What would hiring managers and recruitment professionals do if they could save about 15 days of work for every new job vacancy in the US market?
They could focus their time on other important tasks, bring in top talent before the competition does and, spend time building a relationship with the new employee, right?
Regardless, the US’s best recruiters spend about 44 days or about 10 hours a week for new talent acquisitions. That is about 560 hours a year or about 47 hours every month!
But thankfully, that’s not what hiring has to look like. Recruitment softwares have come to our rescue!
They automate the hiring process and streamline recruitment to hire top talents cost-effectively and in no time.
But do you really need a recruitment software? Is your current recruitment software enough to tackle the behemoth of hiring? How do you choose a recruitment software that gives you an edge over the competition?
With SaaS models on the rise and market vendors offering such a multitude of hiring software and recruitment technology, you might find yourself in deep waters over choosing the right option!
This comprehensive guide to recruitment softwares will salvage you from the muddy waters and tell you everything there is to know about recruitment softwares.
So, without further ado, let’s get rolling!
This article covers
- What is a recruitment software?
- Why use recruitment software?
- What should you look for in a recruitment software?
- How much does a recruiting software cost?
- What is the right recruitment software for you?
- How can recruitment softwares help you at every stage of the hiring process?
- Best recruitment software of 2020!
What is a recruitment software?
Recruitment Software is any software that helps hiring managers, recruiters, and talent acquisition professionals streamline and effectively manage the process of recruiting qualified and talented people.
It is an umbrella term that encompasses several other technologies, tools, and softwares with this feature, like Application Tracking System, Customer Relationship Management, interview softwares, etc.
Recruitment Softwares became a vogue in the 1990s and have since helped recruiters fill vacancies, sift through stacks of resumes, screen candidates and interview them.
They streamline the entire hiring operation and various functions in the recruitment process- sourcing jobs, screening candidates, selecting them, and analyzing data.
Sounds good so far.
How do you make the most of your hiring budget, increase the hiring speed, and improve the overall hiring process using these softwares?
Let’s see why you might need a recruitment software. (Trust me, this is important)
Why use a recruitment software?
- Automated processes– Recruitment softwares automate all non-candidate-centric steps of hiring. They create data repositories (that can be assessed in a single mouse click), update ledgers, screen and filter data on preset conditions, preschedule interviews (by coordinating between candidates and stakeholders) and make recruitment facile, smooth, and hassle-free.
- Reduced error– Hiring softwares execute operations on data and algorithms. They are hence reliable, almost error-free, and unbiased in their evaluations.
- Builds employee brand– Employee brand is the company’s culture, values, and mission as presented to the public. Employee brand has a substantial impact on the company’s ability to hire top talents in the industry. By focusing on employee experience and making the hiring process transparent, recruitment softwares build a strong employee brand. A positive brand signal attracts top talents and makes the candidate feel that the firm is reputable, and he/she should work there.
- Increase in hiring speed– Recruitment softwares streamline event logistics and cut down several manual tasks. This helps increase recruitment speed and help you hire top talents sooner than later. You can then build a meaningful relationship with the new employee and give him/her more time to adjust to the new role. The recruiter’s productivity is also enhanced as he/she has extra hours to focus on other tasks.
- Better sourcing and reach– Hiring softwares have saved us from scouring different job boards and social media to find the right candidate for a particular job position. Their centralized platform creates requisitions, uses predefined roles to create job descriptions, and makes posting vacancies on job boards and various social media platforms possible injust one click. With geolocations, keywords, and targeted advertising of these softwares, recruiters now have a wider reach and more options where they can source.
- Remote Operation possible– You can access traditional recruitment methods only during working hours. But a recruitment software allows you to engage with potential clients anytime and anywhere you want. This maximizes your productivity, helps you respond to candidates faster, and hire the best talents in no time.
What should you look for in a recruitment software?
Now that you know some of the general features in all recruitment softwares, we can quickly discuss other critical features that you should look in a recruitment software.
By the end of the list, I hope you will know which of these features are the most imperative for your business model.
- Integration with other softwares– should be able to integrate with softwares like HCM, payroll, etc.
