Almost every Fortune 500 company use either a home grown ATS or one of the 70-80 systems available in the market.
An Applicant Tracking System (ATS) is typically used by recruitment professionals. It is usually a software program that delivers two specific purposes. One, to manage the inflow of applications being received from job seekers. Two, to remove or screen out resumes which are found unsuitable for particular job vacancies. In addition, they could perform many other tasks. ATS software provide companies with the ability to search submitted applications for keywords, skills, previous employers, experiences or academic institutions, among other criteria. Some of them extract data from online job boards as well and conduct the same searches.
However, there exists an irony. Existing ATS systems are often unable to deliver deeper analytical performance that provide for better selection and interpretation of applicants. In short, they lack in providing ‘talent intelligence’ to organizations.
Globally, staffing and recruiting companies generated a turnover of $500 Billion in the year 2015. Out of this, $35 Billion alone pertained to activities related to searching and selecting candidates for permanent employment. This is a disturbing fact given that companies have HR teams and use ATS to fulfil their talent acquisition needs.
Most ATS systems even today are not ready to handle the thousands of resumes which flow in from career websites and job boards. The inflow of candidate applications needs robust management. Not only this, ATS solutions perform only basic keyword searches which extremely limits the possibility of shortlisting the right candidates. Thereby, the ubiquitous headache of recruiters of not being able to find the right candidates at the right time persists. Count money and you’ll notice that companies are spending unnecessarily on unintelligent systems which don’t add much value.
What if you had an intelligent system which could integrate with your ATS without any qualms and yet deliver the power needed?
Consider this underlying fact. ATS systems deal with HR data namely resumes, applications, job descriptions, candidate data, etc. This is mostly textual data. We all know that software are capable of processing only quantified data i.e., data in numeric form. So how do they work with HR data? They do so, but with severe limitations. They cannot comprehend the meaning of words, more aptly keywords which are fed into the system to find matching resumes for job descriptions. So, how can recruiters ever be sure of having shortlisted worthy resumes on just the basis of the number of keywords? Using keywords maximum number of times in a resume does not make it all that worthier? Does it? Common sense says, no.
Many resumes, cover letters and social-media profiles contain narrative data that is difficult to interpret with simple keyword scans. By searching for just keywords, many ATS software return ‘false positives’ – resumes which need to be read and discarded by HR staff. A wasted operational effort.
Contextual Intelligence technology has the unique capability to quantify textual data and interpret it. It does this by rendering ‘context’ to words and deciphers their meanings and relationships. Contextual intelligence can turn around any ATS system and turbocharge it with human-like intelligence. It adds a new perspective to decision making with talent analytics which give insights.
Your ATS system could do much more than collect applications, scour job boards and post jobs. It can provide better searches for qualified candidates and give deeper insights of candidates’ skills. With contextual analytics, it can guide decision makers with actionable real-time insights.
Spire’s Contextual Intelligence tool - Acqura™ - could be integrated with any existing ATS. Companies can reduce time and expense on talent search and find better candidates. It gives 95% accuracy in contextual searches and 80% accuracy in bi-directional mapping (resumes to job descriptions and vice versa), well ahead of any existing available ATS. Acqura™ can search up to 1300 parameters at one go and scan thousands of resumes in a few hours. It can even map data to competitors.
For HR, the benefits are significant. Interviewers get to meet with fewer, but far more qualified candidates. Clients have reported a 40% reduction in time-to-hire and up to 50% gain in recruiter time. While the industry standard is less than a 30% for interview-to-select conversion ratio, Acqura™ gives a 73% conversion rate. Organizations using Acqura™ can expect a potential 1% gain in top-line revenue. Acqura™ empowers any ATS system and transform the talent acquisition process for bigger benefits.