by Raghu Nandhan | May 31, 2019 | Blog, Industry Trends, Recruitment Technology
The Internet of Things is called “the mother of all infrastructures” and it’s a revolution that has arrived and is no longer just a niche solution for a handful of businesses however a core technology that is basically reworking how we work and live. And apparently, it’s encouraging a whole new computing model known as Edge Computing, which promises to forever alter how businesses interact with the physical world.
Edge computing refers to processing power at the sting of the network, nearer to the supply of knowledge. With edge computing, every new generation device like a smartphone, various kinds of sensor, robots or other intelligent device takes some of the data processing performed by the cloud and packages it up for processing and analyzing at the edge.
Several factors are fueling the expansion of edge computing. As the price of sensors and processors decreases, the quantity of intelligent devices has been skyrocketing. By 2020, it’s foreseen that 50 billion things are going to be connected to the Internet. These devices can send trillions of messages-exponentially increasing hundreds across the network additionally because of the amount of knowledge which will become insights.
What is Edge Computing?
Edge computing refers to a network that advocates decentralized processing power. It allows data processing at the edge of a network rather than holding that processing power during a cloud or a central information warehouse. The name “edge” in edge computing indicates that it processes data at the source or the point at which traffic enters or exits the network.
Edge computing allows data generated by devices to be processed closer to its source instead of sending it across storage networks. This helps organizations to analyze the data in near real-time. So, in edge computing, data is processed by the connected device by itself or by a local server, rather than being transmitted to a data center. The local edge computing system can send daily reports to the central network instead of directing the data as soon as it’s generated.
Role of Edge Computing
The main role of edge computing is to ingest, store, filter, and send information to cloud systems. Edge computing becomes ideal in many circumstances. Edge computing reduces latency as a result of information doesn’t need to travel over a network to any information center. This is ideal for many industries such as financial services or manufacturing. Though the Internet of things is the key driver of edge computing, many other technologies and uses are accelerating the pace of adoption of the edge computing environment. It becomes an essential component of data-driven applications.
A valuable strategic advantage
As edge computing goes thought, it provides a major strategic benefit for a wide range of industries. Here are five ways that edge computing can remodel businesses within the close to future:
- Lowering Internet of things solution costs: Edge computing allows you to process and analyze-mission critical data closer to the device itself, reducing the amount of data that flows back and forth between the cloud and also the edge of the network. Businesses can select which services run at the edge and what data gets sent to the cloud, lowering the Internet of things solution costs and obtaining the most value from their overall Internet of things solution.
- Added security and compliance: Edge computing helps to address the security and compliance requirements that have prevented some industries from using the cloud. With edge computing, firms will filter sensitive personal info and process it regionally, causing the non-sensitive info to the cloud for the additional process.
- Faster response times: Without a round-trip to the cloud, data latency is reduced, lowering the time it takes to glean actionable insights from that data. In this manner, edge computing is poised to assist autonomous vehicles to avoid collisions, stop industrial plant operations before instrumentation fails and improve any scenario requiring instant analysis of knowledge.
- The dependable operation even with intermittent connectivity: Edge computing enables manufacturing equipment and other smart devices to operate without disruption even when they’re offline or Internet connectivity is intermittent. This makes it a perfect computing model for businesses that calculate the power to quickly analyze information in remote locations like ships, airplanes, and rural areas—for instance, detecting equipment failures even when it’s not connected to the cloud.
- Interoperability between new and legacy devices: Edge computing converts the communication protocols used by legacy devices into a language that modern smart devices and the cloud can understand, making it easier to connect legacy industrial equipment with the modern Internet of things platforms. As a result, businesses can get started with the internet of things without investing in expensive new equipment—and immediately capture advanced insights across their operations
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by Raghu Nandhan | May 14, 2019 | Blog, Industry Trends
One of the fundamental principles of recruiting is that it’s a two-way decision. The candidate is selecting the company as much as the company is selecting the job seeker. And that selection process is getting more complex every day. Today’s candidates are doing their homework when it comes to the organizations they consider.
Part of that homework includes looking for information and recommendations from friends and colleagues. Which is why it’s no surprise that the most common source of hire remains employee referrals? However, technology is taking part in a large role also. Websites like Glassdoor, Indeed, and other social media platforms are popular places for candidates to research what’s being said about a company.
