For most organizations, digital transformation has been accelerating in recent years. The pandemic provided a reason for increased investment and, as the shift to hybrid working has been made permanent across industries, there is more of a need than ever before for organizations to be digitally agile. (It is estimated that by 2023, 90% of worldwide organizations will prioritize investments in digital tools*) Remaining competitive, engaging staff and catering to expectations for contemporary working practices are all reasons to focus on digital transformation - but how does this kind of investment really impact the bottom line when it comes to recruitment?
What do we actually mean by digital transformation?
It is, essentially, the use of technology and data to speed up and improve processes and workflows within an organization. Integrating tools such as Artificial Intelligence (AI) and automation provide the opportunity for any business to improve accuracy and speed and to ensure that value-driven work is being done by those with the ability to make a real contribution. With 37% of businesses and organizations employing AI technology in 2022, with the global market expected to reach $267 billion by 2027**. (55 Fascinating AI Statistics and Trends for 2022 article written by Bojan Jovanovic March 2022, in DataProt) Digital transformation will look different for every enterprise and depending on the existing combination of culture, objectives and legacy tech.
How does digital transformation in talent recruitment impact the bottom line?
It delivers a wide range of different competitive advantages, including:
- An improved hiring rate.
Digital transformation offers a way for talent recruitment to be faster and more effective, with no drop in accuracy. For example, tools such as applicant tracking and scheduling interviews make life easier for the recruitment manager who is focused less on time-consuming manual tasks and more on ensuring the substance and speed of hires. The quality of hires improves with this rise in contribution.
- Vital analysis.
Data is empowering for any business, especially when it comes to recruitment. Digital transformation can put key tools, such as AI and automation, in the hands of the recruitment team, which can be used to provide vital insight into skills gaps within the business. It can be used to reduce the cost per hire by quickly screening thousands of CVs and pulling out the vital data in each.
- Building a strong employer brand.
This is the public image that a business has as an employer and it can be considerably enhanced where digital transformation has taken place. For example, AI can be used to deliver more effective email communication and marketing with candidates while technology is key for maintaining an engaging social media presence on behalf of a brand.
- Easier to find - and keep - talented people.
Digital transformation can lead to a more positive candidate experience and help to minimize employee turnover. It also makes it simpler to find the right people - more than three quarters of employers say that an Applicant Tracking System, for example, makes it easier to find great talent.
- A shorter and more efficient process.
The overall operational efficiency that results from digital transformation is a huge benefit in recruitment. From tools that can be used to filter out candidates and manage shortlists, to assessment against defined metrics, digital transformation offers many ways to make hiring more effective.
Digital transformation is a theme today for good reason - it provides many opportunities for an improved bottom line where recruitment is concerned.
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*Digital transformation in 2022 and beyond: these are the key trends, ZDNet written by Charles McLellan August 2022.
**55 Fascinating AI Statistics and Trends for 2022 article written by Bojan Jovanovic March 2022, in DataProt