- Scalability– should be scalable with your business.
- Flexible pricing– so that you don’t pay for the features you don’t want or need.
- Responsive design– so that the platform is mobile/tablet friendly for both the recruiter and the candidate.
- Low latency– to ensure that the software processes fast.
- Good Customization feature– to ensure that you can brand the software.
- Easy to use and operate– so that the HR can get adapt to the new software easily.
- Good Vendor track record– to assist you when you run into any problem or want to make a software switch.
- Local support– so that the local vendor can look into your problems onsite if remote help is not available.
- Privacy and Security– to ensure that your data is secure (data breach might put your company’s reputation at risk).
Choose the right deployment model!
Choosing the right deployment model for your recruiting software is also critical to your hiring process’s success. Analyze your business model carefully to tip the scale towards cloud or on-premise and keep these things in mind
With on-premise deployment model-
- Your company hosts the recruitment software!
- You have to buy the server license for a private/dedicated server, which is usually quite expensive!
- No additional costs/fees is needed after you purchase the server license!
- You have complete control over your company’s data and resources!
- An It team is required for server maintenance!
- Preferable if you have a large company!
Cloud- Hosting is the more popular option! With cloud hosting-
- The vendor hosts the recruitment software on a cloud platform!
- You pay only a monthly subscription fee (hence cost-effective) !
- Data and resources are not in your control!
- Can be used by all kinds of business model!
How much does a recruitment software cost?
When you invest in something so crucial for your business, you want to be armed with as much pricing knowledge as possible, right?
Well, there’s no single, specific way that can estimate the cost of your recruitment software.
As we have already discussed, the hiring software costs vary on your organization’s particular needs and size. Almost all recruitment softwares are scalable and have flexible pricing.
That said, most of the recruiting softwares fall into one of the three pricing models.
- Pay-Per-Recruiting Manager– As the name suggests, you pay a one-time or monthly fee based on the number of hiring professionals/recruiting managers that use that software. This is the most popular model used price recruitment software, and prices can range anywhere between 50$-$100/month. Big Biller and Omnistar are two softwares that use this model.
- Pay-Per-Hire-Pay-per-Hire stipulates payment only when you hire someone. This is a good option for you if you hire only during specific times of the year and don’t want to pay a monthly or yearly fee. The pricing of this model can be anything between $150-$500. Kronos and BrightMove are two examples that work this way.
- Pay-Per-Employee-You should opt for this model if you have a larger firm and want to pay based on your company’s size. This model is ideal for you if you wish both the employees and recruiters to access the software. The model gets cheaper as the number of employees grows and can cost anything between $4-$10 per employee per month. Popular Recruitment software like WorkStream and BambooHR use this model.
Some recruitment softwares use a mix of the three.
A few softwares like HiringSteps (pay-per-job opening) have also started using models of their own.
What is the right recruitment software for you?
Software ecosystems are now overthrowing legacy implementations and scaling horizontal reach, proffering more software solutions than ever before. With such a plethora of options available, you might find yourself rifling through several catalogs and feeling lost!
Which one should you use for your company?
The answer to this question is not simple. Your business is unique, and so will be the hiring software you will use.
But there are many questions, answering which can help you come close to finding the right recruitment software for your company.
Let’s list them
- What are your hiring goals? What do you want to achieve with this recruitment software? (Is the software primarily to maintain a database of candidates or a means to find people whose values align with the company?)
- Do you hire short term and infrequently or throughout the year? (what pricing model you want to use?)
- What new features do you want to incorporate or what features are missing in your existing software, if you have one)?
- If you invest in a new hiring software, is your recruitment team prepared to adopt that software? (is the ease of use a priority, or are you looking for more functionality)
- What is the size of your organization, and what is its hiring budget? (what is the right deployment model for you?)
Consider the real-world application of the software and how you will use it.
The mantra is just to know thyself! Think deeply about what you might need, not just now but also in the future.
Don’t be afraid to test the waters.
