Candidates: Are you interviewing and need support?
A new market report has revealed that Workday customers are getting extra help from talent acquisition solution providers, ushering a win-win relationship for all parties and redefining how recruiting is done for years to come.
The study, by leading technology market research company APPS RUN THE WORLD, surveyed 225 customers of Workday Recruiting that are running next-generation talent acquisition applications from 54 software providers. Findings were benchmarked against previous surveys conducted continuously since 2010.
With the tight labor market not showing any sign of easing since 2020, the survey of 225 reveals that after integrating next-generation talent acquisition software, many organizations are now capable of generating faster fill rates, a more satisfied experience for job candidates, and less attrition among new hires. Ultimately, these benefits mean substantial time and cost savings for employers, in addition to a more efficient recruiter experience.
The impetus behind the Digital TA push is that even after years of investing in multiple core HR and recruiting systems, many companies still find themselves struggling with manual and often-times labor-intensive processes for identifying the best possible candidates.
In fact, 73% of the 225 companies in the study cite elimination of in-person interviews and HR administration burden as their primary reason for purchasing next-generation talent acquisition (TA) products.
Other top reasons cited by companies for the use of next-generation TA applications include conducting live video interviews (58%) and the ability to attract and engage with top talent. This is particularly important for companies that often encounter a high turnover rate among frontline representatives like call center agents, as new tools make it easier to move faster and identify better candidates to fit these positions.
When measuring the benefits of integrating next-gen TA applications, 72% of the 225 Workday Recruiting customers reported enhanced candidate experience and satisfaction as the biggest impact. That is followed by increased recruiter efficiency and productivity at 64%. Reduced time-to-hire as well as decreased cost-per-hire are also cited by 64% of surveyed companies as the biggest benefit of investing in next-generation TA tools.
Among the 196 use cases of video interviewing that were documented for this study, 70% of them were purchased between 2020 and 2022, with the remainder being licensed and deployed between 2010 and 2019. In other words, the pandemic accelerated an already growing trend and many job interviews now utilize video interviewing.
When we add into the research other next-generation TA tools such as assessments and chatbots, 62% of use cases took place between 2020 and 2022, while the previous period between 2010 and 2019 marked only 38% of the purchases and implementations. With the latest breakthroughs in digital recruitment technologies, adoptions of next-generation TA applications are becoming more widespread and commonplace than ever.
“One of the major challenges is creating a fast but qualitative recruitment process. Integrating tools like HireVue’s assessment and video solutions with Workday allows you to optimize the user experience from both a quality and speed perspective, whilst maintaining the benefit of having all Talent data stored in one system.”
–Ed Gunzeln, Director, WhiteCrow Research
The study highlights the consensus among next-generation recruiting users that next-gen TA tools can shorten a typical recruitment by weeks. Compared with the conventional approach, companies of all sizes can easily handle many times more job candidates by automating the underlying HR administrative process.
Additionally, these forward-looking recruiters realize that they can execute better because new tools allow them to provide hiring managers with qualified candidates and ultimately successful hires, who previously would have never been considered because their resume either did not get seen or did not convey a full picture of the candidate’s skills and experiences.
As the economy indicators become more unpredictable in the coming months, any small win in terms of cost reduction, process improvement, and efficiency gain is a down payment, budgeting it preemptively to navigate and mitigate the dangerous cross currents facing today’s business leaders.
The ability to use next-gen hiring software to support, capture, and extract insights from job candidates may well be one of the intrinsic enterprise essentials to ensure uninterruptible supply of strategic hires in good times or bad. This will also allow business leaders to build an agile internal talent pool with the skills to navigate any future business challenges.
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