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.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Apr 18, 2019 | Blog, Recruitment Technology, Talent Acquisition
In 2011, only 54% of recruiters believed we have a tendency to be heading towards a candidate-driven job market. The time (and the numbers) has changed, and today, 90% of recruiters agree on the crucial role of candidates in any hiring plan.
A candidate’s opinions of your organization are going to be formed nearly entirely by the recruitment method. Consider their first initial point with your company as a primary date. While it’s crucial for the candidate to sweep the recruiter off their feet, recruiters usually forget however it is necessary for them to make a positive impression in favor of the organization.
After a nasty candidate experience, 72% of jobseekers report sharing their encounters online. This alone will severely diminish an organization’s complete equity and stop future candidates from considering them as employers. In fact, 55% of jobseekers report avoiding bound corporations when reading negative reviews.
Every interaction with a candidate sends a transparent message concerning the organization. Let’s examine some common enlisting mistakes, and also the message they send to smart candidates that may scare them away.
We explore the reasons behind this shift and share five trends in recruitment for 2019.
#1 The Rise of the Employer Brand
Studies by LinkedIn show that over half of jobseekers conduct thorough research about a brand before applying. Now, for SMBs this could be a challenge — mid to large-scale companies have an established online presence and even word-of-mouth repute, small employers risk coming off as unfamiliar and uncertain. In 2019, this section can invest heavily in employer branding initiatives to draw in high talent.
To build a strong brand, CHROs must have a dedicated tech team focused just on HR technology. Employer brands are maintained on the underlying technology that supports their initiatives. The Best practice is to have the tech team report to HR, not to IT. Technology moves quickly, so having experts focused solely on HR’s direction and initiatives are imperative. CHROs must be ahead of changing technology.
#2 It’s Social All the Way
2019 is a generation that’s grown up online, using social media to shop, ask for recommendations, and even job hunt. While social recruiting gained plenty of momentum in 2018, next year it’ll be a must-have. Further, in a candidate-driven job market, social media may be a bigger game changer holder recruiters realize and connect with passive talent.
#3 Drawing out the recruitment process
The interview method can be lengthily based on companies hiring policies. The overall method can take an average of 23.7 days. While a good candidate may be considering your organization, they’re likely possible considering different companies as well. By drawing out your process, you are communicating to a good candidate that not only is you still not sure about them, but they might not be your top pick. As a result, sensible candidates could withdraw themselves from the pool. Having multiple screening ways beyond the interview (IQ tests, presentations, panel interviews, etc.) also slows down the process and build more hurdles that scare candidates away.
Eliminate any uncalled steps or meetings, and make an offer as quickly as potential. Remember, if you string candidates on and treat them poorly, they’re going to possibly share their experience on sites like Glassdoor, thus communicate transparently and regularly.
#4 Proactive Recruitment Marketing Strategies
Recruitment promoting has been around for a minute, however specific campaigns are typically connected to a forthcoming hiring event, a spike in attrition, or seasonal shifts. In other words, it is reactive in nature. In 2019, this is poised to change with recruiters investing in solutions or partnering with agencies, helping create a continuous conversation around the company — and thereby boost candidate interest levels. There are already a good deal of recruitment marketing tools available like LinkedIn Talent Solutions or Breezy HR, and more will join the list in 2019.
#5 Forgetting to sell the company and opportunity
Finally, keep in mind that as a recruiter, you’re attempting to sell a candidate on your organization. It’s necessary to be clear about the realities of the job. It’s also crucial to share positive information about the culture, highlight their growth potential, and always ensure the candidate is completely informed of all aspects of the role they are interviewing for. Like in any sales cycle, you must close the positions!
Losing sensible candidates to a bad recruitment process will solely harm your talent pipeline, however can influence how candidate interact with your brand and products at the end of the day. The best candidates perceive that interviewing could be a two-way street, this information should be shared each way, and candidates should be treated with respect and value!
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Apr 8, 2019 | Blog, Industry Trends, Recruitment Technology
Eliminate Bias in Hiring :
The staffing industry thrives on finding the perfect fit: matching a candidate’s skills and experience with an employer’s specific needs. But unconscious bias, a persistent challenge in traditional hiring, can skew this process, leading to the exclusion of talented individuals. This is where Artificial Intelligence (AI) steps in as a game-changer, offering the potential to revolutionize hiring by eliminating bias and creating a more equitable playing field. Here you can find few steps to how AI Eliminate Bias in Hiring.
The Pervasiveness of Bias in Hiring
Unconscious bias, also known as implicit bias, refers to stereotypes and assumptions that unconsciously influence our judgments. These biases can creep into every stage of the hiring process, from resume screening to interviewing. Here’s a glimpse into how bias manifests:
- Resume Screening: Recruiters, bombarded with applications, may make snap judgments based on names, schools, or previous employers, unintentionally passing over qualified candidates.
- Language in Job Descriptions: Words like “aggressive” or “dominant” might deter female applicants, while phrases like “rockstar” or “ninja” skew towards younger generations.
- Interviewing: Interviewers might unconsciously gravitate towards candidates who resemble themselves or share similar backgrounds, leading to a homogenous workforce.
The consequences of bias are far-reaching. It leads to the exclusion of diverse talent pools, hindering innovation and creativity within organizations. Studies show that companies with a more diverse workforce outperform their less diverse counterparts. A report by McKinsey & Company found that companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their national industry medians.
AI as the Antidote to Bias will AI Eliminate Bias in Hiring?
