Look back at the evolution of recruitment: Technology changed the way we work, some occupations were created overnight while others disappeared, and the hiring process went from analog to digital. The world looks very different today, but recruiters have been forced to deal with headaches the same way they were decades ago. “Have an open position? Fill it with new resumes.” The tools remained unchanged for nearly 20 years: job advertisements, applications, and database searches. While effective for quantity, these solutions don’t always help with quality.
Meet the Talentstream Sourcing Platform, developed by CareerBuilder and engineers at Broadbean. “Our goal is to dramatically decrease the time it takes to fill a job by leveraging the candidates companies already have in pocket,” said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation.
The Power of Search
In a survey performed by Harris Poll on behalf of CareerBuilder, we found that nearly half (49 percent) of HR managers said they don’t re-engage prior candidates for new open positions. The majority of these managers said they only focus on current candidates, or that no one has time to target old applicants.
Most companies that have an applicant tracking system (ATS) have been accepting new resumes for years and acquiring access to multiple external resources. As the economy improved and competition for candidates increased, recruiters began looking for ways to better utilize their existing cache of resumes that they spent good money to obtain.
There are several obstacles within this strategy, but one stands out: searching in most applicant tracking systems is a painful experience. Talent Acquisition professionals regularly ask their vendors, “Why even have a search bar at all?”
Searching within your own ATS is so brutal that most companies resort to other tactics to pull in additional candidate interest. At this point, you have plenty of options: from resume databases to social media and referrals to thousands of additional job boards, the combinations are endless. They also require extra time and probably budget.
No matter the path you choose, the result is the same. Your time-to-fill open positions starts to increase, and the scramble for good, qualified talent begins.
Healing the Pain in Your Talent Acquisition Process
With all the components that make up TSP, the impact on your business can vary. Here are just a few benefits of the platform that you will love:
- Simple Search – Search bars that actually find what you want, when you want. We compile candidate data from your Applicant Tracking System, resume database subscriptions, and talent network into a single sign-on interface. Simply type in your keyword or phrase and our system will study the context and intent to deliver the most relevant candidates to your fingertips. (To add in another buzz word: this is also known as Semantic Searching.)
- Reduce Advertising Spend – Find the people you need BEFORE spending a dollar on advertising. With most HR/Talent Acquisition departments still fighting for budget, make the most out of the resumes you have already paid for in the past to make the hires that will ensure your company’s future. The TSP workflow is designed to encourage this behavior before advertising.
- Targeted Job Posting Placement – If searching doesn’t get the job done, send your job posting to the largest network of job boards, aggregators, and social networks for automatic distribution. Not only will you be able to customize your job postings based on Talentstream’s workforce planning tool (Supply & Demand), but Broadbean’s distribution technology will track success for all of your selected sources. This gives you…
- Return on Investment (ROI) Analytics – Back up your business decisions with real data; NOT candidate input. Most companies rely on their candidates to tell them where the company should be spending money, by letting their ATS ask “Where did you hear about this position?”
— Why let your candidates dictate your budget without verifying that the information provided is accurate?
— TSP will record the number and cost of applications received from all of your job boards (both paid and free sources). With this information, you’ll have real data to make budget decisions in the future.
The real beauty behind the Talentstream Sourcing Platform lies in the fact that it can seamlessly wrap around your existing applicant tracking system. You’ve already paid for the candidates within your ATS, so why continue to buy the same resumes over and over when there’s a solution to make those people tangible once again?