Like each of the revolutions that preceded it, the Fourth Industrial Revolution will completely transform entire industries. Despite only recently being coined a ‘revolution’ we are already seeing the array of technologies driving this new wave of innovation make their way into a number of sectors, transforming the way in which they operate and redefining their destination.
Having already started to embrace technological developments, the recruitment sector has started to see changes being made at all stages of the recruitment process, from increasingly efficient back office administration, to managing talent pipelines, and rethinking methods of candidate attraction.
With venture capitalist investment pouring into the sector, we are seeing a substantial influx of tech start-ups entering into the recruitment arena, with one common goal – to disrupt the market and transform the way it operates. As the recruitment sector continues to become ever more saturated, it’s crucial that recruitment firms and employers understand why these new technologies are beneficial and how they can utilise them to ensure they stay ahead of a fast shifting curve. Companies that capitalise on these new technologies and embrace technology-driven solutions, have a great deal to gain; not least staying competitive in a market increasingly fragmented.
The ability to profile candidates quickly, managing the talent pipeline and effectively engaging with candidates throughout the assessment and onboarding processes, are all key challenges for in-house HR and recruitment teams. Often the constant drip of new products and services that emerge to measure, track, profile, engage and job match candidates can leave HR teams left behind.
One new technology which will undoubtedly make a significant impact on the recruitment market is blockchain, a technology which has already proven incredibly beneficial in other broker industries such as financial services. While this technology might not be immediately associated with recruitment, its potential applications, particularly in terms of onboarding and referencing, could significantly improve efficiency and accuracy in the recruitment supply chain. Blockchain start-up APPII, for example, in partnership with Technojobs, is the first in the market to launch blockchain verified CV’s.
These blockchain-verified CVs allow institutions, companies and other third parties to verify the information on a CV, confirming a candidate’s claim to a degree, qualification or former position. By creating a verified log of a candidate’s professional and academic history, much of the uncertainty involved with checking the validity of candidates’ CVs is eliminated. The referencing and verification process is proving an ever-costlier process for incredibly time-short HR teams.
Candidates also stand to benefit from blockchain verified CVs, allowing them to apply for jobs in the confidence that the information on their CV won’t be misinterpreted or questioned. It also reassures candidates that they are not going to be competing against applicants who claim to have qualifications or experience which have been fabricated. The increased transparency associated with blockchain verified credentials is critical in helping reduce inefficiencies on both sides of the application process.
Data analytics and data management are two additional technologies driving the fourth industrial revolution, and in turn, revolutionising the recruitment process. Where the UK’s recruitment industry has previously encountered challenges when it comes to successfully targeting candidates, industry leaders are now using data analytics and Artificial Intelligence to craft highly targeted and measured approaches.
Harnessing and interpreting big data allows recruiters to better understand their candidates’ requirements, and also improves profiling of prospective applicants. Data analytics can also allow recruiters to reach untapped passive candidate audiences through social media and programmatic advertising – both of which have proven increasingly effective in recent years.
Some recruitment companies are even beginning to utilise artificial intelligence (AI) to attract and profile prospective candidates. By harnessing state of the art machine learning technology, recruiters are able to match relevant candidates to job roles more efficiently and accurately than ever before. The ability to effectively identify relevant talent is fundamental to the success of any recruitment company. Those who embrace AI will see huge improvements in terms of quality of search allowing them to pipeline more quality candidates.
Technology is revolutionising the recruitment industry in ways we could have never imagined, and as this new revolution continues to drive greater innovation across the sector, it is becoming clear that those embrace change stand to benefit the most. Ultimately, these new technologies will create in a candidate-centric marketplace, that works more efficiently and effectively for all stakeholders in the process.
Anthony Sherick is MD of IT jobsite Technojobs and Director of APPII.