If job seekers are using multiple sources to make a decision about the company, then maybe organizations should consider the same thing. Collaborative hiring is the idea that the company would have multiple people involved in the hiring process, in addition to HR and the hiring manager. This “team” would include the other individuals – both inside and outside of their department – which the candidate would interact with most often.
5 Reasons to Consider Using Hiring Teams in Recruiting
1. You get more diversity in viewpoints-Hiring collaboratively will give diverse and wide-ranging perspectives on what your new role ought to look like, how potential candidates measure up to expectations, and what problems could occur in the future. This drastically decreases the chance of bad hires and ensures that any new hire will slot in well with the team culture. Hiring collaboratively also will inform your current team of the unbelievable price value added by a quality new hire.
2. The candidate gets realistic jobs preview-Let’s face it, sometimes the recruiter and the hiring managers can sugarcoat the job. Or leave something out. It’s not to trick a candidate. Recruiters and hiring manager don’t always do the job they’re hiring for so their impression of the work can be different. By including other people in the process, the candidate can get the “inside scoop” about the work.
3. Because more people are involved in the process, there’s more buy-into the candidate’s success. Occasionally, the company will hire someone that colleagues will not support. Behind the scenes, peers will say, “If we would have interviewed Leonard, we could have told the company he wasn’t a good fit.” Giving co-workers a chance to meet the candidate puts them in a position where they should support the final hiring decision.
4. The candidate has a larger informal network when they start. Every organization has unwritten rules. New hires don’t want to ask their boss or HR about these things. New hires need to have a network of people that they can ask “off the record” questions about policies or company culture. Some organizations are addressing this via a new hire buddy program. Consider including the buddy in the interview process.
5. The Company creates a greater opportunity for employee engagement. The last thing a company wants is to hire an employee and have them leave six months later. Having positive, trusting working relationships is the key to employee engagement, productivity, and retention. Collaborative hiring allows candidates to start building relationships with co-workers.
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by Raghu Nandhan | Apr 24, 2019 | Blog, Industry Trends, Talent Acquisition
Hiring talent has become highly transactional. The candidate searches, the endless planning, and therefore the repetitive screening are inefficient and mind-numbing for Recruitment Trends. It’s time for a brand new era of recruiting that focuses on the additional gratifying components of the job — the human part, the strategic part.
And the lowest unemployment numbers recorded in decades are impacting those trying to recruit the most effective and brightest and forcing them to undertake new concepts once it involves hiring.
Here are a few recruitment trends impacting hiring and how they can impact you:
Diversity is the new global mindset
78% of talent professionals and hiring managers say that diversity is one of the high recruitment trends impacting however they hire.
Diversity used to be a box that the organization checked. But today, diversity is directly tied to organizational culture and financial performance. Our data shows that 78% of organizations prioritize diversity to improve culture and 62% do so to boost financial performance.
Key forces are at play here: ever-changing demographics are diversifying our communities, shrinking talent pools for companies that don’t adapt. Growing proof that diverse group is additional productive, additional innovative, and more engaged also makes it hard to ignore.
Encouraging a candidate to accept a job offer
During an associate degree, candidates would accept almost any job offer. However, within the market during which candidates receive various offers, the recruitment process changes dramatically. This means that the main focus can shift to grabbing offers in terms of remuneration packages, as well as to individual criteria of a particular candidate.
Social network pages will replace CVs
The reality is that only a few candidates have time to update their resume. And whereas you’re utilized, you are doing not update it in the least. It seems that it’s not impossible to become a candidate in principle until you update and send out a current resume. However, these days in place of a resume, it’s enough to appear through profiles on LinkedIn and realize open vacancies. LinkedIn profiles are typically a lot of specific than a resume, and they are viewed by an outsized variety of people.
Employee referrals
Employee referral programs are definitively one among the foremost productive ways that hiring talent and filling open positions. Employee referrals should never stop. Referrals offer quality hire, not as results they recognize someone; however as a result of the most effective worker will usually even outperform recruiters in building relationships, evaluating and selling extremely qualified professionals who are not active in the labor market. In top companies, more than 50% of employees are hired through a referral program
That being aforementioned, we tend to put employee referrals to our list of best recruitment trends for 2021!
