An applicant tracking system (ATS), also called a candidate management system, is a software application designed to help an enterprise recruit employees more efficiently. Recruitment and Applicant Tracking System helps businesses manage their recruitment efforts and newly hired employees. In simple terms this allows an organization to collect and store candidate and job related data and track and monitor the process of candidates through all stages of the hiring process.
Manually pursuing the responsibility of sorting out the job applications of right candidates is a task next to impossible. There are solutions available in markets which are pure magic when it comes to job application tracking and recruitment processing. With so much already said, let us navigate through the advantages of Recruitment and Applicant Tracking System (ATS).
Why Recruitment and Applicant Tracking System?
People with countless skills and talents are looking for a job all year round. Similarly there are organizations looking for a perfect candidate for a suitable position in their company. The HR team has a huge responsibility to choose the ideal applicant for the job as per description of project requirement shared by the manager. Many a times the HR people are in dilemma to segregate the resumes matching the desired skill set. Apart from this there is also a possibility of data duplication which is nothing but waste of time. Recruitment and applicant tracking system reduces work load and provides accurate results by going through numerous resumes. Following are cut throat benefits of ATS:-
Similarly a lot of paper trail can be subdued with the use of online Recruitment and Applicant Tracking System. All the information about the job seeker is in the database. And this database has authorised users who can access the details of the candidate whenever required. There is no need for following up with HR and asking for copies of resumes every single time. And yes you are promoting being eco-friendly too.
The more easy people find to connect with your business, the more they will put in efforts to help grow the company and its trade. Recruitment is the first process where company connects to its potential employees. HR department can take a major leap with the help of Recruitment and Applicant Tracking Solutions to choose the most suitable staff member for your firm.
Small firms to big industry giants, all are looking forward to being tech savvy. The automation of recruitment process and the advantages it has on the business development is very evident in any company’s quarter/annual reports. The businesses have seen growth not only on the financial aspects but also on the cultural development in the workplace. The energy boost in new and not-so-new employees is very encouraging and companies are setting new goals for the staff members.
ATS and Cost effectiveness
There are several models used to determine the cost of recruitment and applicant management software. The three primary paradigms are: – Pay-per-Employee, Pay-per-User and Pay-per-Hire. These are either employed individually or mixing two or more as per company’s requirement.
The cost of this model is $4-$8 per employee per month, but it can reduce significantly as the size of the company grows. The average cost may be as low as $0.25-$1 per employee.
The price range is between $50-$100 per user per month, or as a one-time cost, from $250-$1,000 per user.
This type of model typically costs $200-$500 per hire range, one-time.
There is another kind of pricing model catching up in the market, Freemium Model. In this users are not charged to sign-up or use the basic features of the ATS, although with time there could be some value-added-services offered to the company which can be charged for some price.
Latest trends in recruitment and applicant tracking solutions
Old is gold, but in this technologically driven era, new is precious than gold. Companies today are hiring at extremely high rates. They are in search of candidates who have updated knowledge about latest market trends, the newest technology employed and are willing to develop their skills with the change in requirement as per market drifts. With increasing demand in jobs, the automation industry is also on boom and recruitment software companies are exploring new technologies to woo more number of clients.
Following are some of the latest trends in recruitment and applicant tracking software.
Improving online experience of the employees
Companies wish to recruit highly qualified candidates for their firm. But with numerous processes to follow, many a times the suitable candidate just slips out of your hands. If the hiring process is very complex and time-consuming, the applicant may ditch your company and prefer to work with your competitor. Similarly automated letter generation for transfers, confirmations, promotions and their distribution will make the work culture hassle-free thus improving employee’s working experience.
With technologically advance people working for the company, it needs to ensure that it is providing ample sources to make use of technology to accelerate recruitment process. Instant mail replies, uploading and downloading of various letters (bonafide for instance), easy process to apply for a job, updating the job description online, smooth exit process will leave a positive impact on the employee.
Implementing new technologies
AI (Artificial Intelligence) is the trendiest technology that unravels any action which seems complex to humans. Any repetitive and bulky task for recruitment can be easily carried out by a robot. Candidate screening and job application sorting will be done accurately and in short span of time. Sophia, the robot has been granted citizenship of Saudi Arabia. With AI making so much progress, its use in recruitment system is quite apparent.
Using Talent Analytics
Recruitment software that provide well-drafted statistics of the data from previous hiring exercise are likely to have more market share. Recruiters and employers take the employment decision based on facts and figures. This gives them a control over the business expansion as well as the market. The reports typically include the latest technology trends, talent metrics and the data related to applicant’s qualifications, skills and previous experience, if any.
Managing referral process
Manual submission of resumes is archaic way to introduce a new employee to the HR. The mails and long chats are also out-dated sources to refer any candidate for a project in the company. Recruitment software automates the process of referring a qualified and well-acquainted candidate to the company via online portal. This is time saving and user friendly.
Gearing up for 2018 with the above trends in mind will get job-seekers the desired jobs and the employers the best-fit candidates.