Hiring and retaining the right people is crucial for a company’s success in achieving strategic objectives. An applicant tracking system (ATS) plays a critical role in hiring talented employees and directly impacts the ability to achieve those objectives. Jim Collins emphasized the importance of acquiring the best people, stating that the success of an organization depends on getting and keeping the right individuals. High performers are extremely productive, with McKinsey reporting that they can be up to 8 times more productive than average performers.
This guide aims to explain the benefits of applicant tracking systems and help you choose the right one for your needs. The benefits of an ATS can be categorized into three main categories. Improved hiring accuracy is a key benefit as it allows you to recruit high performers. Surprisingly, 82% of companies do not believe they currently hire highly talented individuals. By leveraging technologically advanced ATS systems, you can assess the future performance of applicants, improving your hiring accuracy and selecting top performers.
Increased hiring speed is another benefit of ATS. These systems automate various recruitment processes, reducing the time it takes to make a hiring decision. This ensures that open positions are filled faster and applicants receive timely feedback on their application.
Lower hiring costs are also achieved through process automation. Many ATS systems offer the ability to screen and filter out applicants based on job and educational experience. This reduces the time spent reading resumes and lowers overall recruitment costs.
There are different types of applicant tracking systems available. Some focus on hiring accuracy by offering their own talent assessment solutions integrated into the application process. These systems provide a professional user experience for applicants and assess all candidates, expanding the talent pool.
Others focus on process automation, offering features that increase hiring speed and lower costs but do not prioritize hiring accuracy. Finally, there are systems that combine process automation with integrations to third-party talent assessment providers. These integrations can help improve hiring accuracy, but they may impact user experience and are typically applied to short-listed candidates at the end of the recruitment process.
When choosing an ATS, consider the strategic objectives of your company. Start-ups benefit most from increasing hiring accuracy, as all staff members need to perform at a high level. Small and medium businesses can also benefit from increased hiring accuracy, but cost savings from automation become meaningful. Large enterprises have the most to gain from process automation and cost savings, although hiring accuracy remains crucial.
ATS systems offer various features that address different stages of the hiring cycle. Sourcing tools help attract and source more applicants, reducing recruitment cycle time and costs. Automated resume screening and ranking features filter out applicants based on predefined criteria, improving speed and reducing recruitment costs. However, it’s important to use screening criteria that are relevant to performance and avoid introducing unconscious biases.
In summary, choosing the right ATS is essential for hiring the best people and achieving strategic objectives. Consider the benefits of hiring accuracy, speed, and cost savings when selecting an ATS. Assess the different features offered by ATS systems and match them to your company’s needs at each stage of the hiring cycle.
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