Param.ai launches stand-alone hiring platform
The recruitment landscape is no longer what it was 10 years ago. It has changed drastically from the time companies would put out job advertisements, waiting for candidates to apply. In the current scenario, a company’s success in meeting their business growth objectives is dependent on its ability to find, attract and hire talent.
The war for talent is real:
Till recently, recruitment was reactive, with recruiters working on requisitions, responding to a present need. However, we are seeing recruitment becoming more and more strategic and proactive, with recruiters increasingly anticipating future needs and working towards it to build the workforce.
The fact that the current job-market is candidate-driven means that candidates now have the luxury of being selective in their job search. At any given point in time, top prospects for a given job are being approached by multiple recruiters at the same time. Hence the age-old practice of sending bulk ‘cold emails’ or posting a job whenever a new position is open will not help the recruiters of today. Recruiters will also have to start working on building and nurturing talent ‘pipelines’ in anticipation of future needs.
Various bottlenecks in the recruitment process:
Sourcing: Sourcing is one of the most important aspects of the recruitment cycle, especially for hard-to-fill roles or those with in-demand skills. While sourcing is fundamental for successful hiring for these roles, with the number of priorities and tasks vying for the recruiters’ time, recruiters aren’t able to devote enough time to this task.
Increased cost of hiring: Since sourcing efforts do not give the returns expected, recruiters turn to channels such as external staffing firms to fill open positions. This results in increased costs of hiring.
Manual applicant screening: Recruiters today are dealing with large volumes of applications for their open positions. A report states that on average 75–80% of the applications coming in, in response to a job advertisement are not relevant. This means that recruiters spend a substantial amount of time screening through applications (most of which are not relevant) to find the relevant ones.
Losing candidates for lack of prioritization methods: Also, since recruiters do not have methods to prioritize candidates from the sourcing bucket, by the time they get to the best candidate in the lot, the candidate would have already gone off the job market (On average, top candidates stay on the market for about 10 days)
Inadequate candidate engagement: The recruiter is the face of the company for the applicant. And in the war for talent, the first-mover advantage is substantial, if not the deciding factor. And given how top candidates tend to go off the job market in about 10 days’ time, it is important that they are engaged by recruiters, and well in time. However, given the operational load because of tasks like manual screening of resumes, recruiters are not left with a lot of time to engage their candidates.
Leverage AI technology in recruitment
The Param platform helps recruiters with various aspects of the recruiting process.
The Platform:
-Stack-ranks the candidates/prospects from all the sources for a given job, giving the recruiter a stack-ranked list of candidates to start engaging with, helping them increase their conversions.
-Has the AI sourcing feature which continuously mines the database and recommends candidates to multiple potential job matches, helping optimize the utilization of candidate data within the platform.
-Enables engaging applicants and prospects through the Param platform instead of individual inboxes and various networking sites. This way, team members can track all correspondence history with the candidate in one location, and can work in collaboration.
-Enables users to create customizable career pages which can be used by recruiters to post the jobs on social media, and collects all the applications received. All applicants from job boards (which form bulk of the applicant volume) can be routed to Param, where the top prospects are surfaced for the recruiter to start engaging with.
Optimizing the usage of ATS data:
Param can be used by companies to track all their sourcing efforts in one location. Companies can also choose to optimize the usage of their ATS data. This can be done by migrating the ATS data into the Param platform, post which the candidates can be recommended for various open jobs. With the large volume of resumes coming in from various sources (like job boards and career site) added into Param, recruiters no longer need to screen each resume manually for each open position. Param helps cut through the noise and ranks resumes based on the fitment for the job selected. Not only that, Param also auto-recommends other jobs for which the candidate is better suited, helping recruiters align candidates to the best-suited jobs. This way, the applicant data is utilized optimally.
With the intelligence added to the recruitment process by Param, recruiters can hire better and faster.
If you’d like to know how your company’s hiring can benefit from Param, drop us a note at hello@param.ai. We’d love to talk to you.
