Is the Recruitment Industry Ready For 'RecTech' Disruption?
Moon Consulting is a leading Executive Recruitment company specialising in high-level and senior appointments. We are avid supporters of the technology industry and are at the forefront of recruiting into this cutting-edge sector. Lisa Alcock Market Insight Analyst at Moon Consulting looks at the next evolution of digital and online recruitment, and the 'RecTech' Disruption.
Lisa writes 'In the recent weeks and months, disruptive technology has been revolutionising various different sectors; Finance (FinTech), Insurance(InsurTech), Education (EdTech), Automotive (AutoTech) and Life Sciences(BioTech) have all seen significant developments thanks to disruptive digitalisation. This has got us thinking; how will disruptive technology affect recruitment?
The recruitment industry is fast-paced and relentless, but despite the global digitalisation trend, not much has actually changed for the hiring process in the last few decades. Since the industrial revolution, and the birth of modern 'mass' recruitment, the biggest game-changer for this industry was the invention of the World Wide Web, or the internet as we know it today. Thanks to the internet, online recruitment methods of approach now considerably outweigh the traditional methods.
With digital technologies advancing at an unprecedented rate, new Artificial Intelligence and Automation processes are becoming readily available; and it is only a matter of time until these developments catch up with recruitment.
There are a whole host of developers working on apps and software that will significantly impact the recruitment process, for both candidates and recruiters, here are some examples;
Coople focuses on employee and employer ratings, ensuring that good employees 'rise to the top' of the talent pool. Job Today provides workers within the hospitality and retail sectors, and JobandTalent matches your profile to suitable roles. While Hired.com offers a fast-track option to employers building teams, Landing.jobs promises to always provide helpful candidate feedback. Virtual Recruitment has already proved useful following a collaborative virtual reality recruitment campaign for the British Army, which saw applications rise up to 65%.
Although many of these new process innovations are largely aimed at reducing time spent on deciphering applications and candidate resumes, in some cases they are looking to cut out the 'middleman' entirely.
Whilst fully-automated Artificial Intelligence may seem like the hiring process of the future, the one glaring downside is the emotive element. Artificial Intelligence cannot gauge personal or cultural fit; which is crucial when recruiting into any organisation. Top recruiters have many tools for gauging personalities and cultural fit, and being able to have a conversation, on the phone, Skype, or face-to-face, is one of them. Direct dialogue also provides the opportunity to 'dig' out information which may have omitted from their resumes. Another great tool that we offer at Moon Consulting is Behavioural Profiling. This identifies specific personality traits and behaviours that would make a candidate naturally inclined to succeed in their job.
Whilst these online innovations are likely to have the biggest impact on high-volume 'mass' recruitment, for more niche executive search recruiters such as Moon Consulting who specialise in high-level positions, the humanised route is much more effective. When recruiting for niche- and hard-to-find skill sets, Executive Recruiters will always favour the humanised element, as this is not only crucial for determining individual personality traits and cultural suitability, but is also crucial in preparing prospective candidates for what, and who, they may face at interview stage.'
So, how will technology disrupt the recruitment industry? Lisa says time will tell, but for both high-volume and niche recruitment, one thing is for sure; the bar will be raised in terms of meeting customer expectations. Here at Moon Consulting, we are very aware of the candidate experience - as we always say; the candidates of today are the clients of tomorrow!
© Moon Consulting 2016