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Ensure a Positive Candidate Experience When Hiring Contingent Talent Remotely

As digitization, coupled with the global pandemic, propels contingent hiring online and with more individuals relying on employer reviewer sites to evaluate businesses, delivering a positive[...]

March 10, 2021

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How We Can Perfect Hiring Automation with Machine, Network and Human Intelligence

Businesses lose productivity and revenue when jobs remain unfilled. Guess what? There are 6.6 million open jobs in the United States, based on data from the Bureau of Labor Statistics (BLS). And, on average, it takes 40 days to place the right candidate in a position. That’s a lot of effort, time, and money -- not to mention how often competitors swoop in to poach top talent. The problem is that no integrated solutions exist to provide a seamless, efficient, and engaging experience for hiring managers or candidates. It may seem like a perfect storm is brewing, but those clouds are preparing to shower us with opportunity. Automation is the answer, powered by machine, network, and human intelligence.

Hiring Organizations Crying Out for Change

To identify and recruit the right candidates, companies spend upward of $30 billion annually on talent acquisition technology. As a result, the market is crying out for change.

  • As Software Advice reported: “Today, companies are seeking to consolidate core functionality in a uniform platform, but little has changed in...years.”
  • From Josh Bersin in Forbes: “Our research now shows that the number 1 driver of change is the need for more compelling, consumer-like experience.”
  • And as Deloitte’s 2018 Global Human Capital Trends report observed: “The request for integrated features continues to build steam...Clients want video interviewing tools, chatbots, AI, integrated platform communications, diversity management, data analytics and more.”

The industry statistics paint a dire portrait of the hiring landscape across markets, business types, and labor categories.

  • Over 33% of jobs remain unfilled for more than 3 months
  • The annual cost of unfilled jobs for U.S. companies is $160 billion
  • Replacing mid-level employees represents the equivalent of 150% of their annual salaries
  • For high-level employees who leave their positions, those replacement figures soar to 400% of their annual salaries for employers

But with all the hiring technology and Human Resource Information Systems (HRIS) we see flooding the market, how could this be? Well, in this case, abundance is part of the challenge. The biggest obstacle is that these systems aren’t working collaboratively. It’s reached a tipping point where more than half of buyers surveyed by Deloitte said they’d sacrifice features just to have a single vendor solution capable of addressing all their core needs.

  • Believe it or not, 48% of companies continue to rely on spreadsheets and manual processes to manage hiring
  • Up to 10 different technology solutions are required to satisfy all hiring elements effectively
  • Only 13% of companies use an end-to-end HR solution -- and in those instances, talent becomes an afterthought

A Transformative Approach

You don’t need to be Nostradamus or a 2,000-year-old Time Lord to predict the future of staffing. Mysterious terms like the Human Cloud, design thinking, the network effect, and ecosystems aren’t jargon -- they already exist in business, and we see their applications every day.

Amazon proved that virtualized, platform-based business models will define the future of commerce. What started as an online bookseller blossomed into a holistic and revolutionary approach to uniting buyers, sellers, and distributors in a centralized exchange for any product. Amazon achieved this by developing a solution stack that integrated modern technology platforms with a multi-sided marketplace and lean operations.

This model inspired the likes of Uber and AirBnB, which have massively disrupted their industries. They took the Amazon concept and further enhanced it by introducing crowd-based structures – the Human Cloud. Customers and providers harmonize in seamless transactions that enhance value, experiences, and economic models to the benefit of all parties.

The same shift is taking place in staffing. And we can rise to meet the demands. How? By utilizing the same philosophies to build automated, connected platforms that create bustling talent marketplaces where workers, hiring organizations, and talent suppliers interact in the exchange. Here’s what we can achieve.

  • On-demand hiring marketplaces
  • Limitless talent supplier networks
  • Shared talent pools
  • Actionable data insights
  • Enriched candidate profiles
  • Delightful user experiences
  • All of this through a unified technology platform

How We Develop Modern Hiring Automation

I know what you’re thinking. “This sounds wonderful, but how do we get there?” The solution, at its essence, comes down to four key factors.

  • Solve for data quality
  • Utilize and connect the core features in the broad range of technologies on the market
  • Harness machine, network, and human intelligence
  • Develop the ecosystem

The industry is currently at the infrastructure stage. We’re building the highways, we’re making them bigger. Now, we need to connect the routes, establish the intersections, and tie the paths together for an uninterrupted journey. Once mature, higher value capabilities can be built on top of this modern infrastructure: the rest stops, restaurants, parks, and little towns that pop up along the roadways to make the trip even richer.

Of course, it’s a complex undertaking. I’d love to share with you in depth how we can attain these goals and launch a thriving, automated hiring ecosystem: a marketplace that’s high-tech and high-touch at the same time; a machine that enhances rather than hobbles the human experience. Please join me at Contingent Staffing 2018 in Minneapolis to learn all about it.

Hiring Automation: Powered by Machine, Network and Human Intelligence
Monday, July 31st, at 12:30pm
Presented by Sunil Bagai, CEO, Crowdstaffing

I’ll also be available after the presentation for exclusive one-on-one meetings during the conference. Just click on the link below to schedule time.

Schedule a 1:1 with Sunil Bagai

Looking forward to seeing you there and discussing the future of talent.

Sunil Bagai
Sunil Bagai
Sunil is a Silicon Valley thought leader, speaker, motivator, and the visionary behind the groundbreaking Crowdstaffing ecosystem. Blending vision, technology, and business skills, he is transforming the talent acquisition landscape and the very nature of work. Prior to launching Crowdstaffing, Sunil honed his skills and experience as a business leader for companies such as IBM, EMC, and Symantec. "We need to think exponentially to mindfully architect the future of humanity, civilization, and work. When we collaborate and work together, everyone prospers."
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