Artificial Intelligence is becoming your secret workhorse as a part of Recruitment Trends
Admittedly, this can be one in each of the trends that everyone talks regarding however only very few organizations or professionals understand its impact or what it really means.
The truth is that Artificial Intelligence (AI) has taken a powerful foothold in recruiting and can possibly still continue to take over a number of the repetitive aspects of your job. For example, there’s already software (including LinkedIn Recruiter) that permits you to modify candidate searches and quickly notice prospects that match your criteria. Other technology will assist you screen these candidates before you even speak to them. Chabot’s will reply to candidate queries thus you don’t need to.
Multiply the effects of these examples and the time savings is huge. For the more additional advance aspects of your job — engaging and interviewing candidates — it’s no surprise that AI is seen as less useful.
The HR and recruitment field is evolving every day and with a global workforce transforming, it is time to elevate your company’s recruitment strategy to a whole new level this year.
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by Raghu Nandhan | Apr 8, 2019 | Blog, Industry Trends, Recruitment Technology
Hiring the best talent is one of the most important key for any successful business but it isn’t easy. Over time, the recruitment process has become advanced. The search for good candidates has never stopped. So, to keep up the pace companies are developing and implementing various new ways to improve their hiring process.
Recruitment was considered to be solely dependent on humans but with the introduction of Artificial Intelligence, AI many of us feared to be losing out our jobs. It’s true that AI would replace many of human driven jobs but need of human supervision will still exist. In fact, AI would save a lot of our time which was spent on doing repetitive tasks which now can be used wisely in building humanly relationship with candidates. Henceforth making the whole recruitment process easier and quicker.
Artificial Intelligence can help us overcome biases to make meaningful and data driven decisions. But to eliminate recruiting or interviewing biases we need to understand or identify the biases. Biases can be of many types but one of the most problematic and common one is unconscious bias as we are not aware of it. We tend to make opinion about candidates even before interviewing them just by going through there resume. A candidate who attended a reputed college is not always the right fit. And sometimes we tend to judge a candidate by his physical appearance. His visible tattoos or scars should not be a parameter to question his job suitability. We tend to select applicants who are like minded to us. And sometime we offer a candidate just because out sixth sense or intuition approves it.
Hiring managers should work to revamp their hiring program to remove all visible and hidden bias. Artificial Intelligence has the potential to do this. AI can be used progressively in all stages of hiring that is from resume screening, candidate acquisition to employee engagement and retention.
Artificial Intelligence can help reduce the diversity gap. But there are few drawbacks to AI: It tends to mimics human behaviour. Whatever is put into it gives out similar results. A vast amount of data and information is available so AI picks up the most usual trends like it chooses men over women for tech positions, education qualification over skill set. So intensive care must be taken while writing algorithms to design your AI tool.
This doesn’t mean that AI doesn’t have any future in recruitment. It just means we need to teach AI what we don’t accept it to do. By learning AI can definitely promote diversity by reducing bias. It can help save time by responding to job applicants who fit in the set criteria and also can help resolving applicant’s queries. It can also help detect and analyse attrition patterns.
In conclusion, Artificial Intelligence can help us in lot many ways. It should be accepted and utilized positively and to be considered as something which will take our jobs. It doesn’t inhibit equality. It is easier to remove biases from AI than from humans, so ultimately it has the potential to build an equitable and diverse workplace.
In the near future, existing recruitment system would be more AI driven then now which is data driven as it will be able to find quality candidates in a blink and fill positions easily.
Pragna has been leveraging the AI technology for RPO in the recent times to eliminate bias hiring. AI has undoubtedly and seamlessly done an exemplary job at eliminating bias when it comes to recruitment processes.
Pragna’s AI enabled staffing managers and leaders to attract, retain and inspire the competent manpower which has lead to the success and growth of out Esteemed customers
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by Raghu Nandhan | Apr 1, 2019 | Blog, Industry Trends, Recruitment Technology
Today most of the organizations are leveraging the power of new technologies to streamline the hiring process to identify the best fit for a company. No doubt that big data represents a challenge and an opportunity for recruitment teams and staffing companies, and power analytics is turning into a key part to make a successful talent management process.
