To sum up the past decade of HR technology, talent platforms have evolved from tackling such procedures as applicant tracking and on-boarding to now being able to automate an organization' s every HR process.
These talent platforms' capabilities have expanded to not only include pre-hire functions, like CRM and resume parsing, but to also streamline post-hire functions, such as employee performance management, succession planning and off-boarding. Provided an organization chooses a platform that best fits its business needs, this will undoubtedly make the HR staff's lives easier.
But during a time when most companies are experiencing little to no hiring and are under stringent budgetary restraints, does avoiding an HR headache justify a sizable investment in a talent platform? As more and more organizations are making investments in HR technology, the answer seems to be a resounding yes. The immediate and long-term cost-effectiveness of HR technology - important during stable times - becomes absolutely crucial during a downturn, and numbers are showing that senior-level talent executives at organizations of all sizes, in all locations and in all industries are realizing this.
How can an organization immediately cut costs by using a talent platform? Right off the bat, organizations of all sizes save money by using a talent platform's job posting and applicant tracking tools, which eliminate the costs spent on tools and technologies to communicate with passive and active candidates. That means no more costly mass mailings, reminders and tracking job statuses. By taking the plunge into talent acquisition of the 21st century and carrying out a completely paperless recruiting and on-boarding process, the cost of paper products is eliminated.
The immediate cost efficiencies of a talent platform continue to add up, while additional long-term savings emerge as well. Many talent platform vendors have competitive job posting packages, thereby eliminating the cost of posting jobs each month and also doing away with staffing and consulting agency fees every year. Because everything is automated and searchable, it's easier and cheaper (e.g., free) to report on such key metrics as EEO and OFCCP compliance.
Meanwhile, the unemployment rate is at a 26-year high of more than 9 percent. Many HR departments are being cut in size because of budget reductions, leaving fewer people with the overwhelming task of managing a massive influx of candidates per each job opening. A talent platform eliminates the hours of manual labor and data entry associated with this, allowing a small team to accomplish the same, if not a greater, amount of work. Being able to maintain the same level of productivity and efficiency while employing a smaller number of employees not only presents long-term cost value, but is an especially vital advantage in today's economy.
Taking a step back to look at the results of implementing a talent platform, organizations not only see decreased cost per hire but also reduced time to hire, all of which give organizations a greater return on investment to impact the bottom line. HR technology is always a worthwhile business practice for organizations, but when budgets are being scrutinized and expenses need to be reduced in every way possible, the immediate and long-term savings seen from the implementation of a talent platform more than justify its implementation.
[About the Author: Caitrin O'Sullivan is the public relations coordinator at iCIMS, the third-largest provider of talent acquisition solutions and an Inc. 500 honoree focused on solving corporate business issues.]
Compiled by; Hemant Gade
Hemant@JobsEnsure.com
http://www.jobsensure.com
Tuesday, December 14, 2010
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