According to a recent Aberdeen report, 94 percent of company leaders say that effective hiring is key to helping them achieve their business objectives.
While this may be stating the obvious, companies are still relying on older technologies that don’t provide the automation and intelligence needed to reach those hard-to-find dream candidates, the report continued.
Gild, which just released its new Software-as-a-Service (SaaS) smart hiring platform, hopes to change all that.
“Businesses need to become more strategic in doing more high-touch, human tasks,” said Robert Carroll, senior vice president of marketing at Gild. “Our platform uses machine learning and automation to make the entire hiring process, from finding a candidate to hiring, more efficient.”
Transforming Today’s Hiring Process
Carroll noted that the two major shortcomings of today’s hiring process that the platform was designed to solve include the use of outdated technology, and the fact that recruiters are spending too much time on administrative tasks like posting to job sites, versus more strategic activities such as interviewing.
Carroll stated that many recruiters are still using a technology called ATS, or applicant tracking system, to source and hire candidates. Calling it archaic, he added that one of the problems with ATS is that the data remains static after it is entered into the system.
“Even if you make a better ATS – one that’s more intuitive – you’re still solving for the wrong problem,” he said. “The data that comes out of it is the same data you put in two years ago.”
He added that, with Gild, if you input profile data and then come back two years later, that data is automatically updated.
“With our platform, static repositories move to a more holistic view, updated in real-time, using social signals,” he said.
Using the Pinterest model as an example, Carroll explained that a recruiter can go shopping for candidates, pin people and the data gets sucked into Gild’s smart hiring platform.
Gild then begins building around that data, automatically pulling in basic information from the web to keep the data updated in real time.
“Smart SaaS is not only smart data – it’s looking at social cues on the web, combining different signals, and making intelligent predictions,” said Carroll. “That’s the next generation of smart SaaS.”
The Flipped Recruiting Funnel
Describing the hiring process in the context of a sales funnel model, Carroll noted that in a typical hiring model, you have lots of candidates at the top of the funnel, and one hire at the bottom. In between, you have to find candidates, create job postings, conduct interviews, and collaborate with the hiring team, until you get the candidate you want.
In today’s model, he added that 80 percent of recruiting efforts are spent at the top, including reviewing résumés, visiting sites to enter job requirements, or cutting and pasting from previously written requirements.
Only 20 percent is face-to-face interviewing and building employer brands, he said – the activities that are most important to finding the right candidates.
“We flipped the model so that recruiters can now spend 80 percent at the bottom of the funnel, and 20 percent at top,” said Carroll. “Machine learning and automation does that for you so you can source people while you sleep.”
How? The system sources automatically as recruiters are writing job requirements, displaying how many candidates would respond to the posting based on the words used.
When ready to post, instead of going to individual job websites, the recruiter can push one button, and the requirements automatically post to multiple highly converting job boards, said Carroll.
In addition to helping recruiters save time, drive down the cost of hiring, and get better hires, noted Caroll, platforms like Gild could even save recruiters their jobs.
“Those who are really good at it can work themselves out of a job,” he said. “By eliminating all of those low-touch, low-strategic-value tasks, and getting them to focus on those human elements, recruiters will never be replaced by a machine.”