AI offers a glimmer of hope by introducing objectivity and data-driven analysis into the hiring process. Here are some ways AI can combat bias:
- Skills-Based Screening: AI algorithms can scan resumes and applications for keywords and experiences relevant to the job description, filtering candidates based on objective criteria rather than subjective impressions.
- Blind Screening: AI can anonymize resumes by removing names, genders, and universities, ensuring recruiters focus solely on skills and experience.
- Language Analysis: AI can identify potentially biased language in job descriptions, prompting employers to rewrite them using more inclusive and neutral terms.
- Standardized Interviewing: AI-powered chatbots can conduct initial interviews, asking standardized questions and evaluating responses based on pre-defined criteria. This removes the influence of personal biases interviewers might have.
- Predictive Analytics: AI can analyze past hiring data to identify patterns of bias and suggest ways to mitigate them.
AI in Action: Proven Results
The potential of AI in reducing bias isn’t just theoretical. Here are some real-world examples:
- Atlassian: This software company used AI to remove gendered language from job descriptions and implemented blind screening. As a result, they increased the percentage of female applicants from 10% to 57%.
- PwC: PricewaterhouseCoopers used an AI-powered platform to assess candidates’ written communication skills. This approach ensured a more objective evaluation and reduced unconscious bias based on writing style.
- Sodexo: The food services and facilities management company leveraged AI to analyze resumes for skills and experience, leading to a more diverse pool of qualified candidates for open positions.
These success stories demonstrate that AI can be a powerful tool for promoting fairness and inclusivity in hiring. However, it’s important to remember that AI is not a silver bullet.
The Human Factor: Collaboration is Key
Here’s why a human-in-the-loop approach is crucial:
- Data Quality: AI algorithms are only as good as the data they are trained on. Biased data sets can lead to biased results. Human oversight is essential to ensure data quality and identify potential biases within the AI system.
- Ethical Considerations: AI developers and users must be mindful of ethical considerations. Ensuring transparency and fairness in the development and deployment of AI hiring tools is paramount.
- Final Decisions: AI should be used to enhance the hiring process, not replace human judgment entirely. Hiring managers should leverage AI insights while utilizing their expertise and experience to make the final hiring decisions.
By combining the power of AI with human expertise, staffing professionals can create a more objective and inclusive hiring process, leading to a more diverse and successful workforce.
The Future of AI-Powered Hiring
As AI technology continues to evolve, we can expect even more sophisticated tools to emerge, further reducing bias and streamlining the hiring process. Here are some exciting possibilities on the horizon:
- AI-powered skills assessments: AI can go beyond resumes and cover letters, evaluating candidates’ skills through simulations, coding challenges, or other interactive assessments.
- Virtual Reality (VR) Interviews (continued): VR simulations can create standardized interview environments, minimizing the influence of personal biases during in-person interactions.
- Neurodiversity Recognition: AI could potentially analyze speech patterns and behavioral data to identify candidates with neurodiversity, like autism, who might possess valuable skills and perspectives often overlooked in traditional hiring.
The Staffing Industry’s Role in Leading the Change
The staffing industry has a critical role to play in championing the use of AI for bias-free hiring. Here’s how staffing agencies can take the lead:
- Partnering with AI Developers: Staffing agencies can collaborate with AI developers to create and implement fair and unbiased hiring tools specifically tailored to the needs of the industries they serve.
- Educating Clients: Staffing professionals can educate clients about the benefits of AI-powered hiring and address any concerns they might have regarding technology replacing human judgment.
- Building Diverse Talent Pools: By leveraging AI for skills-based screening and outreach, staffing agencies can expand their talent pools and connect employers with a wider range of qualified candidates.
Conclusion: Embracing the Future of Hiring
The potential of AI to eliminate bias in hiring is undeniable. By embracing AI and using it responsibly, the staffing industry can usher in a new era of fair and equitable hiring practices. This will not only benefit diverse talent seeking opportunities, but also empower businesses to build stronger, more innovative workforces.
Remember, AI is a tool, and like any tool, its effectiveness depends on how we use it. By fostering a culture of collaboration, continuous learning, and ethical considerations, the staffing industry can leverage the power of AI to create a more inclusive and successful future of work.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Apr 1, 2019 | Blog, Industry Trends, Recruitment Technology
What is Analytics in Staffing
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.
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
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 Big Data Recruitment.
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 an 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 a 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 to recruit 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:
Volume
- Variety
- Velocity
- Variability
- Veracity
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 the internet about the candidate. Thus, helping a recruiter to evaluate the candidate from several angles. A candidate’s social media profile can help a recruiter to screen not only on the basis of his skill set but also help analyze his personality and find whether 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 it 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 analyze data to provide the best possible fit for a position. Big data should be augmented with current recruiting practices and not replace it entirely.
Summary:
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 a good number of benefits to our Customers, when compared to traditional managed service
For more about Recruitment updates follow our Insights for more info Contact Pragna Solutions for your all RPO Recruiting and Offshore Recruiting Solutions.
by Raghu Nandhan | Mar 15, 2019 | Blog, Recruitment Technology, Talent Acquisition
Vendor Management System
Can you answer these questions?
- How many contractors do you use? How many suppliers?
- Are your labor 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 Vendor Management System 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 labor, and freelancers.
Most organizations report that they expect their need for non-employee workers to grow more in the near future. The problem is that every other organization 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: Vendor Management System.
The way organizations 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 organizations. Perhaps more troubling is the fact that most contingent labor 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 organizations.
- Clarity: Lack of clarity is one of the key reasons organizations do not know what they are spending on contingent workers. Ardent Partners research indicates that organizations 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 unauthorized 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.
Remodeling Vendor Management System Requirements
Today’s organizations 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 labor 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 organizational 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.