It could be possible that traditional recruitment methods or old technology solutions have worked for your company in the past. But now maybe it’s time to change. The change may not be easy, but adopting new trends and using data to your advantage may create a total shift in your organization for the better.
How recruitment softwares can help you at every stage of the hiring process
Now that we have sorted all the preliminaries, let’s get to the meat of the matter.
How can recruitment softwares assist us in the four stages of hiring- Vacancy management, sourcing and engagement, selecting and hiring, and data analysis?
Let’s take them one by one and understand.
This is the stage where you manage positions newly created or vacated. There are three steps and ways in which a recruitment tool can assist you at this stage.
- Requisitions-creating requisitions quickly using predefined job positions, roles, and functions.
- Approval dashboard– bringing together all stakeholders to effectively communicate and avoid the silo approach
- Pre-screening-vetting resumes and pre-screening to filter applications that fulfill some basic minimum requirements
Sorcehub- The automated search pool of Sourcehub can help you search nearly 15 different social media sites for the apposite candidates. All you have to do is enter words and phrases associated with the job opening, the skills you want in your potential hire, the job’s location, and the targeted social media you want to reach. And boom! You have a colossal candidate supply in no time!
Chatbots– Chatbots is my favorite recruitment tool! They save us so much time by responding to the candidates, answering questions, sending instructions, and scheduling interviews! If there is one recruiting tool that every hiring professional must have-it is this! XOR, Olivia, Brazen, Ideal, and Espressive are some great chatbots that you can use!
This is the stage where you send out job applications to external recruiters, job boards, and social media sites to create a repository of top talents that match your company’s values. This involves-
- Talent search– accessing a dictionary of leads, reaching job boards and social media sites best suited for the vacancy.
- Engagement– browsing, organizing, and accessing the applications at one place along with sending branded automated emails, filtering with geo-location search, and keywords.
Oorwin– Oorwin is a great automated recruitment tool with an automated inbuilt function to give recruiters custom-made job descriptions. These descriptions can be tweaked in just a few minutes to be made ready for external job boards and social media platforms. If you are a large firm that hires throughout the year and has several different vacancies, then this is an indispensable tool that will avoid the consternation that goes into requisition management!
Skeeled– Asynchronous, one-way video interviews are increasingly replacing phone screening. Video interviews allow you to see the body postures, and Skeeled is one such video interviewing software. It allows recruiters to stipulate 1 to 5 questions and the answer time for the applicants. Candidates are allowed to see the questions beforehand and send a one-way video interview (he/she is given three attempts to record the video) to the recruiter. This way, hiring professionals can find the most suitable candidate for a face to face interview and avoid spending 5-10 minutes into the interview only to realize that the candidate is not fit for the job! Harver and HireVue are two similar softwares for Video Interviewing.
Customer Relationship Management Softwares-
Recruitment is changing in a fundamental way. 31% of the world’s working population is now freelancing, and reports predict that this figure will grow exponentially in the coming decade.
Traditional sources of recruitment are no longer yielding the results they were in the past. Genuinely talented people are not looking for work actively even when their profiles tell you that they are open to work.
The global pandemic has redefined the way we work and brought conversations of automation and AI to the forefront of social consciousness. Recruiting in this economy tougher than ever before.
Vicissitudes in competitive recruiting stipulate a robust talent acquisition suite that recruits candidates and creates talent pools and fosters a dynamic relationship with passive clients. You can fill vacancies with these talent pools, save sourcing time, efforts, and costs while ensuring a candidate pipeline throughout the year.
Customer Relationship Management softwares (CRMs) help us achieve this. Smashfly is a very popular CRM that imports contacts from job boards and social media sites and invite them to join a company’s talent network. It builds a strong relationship with all candidates and creates a talent pool that can be used in the future. The software claims to reduce 80% cost per applicant, a 25% increase in talent network leads, and a 86% reduction in hiring time.
This is the stage where you screen, select, interview, and hire candidates. Application Tracking System (is the broadest category of recruitment software) can help one achieve this!
- Candidate Applications– Using resume parse technology allow candidates to upload CVs, documents, and videos and create profiles quickly.