At Pragna, we look at the exciting opportunity to determine big data and use effectively. We look forward to working with our clients to leverage the ability of staffing and big data intelligence technology to improvise their talent pipeline and resource investments.
What Power Analytics Means to the Staffing Industry
Here are the primary impact areas of Power Analytics in Staffing
Traditionally, predictive analytics has helped the staffing firm to deal with the essential business queries of “who, when and why.” However, once applied to the staffing firm, predictive analytics helps to anticipate and optimize
Talent acquisition: helps to identify who is the top best? When should they be contacted? Why is this requisition/ job change opportunity attractive to this top talent?
Talent planning: Predictive analytics will optimize a talent pipeline by investing talent information to establish key factors that may result in higher resource allocation. For instance, identifying the simplest locations to speculate on recruitment campaigns for certain skills.
Job-response optimization: Throughout the recruitment process, power predictive analytics helps organizations optimize their job-postings response. Data analysis will give staffing firms with custom recommendations and tailored best practices to assist firms to overcome with higher responses to their job postings based upon primary factors such as period duration, location, occupation, and industry.
Client acquisition: A staffing firm’s talent database is its proprietary competitive advantage and sales tool. Therefore with the facility of power analytics to harness a staffing firm’s massive knowledge and provide valuable insight into the talent existing on hand, a firm is empowered to drive future sales conversations directly aligned to the talent they need.
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by Raghu Nandhan | Jan 21, 2019 | Blog, Industry Trends
If you’ve been in business for a while, you would know by now that mistakes are part of the process. New businesses and start-up companies are slowly learning this. Nobody is perfect, but some mistakes happen on a larger scale than others.
Lots of these mistakes can be avoided. Brands are making these mistakes only because they don’t see them until it’s too late. Realistically, there are hundreds of mistakes different businesses make each day.
However, I am going to talk about specific types of mistakes which can be avoided easily. Your business always needs to be growing. If sales start to drop off, it’s going to be a major problem for your company. But you can prevent this by avoiding few common mistakes I’ve discussed below. Use this as a reference to correct any of the mistakes you’re currently making or to avoid making them in the first place.
- Forgetting about the customer: Your business will live and die by your customers. All of your decisions need to be profitable. These two statements don’t always add up. But you need to find a balance between them if you want to grow. On one hand, a decision you make could reduce your operational costs and ultimately drive up your profit margins. But if that cost reduction impacts the quality of your products and services, it’s not going to benefit your customers.
As a result, sales will start to drop. So if you forget about your customers, it will be easy for them to leave and go to one of your competitors instead. If you put more emphasis on making your customers happy, the rest will take care of itself. Don’t cut cost just to turn a higher profit.
- Overlook sales: Shockingly, this is a major issue. Sometimes brands start to lose sight of why they are in business. You’ve got to be making money. This money stems from sales. That’s the best way to make sure your company will grow and won’t stall in a plateau. If what you’re doing doesn’t translate to conversions and transactions, it’s not helping you. Running out of cash is one of the top reasons why start-ups fail.
If you can focus on new ways to generate sales, you’ll always have a steady cash flow. You may have many other areas of your company that require attention. However, you need to have priorities. You can’t let sales take a back seat, or it’s going to be a problem for you in the future.
- Neglecting data: Another common issue is that companies ignore the metrics completely. I’m talking about factors such as:
- Website traffic
- Conversion rates
- Click-through rates
- ROI
These are just a handful of the top metrics every marketing manager needs to track. Without this data, how can you know if your campaigns are successful? How will you know what decisions to make? Another common issue is business owners are clinging to the wrong data. Here’s an example to show you what I mean.
Let’s say your business has website traffic that is increasing exponentially. You can’t just assume that it means your company is successful. If your sales and conversions aren’t increasing at the same rate, you’re not actually growing, which should be a major concern for you. That’s why you need to track your data and know how to analyse it properly as well.
- Saying no to new technology: Adapt or die. This sentiment can be applied to nature as well as business. Resisting to change will be the downfall of your company. That’s why you need to educate yourself about new technology trends such as:
- Live chat
- Artificial intelligence
- Automation
- Machine learning
- Beacon technology
These are all things that can help your business grow. Many business owners are stuck in their old ways. But just because something worked for you back in 2005 doesn’t mean that strategy will work in 2019. To be successful in the future, you need to look beyond today, tomorrow, and next year. You need to be prepared for technology advancements coming in 2022 or 2025.
