By Rohit Verma, CEO, iPredictt Data Labs
As the age of Manufacturing tapers and services industry rises; employees are just as important as a customer. The future is of nurturing talent as the focus shifts from CRM to ERM – Employee Relationship Management. After all it’s the employees who make or break the company and not customers. Product is great because employees worked hard to deliver something customers wanted. Every failed idea has a team who refused to align with the goals. Possibly, anything could go wrong from poor match between JD and hire, missing cultural fitment. But there is light at the end of the tunnel. With the advent of Data Science, we are going to experience plenty of automation and removal of subjective bias which plagues the industry right from hiring to designing performance metric.
Daniel Kahneman in his book titled “Thinking Fast and Slow”, made a point, based on real experiments, that algorithms beat expert opinion in most cases. Equations have a better chance to assist in decision making. Therefore, future certainly belongs to Data Science and HR should embrace it now than later. Although the realization is there, however the actualization is still underway. As the future unfolds and the adaptation is underway, Machine learning & AI are great tools which will become a common place with the advent of ERM. In this article let’s look at recruitment with data prism.
In the recruitment process, selection of who to interview is the most important step. If any subjectivity creeps in, then chances of bad hire are very high. The problem for recruiters increases as the volume of data flows in. According to a research by our in-house team of Careerletics every Job Description attracts on an average 250 resumes.
The next step is to bring in NLP (Natural Language Processing). NLP is a field of computer science, artificial intelligence, and computational linguistics concerned with the interactions between computers and human (natural) languages. This takes the parsed resume data to a whole new level on candidate understanding.
Another tool which comes handy is use to Chatbot to collect missing resume data. In the process of recruitment, only at the last stage of interview – selection, that candidate is manually called to provide some of the most crucial data points such as expected CTC, preferred location etc. Artificial Intelligence based Chatbot bots not only are great tools to collect information but also to keep the candidate engaged. Moreover, Chatbot can connect with hundreds of candidates simultaneously.
Now finally the use of Algorithms. These care great tools to find out the many hiring metrics. These metrics can help take a decision in matter of minutes which otherwise may have days and months. As an example, one can evaluate hundreds of candidates based on Employability, Probability of Decline, Fraud, Flight risk scores and many more. In a snap, one can pick top 10 resumes from hundreds of resumes and go for further screening based on person to person interviews.
Are there tools available? Yes, there are companies in India and abroad who are working on different aspects. For example, Careerletics, Eltelo, Connectifier HR, Lever, Unitive, Pymetircs. Looking into the future, we shall see further automation, more complex algorithms covering many aspects of Employee Relationship Management.
Large size tech companies have been able to apply applicant tracking systems to follow-up the candidates and complete the process. However, an ATS is unable to address the ‘finding the best fit’ situations. Now the recruitment process has been altered and all possible filters are being applied before the candidates’ resume enters the evaluation process. Pre-selection for likely prospects is the best way possible; it helps companies to reduce the time invested on the candidates. Hence, ‘Hackathons’ for large IT companies is the new norm and especially when coding is the most sought after skill.
Employer branding as the new trend has picked up well. Corporates ensure that the perception of their brand is not only good but attractive to attract potential candidates. This results in creating interest from unwanted or non-matched talent as well. Hence the role of resume parser becomes vital. This technology helps to convert a resume file in a database that helps in extracting the resumes with desired skills.
This technology has enabled recruiters to unearth passive candidate profiles that once became interested and applied in the past. Social recruiting has been a new trend and the talk of the recruitment world. Pre-screening by customized assessment tests and interviews based on adaptive tests has been helpful. There are technology centric assessment companies which offer unlimited number of assessments in all fields possible for businesses. Everything said and done, the companies want the best of talent as of yesterday and that talent remains the number one priority for them. They align themselves to the business needs and look forward to reaching their department goals in all possibilities.