What if Cycle Time was measured in minutes?
The tech-stack innovations are here, they're just waiting for disruption.
Disruption doesn't come out of the blue. In many cases the disruptor followed a path that started with Kaizen and experimentation and progressed to innovation and ultimately disruption. Take Lyft for example. They (not Uber) invented the Transportation as a Service (TaaS) industry. But it all started with them trying to find a way improve the way college students got home. Click here to hear the Lyft story
Talent Acquisition and staffing companies are poised for similar disruption. The most largest portion their cost is the humans involved in filling requisitions. It's a repetitive task that's prime for automation.
TIP: Ask a global staffing company to present their automation vision. Or ask an RPO provider to demonstrate their models. You might be surprised to learn what's on their minds.
Humanless recruitment doesn't mean there are no humans recruiting. In fact, from a candidate perspective it will feel MORE HUMAN. That's because it will remove the (many) unimportant tasks humans do today and replace them with meaningful interaction that impact the candidate.
Start by adopting an outside-in (CX) perspective. Connect with talent using messaged gleaned from persona research. Use programmatic advertising to build awareness and push them to a great career site, maybe with a FAQ bot on it? Ditch the laborious apply. Include a fun culture quiz. Use AI enabled candidate matching. Send those candidates an engaging company video and ask them to self-schedule their interview. Or better yet, ask them to respond with a short digital video interview (with AI enabled shortlisting capability).
This scenario gets you to interview or maybe submit without human touch. Maybe in as little as a day or two. and most importantly, the candidate loved it! This is the future.
TIP: Digital natives expect this level of sophistication. They expect the hiring process to be just like requesting a Lyft ride. The firm(s) that figure this out how will win the war for talent.
Not for The Timid
The need for a great brand story hasn't changed, but how it's delivered has. The winners and losers will be parsed by how quickly they accept and adapt their recruitment process to today's tools. They must push past the risk and regulatory mindsets that hold them back. They must embrace recruitment marketing with the same vigor as their peers in the consumer marketing group.
There are more than a thousand tools to choose from. They support every step in the hiring process, from sourcing thru on-boarding. Understanding the best options is a daunting task for all but the largest and most financially committed talent acquisition organizations. And even many of those consider it too large a task.
TIP: Flexibility is king so SaaS based tools with open API's and/or alliances are key. Remember to always take the outside in perspective. Explore outsourcing, most of the big providers now have robust capability you likely can't afford to build yourself.
Human vs Machine ROI
This disruption will be driven by tech's ability to drive outcomes (hires) faster, with better Candidate Experience at lower cost.
The Society for Human Resources, and others, estimate the average cost per hire is over $4K. We could debate that number, but if tech can deliver a qualified candidate for $20 cleary there is a lot of room for cost-out. The reality is that all the additional cost is caused by the hurdles, humans, and process inefficiencies that add cost and delay that great candidate from getting hired.
TIP: get access to a trusted financial analyst who can do the math. It's not easy, but done properly, the ROI is compelling. In the end, cost and quality will drive this business case for change
Block Chain: The Final Puzzle Piece
If you work in tech in the financial services industry you know Block Chain. Get ready HR!
Block chain will give talent unprecedented control over their credentials. Imagine a world where talent can provide their own secure and accurate work history, background verification, education, certifications, proof or residency and more. Where everything you need to on-board, short of payroll info, is provided. In fact, talent may bring a certification from a third party who guarantees them and even will pay them on your behalf.
Now imagine a world of work where jobs can be filled with perhaps just one (or no) interviews. Where on-boarding is super charged with block-chain. Imagine a world where the idea of permanent and temporary hiring merge into just work. The new world of work.