Thankfully, gone are the days of employers sifting through stacks of paper resumes to find the best candidates out there. With just the click of a button, recruiters can search for candidates nationwide and narrow down the applicant pool to specific hiring qualifications.
While finding candidates may be easier than ever before, today’s personnel have far greater expectations for potential employers than just a few years ago. The gig economy has offered aspiring entrepreneurs far greater freedom and flexibility than a traditional 9 to 5 job, tempting many workers into contracting and freelance opportunities. In an increasingly selective talent pool, high-performing applicants look for everything from a strong company culture to flexible hours from potential employers.
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How can entrepreneurs keep up in this modern race for talent?
Regardless of the size of an organization’s HR department, digital tools are a great equalizer in the recruiting and hiring process. Today, any recruiter can utilize data-driven tools to hone in on specific types of applicants and dynamically assess a candidate pool to achieve smarter, more strategic hires. And adopting new technology can also help keep employees more informed, empowered and connected once hired, leading to a higher retention rate and level of productivity.
There’s no question that the workplace and workforce are evolving, so it’s natural that your startup must adapt its recruiting and hiring approach to keep up. Read on to learn the top three ways that technology can revitalize an organization’s recruiting and hiring approach to find and retain the best possible talent in the year ahead.
Embrace artificial intelligence
Embedding artificial intelligence (AI) into the recruiting process allows organizations to turn data into actionable insights, fast.
Automating the search process is nothing new, but with machine learning tools, recruiters can far more quickly find, screen and engage with high-quality candidates. AI technology can scan massive amounts of data, sorting through and analyzing candidate resumes and backgrounds to help match employers with qualities they are looking for.
AI can not only help your startup hire the right candidates, but also prevent employees from leaving entirely. No employer, especially startups with small teams, wants to believe there will come a time when some of their top team members will decide to leave. Today’s most strategic companies are leveraging machine learning insights to stop disengagement in its tracks as soon as possible and help retain those top performers, using data to identify and address the factors that have the biggest influence on employee flight risk before they become unmanageable.
With all of this information, entrepreneurs can gain new insight into success of recruitment tactics, organizational recruitment patterns and the fastest-growing skillsets. Putting these insights to work is what will differentiate the leaders from the pack.
Related: 6 Reasons to Consider Hiring a Business Coach This Year
Increase hiring diversity
While we know that diversity matters, it’s become increasingly apparent that companies able to attract and retain diverse talent can in turn enjoy a greater competitive advantage.
According to McKinsey’s 2018 delivering through diversity report, companies with more ethnic, cultural and gender diversity perform better financially.
AI can actually help to drive “fairness” and eliminate biases through algorithms that suggest and evaluate the best candidates. Many organizations are investing in technology to aid their diversity hiring processes, using machine learning to screen resumes and reduce unconscious bias, helping to standardize and reduce subjectivity from key aspects of the interview process. AI can also help organizations to rework job descriptions to attract a more diverse range of candidates.
Once hired, similar tools can help to equitably suggest raises and promotions – an especially beneficial solution for startups and small businesses that may only have a small compensation increase pool to distribute.
Technology can only go so far in solving this critical issue. Organizations should consider reviewing and adjusting hiring practices and diversity policies to create a culture that is truly inclusive from the start.
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Empower workforces with technology
Leading organizations prioritize an integrated employee experience to retain top performers, boost engagement and positively impact bottom line. In particular, there has been an increased focus on providing learning opportunities as part of the employee lifecycle.
Just how important are learning opportunities in keeping people in their jobs? Ninety one percent of U.S. high performing respondents listed these opportunities as extremely or somewhat important.
Yet, most startup companies don’t have a learning culture embedded throughout their organization. Many startups treat learning as separate from the employee lifecycle, and beyond onboarding, offer few and irregular opportunities for learning day-to-day. Others embrace learning opportunities, but treat them as distinct parts of the employee experience, offering them out of context from the employees’ workday. The best startups will make learning an integral part of the employee lifecycle.
When organizations provide education opportunities directly tied to career growth, employees feel they have their best interests at heart – and naturally grow more loyal to their employer organizations.
Remember what’s important
As your startup grows, your team will likely expand, but attracting and retaining top talent will remain just as crucial. While employee expectations may shift and your business needs may change, one thing is for certain: your people will always be your greatest resource.