- Applicant workflow-Keep track of the entire hiring process through one dashboard.
- Candidate Scoring– Filter applications and score candidates based on their resumes.
- Interview Management– Use a digital calendar to pre-schedule interviews between candidates and stakeholders.
- Collaborative Recruitment– Make notes and share it in the recruiting panel to hire the best candidates collaboratively.
Gamification– Neuroscience and AI algorithms, like Pymetrics, are filtering candidates for recruiters in a gamified way. Managers ask their best employees to play this game and score them on memory, focus, empathy, and other such values. The candidates are then asked to play the game. Pymetrics then recommends candidates who score close to the company’s best employees.
Onboarding tools– Even when you have found the perfect candidate for your company, you have to make sure that he/she has a good onboarding experience. A lot of time is spent on training and onboarding of the new hires. You certainly don’t want candidates to leave once they are hired, right?
With tools like Click boarding or Bamboo HR’s recruitment self-boarding, you can notify and communicate with your hire about the things he/she has to do. You can send them instructions and efiles that they could go through to know more about your company.
Application Tracking System–
ATS is the biggest category of recruiting software. These softwares streamline and optimize the entire hiring process (with all the features we discussed above). It is a repository where recruiters can put out job vacancies, select applications, screen candidates, schedule interviews, and choose candidates on one platform. Some of the most popular ATS softwares include Greenhouse, SmartRecruiters, and Bullhorn!
Tracking metrics and Return on Investment is imperative to successful hiring. By making data-driven decisions can help your company stay proactive and improve the overall hiring process by assessing-
- Best and the most effective candidate sources.
- Time-taken to hire a candidate and the drop off rate.
- Minimum screening time and the best screening techniques.
- Hard-to-fill positions.
- New employee performance and the quality of the hire.
- Hiring bottlenecks and pain points in the recruitment process.
These reports and analyses can help firms enhance their hiring process quality and do more targeted recruitment. With continuous overhauls in the hiring process, the ability to select the most qualified talent will also improve drastically.
Best Recruitment Software of 2020- Smartrecruiters
Smart Recruiters have been consistently driving superb hiring results for customers worldwide in twenty-one different languages. It is a complete talent acquisition suite with a modern cloud-based deployment model that allows all third party integration. Their integrated ATS and CRM allow recruiters to source, engage, and hire the best quality candidate most efficiently. The software also succors your company to set, and achieve hiring goals, maximize return on investment and make the most of its hiring budget. Renowned companies like McDonalds, LinkedIn, and Visa use SmartRecruiters for hiring.
Pricing range- Smart Recruiters start with a $10,000 annual subscription with all the basic features of a good recruitment software and offer four different add ons- Smart CRM, SmartAssistant, Smart Global, and onboard.
Let’s have a closer look at how Smart Recruiters have effectively helped us at every step of the hiring process.
- Create requisitions with pre-existing templates.
- Customize your portfolio and messages with branded templates and portals.
- Responsive design software which can be used anywhere in the world.
- Find new sources.
- Incorporate pre-existing data.
- Keep CRMs updated.
- Manage sourcing from a central dashboard.
- Run targeted campaigns.
- Communicate with candidates through a desktop or the hiring app.
- Build dynamic talent communities.
- Expand reach with an integrated social media reach.
- Build career pages without any IT support.
- Use integrated parsing technology to streamline the application process.
- Communicate efficiently with scheduled notifications and auto-replies.
- Collect notes via voice-to-text and texts.
- The software uses digital offer management and proffers offer letter templates, version control, and configurable forms.
- Track real-time progress and get notified.
- Streamline communications and push offer letters directly from the platform.
- Discover actual costs to acquire.
- Use predictive posting services to maximize budget.
- Improve time to hire and preplan headcounts to meet targets.
- Make the most of referral programs with improved lead management.
- Advertise efficiently by identifying the best candidate sourcing.
Finding the right recruitment software shouldn’t be hard now.
Just keep in mind everything that we have discussed above.
Incorporating a good recruitment software in your hiring process is a crucial step in strategic business planning.
I certainly hope that you don’t miss out on that:)