For decades, HR has been the one function in companies that hasn’t relied on technology to make major decisions. While other functions such as purchasing, logistics, sales, manufacturing almost always rely on data analyses of various kinds, most HR decisions are still based on gut and assumptions. However, this does not work in the highly competitive digital age of today since HR is no more a paper-based, transactional salary generator and employee relationship builder limited to four walls.
HR has evolved significantly and is more than ever critical to board level decisions. This is simply due to the universal truth - ‘people and their skills’ are at the core of any business. Finding and hiring ‘rightly skilled’ professionals is always a challenge for recruiters. Assessing and evaluating the skills of potential job applicants is a critical determinant.
Traditionally, recruiters would review applications, resumes and self-submitted data on paper, interview the candidates and make hiring decisions. Today, however, a single job opening invites thousands of applications, overwhelming recruiters.
Companies have resorted to various type of automation software that typically sort applications on the basis of keywords or a series of yes/no questions. Rather than find the best applicant, however, these systems tend to toss out applications from qualified candidates simply because they gave the wrong response to a poorly worded question or did not include a specific key phrase in their resumes. Sometimes qualified applicants get overlooked simply because their application was read at the wrong time of the day or by a new staff member. Despite using these systems which must simplify the process, recruiters end up wading through hundreds of applications and job seekers feel as if they are submitting materials into a black hole.
HR software solutions platforms technologies can no longer be outdated and redundant. CHROs need intelligent technology which can replicate the role of a human Hiring Manager successfully. This means that the technology reads and understands resumes, job descriptions, applications, cover letters, recommendation letters, academic records, etc. the way humans do thereby eliminating any kind of inherent or intentional bias.
Contextual technology is based on a combination of two powerful capabilities. Smart algorithmic machine computing backed with human-like abilities. In addition, it computes data with speed and maximum possible accuracy, well ahead of traditional automation systems.
Inbuilt analytics is another distinct feature of the contextual technology. These talent analytics give a host of valuable insights which enable accurate data-driven decisions for Hiring Managers and CHROs.
Proprietary algorithmic technology works with speed and maximum possible accuracy. It gives 95% accuracy in contextual search and 80% accuracy in demand-supply mapping which is by far way ahead of existing systems. It can reduce the task of several weeks to a few hours resulting in cost savings, increased operational efficiency and reduced effort.