Investing in a Hiring Software in 2023? Then Read This…

Candidate hiring is one of the most complex operations in a recruiter’s job profile. It involves working with a range of hiring software features that CHROs have in their stack.

What is a hiring software?

A hiring software is one of the most powerful tools in a modern CHROs HR tech stack.

Generally, it is a compilation of software-based features for hiring managers and recruiters that help them hire qualified candidates in a proficient manner. These features include job posting, ad management, candidate matching, CV parsing and so on. Buying a hiring software is a difficult process and therefore, it requires trained eyes to look out for best HR Tech solutions that meet exact hiring and recruitment needs. Having access to a reliable HR tech tool such as hiring software can completely transform the way you do your business with people — your employees and recruiters. With AI and Robotic Process Automation (RPA) coming into the fold, HR managers are expected to close their hiring gaps sooner

Years of innovation in HR technologies related to recruitment and hiring processes have changed the staffing industry completely. In 2020, the global staffing industry was projected to earn a revenue of close to 500 billion US dollars. Despite pandemic and shift to remote workplace culture, staffing industry witnessed 11% decrease in its projected revenues for the same year. In 2022, the industry has bounced back tremendously and this has put the onus on the HR Tech making companies to further consolidate the position of recruitment and hiring operations from the global standpoint in 2023. If you are looking to invest in a hiring tool for your staffing needs, there is a high chance you will come across 50+ different names who somewhat meet your requirements; yet, you are unhappy with the final outcomes!

Basics in the Kit

HR mangers are conveniently sold on the basic features that a majority of the hiring software promise to deliver. The basic functions of a hiring software are listed below:

  • Candidate Sourcing
  • Candidate Lifecycle Management
  • Engagement
  • Pipeline Management (Selection)
  • Hiring
  • Onboarding

Typically, hiring managers look out for a software that would track applicants from various sources and screen these candidates through various means to close the position. Now, basics may fit your organization initially when you start hiring but as your employees age and your branding solidifies, you may be forced to look out for newer ways to build your talent pipeline and sustain business without interruptions, particularly in the era of uncertainties.

So, let’s prepare you for hiring in 2023.

In this article, we have highlighted what you should look for in a hiring software to empower your staffing manager and recruiters without impacting your overall HR budget for these operations.

Centralized Candidate Data Management

Candidates use different platforms to apply for the same role. Also, it could be a very difficult task to segregate profiles of different candidates with same or similar skills and experience whom you would like to select for the job role.What you need is a centralized data management system to help you work out of such database!

Is your current Applicant Tracking System (ATS) potent enough to turn your hiring software into a powerful skills matching tool?

If not, you should immediately switch to a hiring software that equips your hiring managers with new features for ATS integration. This is particularly useful in identifying candidates for new job roles in the organization from a pool of elite workforce. An ATS with the provision to centralize candidate data from external and internal sources allows you to select a candidate profile that best suits you. With centralized data management system for hiring needs, you can easily amp up your efforts and do so much more than just skills-based matching and posting ads. A top hiring software can centralize your recruitment by increasing candidate engagement rates, build stronger pipelines for your recruiters to make better choices in hiring, and improve recruitment efficiencies quarter by quarter.

Find New Sources of Candidate Profiles

HR technology users in hiring teams can do so much more with data analytics than just pooling in candidate for interviews.

Recruitment-centric data analytics in HR software solutions would emerge as a game-changer in 2023. Recruiters who want to transform their hiring business would require easy access to data and analytics to recruit best talent from local and global talent hubs. This means, investing in a software that sets up quicker recruiting cycles, provides predictive analytics on job-skills fit and other valuable insights that can do the hiring job faster than any other tool in the business. An ATS with built-in AI-based candidate matching and assessment scoring tools would push the bar higher in the recruitment world in 2023, and the hiring software companies that deliver these solutions would rule the minds of CHROs.

Hybrid Assessments

Online software tools for hiring are gaining popularity in the remote and hybrid era where candidates can apply online for a job and immediately appear for skills test. The market for online recruitment is projected to touch ~$44 billion by 2027.

If you are looking to close job vacancies quickly in remote or hybrid era, you should definitely pick a software that allows you to set up online interviews, skills-scoring through online assessments and app-based video interviews/ screening. Hybrid screening of the candidates can not only solve your hiring mistakes but also allow you to build a reasonably strong talent pipeline in a very short time.

Have AI? Then Use AI for Hiring

Artificial Intelligence (AI) in hiring software would continue to be a high-value proposition for recruiters in 2023. From building an analytics-driven candidate profile for interviews, to setting up Conversational AI chatbots for scheduling and meetings, AI’s superhuman capabilities is a must-have for you to succeed with hiring in 2023.

Having an AI feature in hiring and recruitment management directly impacts quality of hire, recruiter efficiency and candidate experience management.

Experts have advised hiring companies to move ahead very strongly with their AI plans in the digital world. AI’s role in talent acquisition, in particular, can solve so many problems for recruiters who often struggle with finding best candidates for specialist roles. Moreover, AI can completely automate various tasks that are repetitive in nature, and require little or no intellectual decision-making to accomplish.

The Future Of Hiring Software: 2023 and Beyond

With the continued rise of AI, anti-bias software, and other all-in-one HR solutions, the demand for recruiting technology isn’t going away. Demand will only continue to accelerate and grow in 2022.
On the contrary, it is automating more and more tasks away from recruiters, similar to other industries. This has advantages and disadvantages, of course, but whenever a machine can be programmed to do something for us while remaining objective, it’s only a matter of time before it’s given that task.
As a result, HR professionals across the country must keep this in mind, as recruiting is quickly becoming a highly quantifiable and automated role comparable to marketing or sales.
The future has arrived, and it is not going away anytime soon.

Top hiring software for 2023 that you must look at:

With online recruitment software, users can streamline the entire recruitment process, making candidate recruiting and applicant tracking more efficient, as well as reducing the time it takes to hire new employees. Throughout the hiring process, recruiters, HR personnel, and hiring managers can access a single centralized database. Users can use this database to post and distribute job ads to a large number of candidates, store and manage all applicant information, and track each applicant throughout the hiring process. This central location facilitates communication among recruiters, human resources personnel, hiring managers, candidates, and new hires.

Some of the top hiring software in the market are:

  1. Zoho Recruit
  2. Gem
  3. CEIPAL ATS
  4. Sense
  5. Indeed Hiring Platform
  6. Hired
  7. SeekOut
  8. Hireology
  9. hireEZ
  10. SmartRecruiters

[To share your insights with us, please write to sghosh@martechseries.com]