS will be able to support you as you move from using it for the selection and tracking of contingent workers, to the selection and tracking of project consultants
Managing project work is more complex largely because of the different pricing mechanisms involved. Payment in these arrangements is not only time-based, it might also be milestones-based, deliverable’s – based or tied into performance on service level agreements. You’d like to be able to use the same software tool when you have the need for an individual contractor as well as a consulting company.
- Ease of Integration with Existing Systems
A VMS should integrate well with your existing technology platforms or processes for managing contingent staff. Many companies have reaped benefits from integrating its VMS with a core human resource information system, purchase order request system, supplier relationship management system and a security system for contract workers.
The integration reduces multiple steps from multiple systems and put them all into one easy-to-use, one-stop platform.
- Robustness of Analytics Tools, Bench-marking Data
The quality of reporting tools also separates VMS providers. One key metric is a time-and-tenure report that ensures contingent workers don’t work beyond the specified limit for co-employment.
- Vendor Neutrality
Vendor-neutrality means the system isn’t provided by a VMS owner who will steer you to contingent resources which may not always be the best or most cost-effective. This can be a concern if the VMS provider also has other contingent staffing services under its organisational umbrella.
Hopefully, we’ve covered all the basics of vendor management systems and you have a good idea of what to look for in a VMS.
At Pragna, we have the experienced team who understand the fast paced VMS environment and can submit potential candidates within a few hours of receiving the job orders. We have a good track record of supporting many customers with VMS support services and understand the nuances of working with such a system.
We at Pragna expertise in providing Customized RPO, Offshore Recruiting Service pertaining to all the Industry verticals, We strive hard to apply best practices, proven methodologies, and additional levels of diligence to improve the quality of our services.
A blend of ground-breaking ideas, detailed approach, and quality-oriented delivery has positioned us as a leader in the Recruitment process outsourcing (RPO) industry.
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