Keep up with the latest trends. You don’t need to apply everything right away, but you have to start somewhere. Have an open mind moving forward, especially when it comes to technology advancements.
- Not analyzing your competitors: Your business doesn’t operate in a vacuum. There are outside factors that will have a direct impact on your success. You need to keep an eye on your competitors. Otherwise, they’ll steal your customers before you even realize what happened.
Compare yourself to them to see how you stack up. It’s simple but very effective. It forces you to see where your business stands on paper. Just saying things like “we’re really good at what we do” doesn’t give you any benefit. When you put things in writing, any mistakes or areas where you can improve will be more obvious.
You can also take advantage of helpful tools to monitor your competitors. One of the first things you need to do is identify whom you’re competing with. You should analyse competitors locally, regionally, and online as well. Compare your prices to them. Look at their websites. Check out their advertisements and social media campaigns. What’s working for them? What needs improvement? Then, you can apply what’s working for your competition in your own business. Avoid their mistakes. See what customers are saying about your competitors online.
- Disregard customer reviews
In addition to reading what people think about other companies, you need to see what customers are saying about your business online? There are lots of different places you need to check, such as:
- Reviews on your website
- Third-party sites, e.g., Google or Yelp or Glassdoor
- Social media comments
Respond to reviews. Take notes about what customers are saying. Make the necessary changes based on this information. Group common reviews together. If all of your customers are having the same problem then try resolving the issue as soon as possible. In addition to harming your relationships with existing customers, unanswered bad online reviews will have a direct impact on future sales. In fact, 92% of people read reviews before making a decision. Further, 88% of consumers say they trust an online review as much as a recommendation from someone they know. This impacts their buying decisions. Furthermore, 35% of people are less likely to buy if no online reviews are available.
This means you need to take this strategy to the next level. Not only do you need to read and monitor reviews, but you also need to encourage your customers to write reviews to improve your online reputation. Ignoring this will be a costly mistake.
- Not accepting more payment methods: This relates to the point about forgetting the customer. I know it’s more expensive for you to accept certain forms of payment compared to other options. However, everyone has different preferences. The days of just accepting credit and debit cards are over.
As I said before, you need to adapt to new trends and technology. Digital payments are becoming the way of the future. Today, 19% of consumers are using digital wallets. You would not want a customer to change their mind about a purchase because you don’t accept their preferred payment method. Don’t expect them to just reach for another card. Instead, they’ll go find what they’re looking for from another business.
- Never offering value: Why should people buy from your business? It may sound like an odd question, but think about it for a minute. You need to create a highly effective value proposition. This will make it clear to everyone why they should buy from your business. You need to understand the wants and needs of your customers. There’s a big difference between what consumers want and what marketers want:
Today 72% of consumers want to see posts from brands on social media related to discounts and sales. However, just 18% of marketers post those things. There is obviously a major discrepancy here. Even if you don’t want to offer discounts all the time, you still need to come up with ways to add value to your brand. Otherwise, consumers won’t have a reason to buy from you, and sales will eventually decline.
Conclusion
Nobody is perfect. Every business makes mistakes. However, you can reduce the chances of making these errors if you know what to look for before it happens. Some of you may already be doing some of the things I’ve covered on this list. But now, you can identify those mistakes and make changes before they get out of hand. If you can stay clear of the blunders I’ve outlined above, it will help your business avoid a plateau or a decline.
So as the famous quote says “Learn from the mistakes of others. You can never live long enough to make them all yourself”, learn from your mistakes as well as from other companies in the market. By doing so you can continue growing.
What types of mistakes does your business need to fix to stimulate growth? Do tell us in the comment section below. And if this helped you in any way then do not forget to share the blog with your friends on Facebook, LinkedIn and other social media platforms to amplify its reach.
Pragna is a young and dynamic company determined to make a mark in HR and Recruiting space. We provide and deliver a wide range of HR solutions and quality software and services for businesses of all sizes. Click here to know more about us.
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