Technology as a Competitive Edge in the Battle for Talent

The volatility of today's job market has become synonymous with phrases like “The Great Reshuffle,” “The Great Resignation,” and “The Big Quit” — and for good reason. While the Bureau of Labor Statistics reported a record 9.3 million job openings in April alone, IBM finds that one in four workers will jump roles for the right opportunity.

In a market driven by talent competition rather than a lack of qualified applicants, companies are under increased pressure to attract, hire, and retain quality workers. And it isn't just in healthcare or hospitality — today's talent retention is a concern that transcends industry boundaries. Take a look at the legal industry, for example; AdvanceLaw’s quarterly summit research revealed that in-house talent scarcity was the No. 1 concern.

As the battle for top-tier candidates wages on, it's time to consider how technology can serve as a competitive differentiator in the hiring process.

Attracting Today's Workforce with Tomorrow's Tech

Millennials have comprised the largest generation in the labor force since 2016, according to Pew Research Center — a presence that is expected to grow to 75% by 2025. To that end, millennials are also known as the most tech-savvy generation; they've grown up with technology and expect to see the tools they know and love in the workplace.

Companies with legacy, antiquated tools and processes will not attract the modern masses. Instead, recruiters must enhance their tech offerings and networking skills to win the hiring game by integrating tools for these three areas:

• Communication — Supporting a modern, well-connected workforce begins with solutions that enable email, video conferencing, project management, direct messaging, and more. When employees feel connected, they are more likely to be engaged and satisfied in their roles

• Training — If you're looking to prevent turnover and boost retention, look no further than internal mobility. Employees want to see new and exciting solutions they can learn from and leverage to uncover unique skills, meaning that organizations offering the right blend of cutting-edge technology, specialized training, programs, and coaching will stand out.

• Efficiency — Technology is supposed to make life easier, and that's certainly what candidates expect at work in terms of fast-paced innovation, automation, etc. While only 2% of recruiters said they were focusing on automating processes to help improve efficiency in 2017, that percentage jumped to 10% in 2021, indicating that more candidates are expressing the desire for tech-driven efficiency in the workplace.

Hire From a Global Talent Pool (Securely)

Whereas location played a determining role in the hiring process pre-pandemic, remote work has broken down geographic barriers, allowing leaders to cast a wider net in the hiring process. In fact, 61% of employees now prefer to work in a fully remote environment, indicating the potential for qualified applicants from all over the world to enter your network.

Technology enabling virtual interviews and chat box features for early engagement with candidates is a great starting point for companies looking to leverage a global talent force. But to take this “work from anywhere” mindset that employees are looking for to the next level, companies must also be able to ensure secure and confidential access to a virtual workplace.

As cybercrime reaches new heights amid remote work trends, the built-in fail-safes and data recovery offered by the cloud can help ensure that employees can stay connected and productive from anywhere. It's especially important to find a platform that offers secure encryption from any mobile or desktop device, giving employees a flexible, safe way to access corporate files that simultaneously mitigates the risk of ransomware attacks, data breaches, and major IT outages.

Reduce Bias and Streamline the Hiring Process with AI

While 1:1 resume review and interviews are beneficial to the selection process, it can be time-intensive to narrow down a final pool of candidates. How do you properly screen, vet, and contact the most qualified applicants so that your team is only interacting with potential hires?

The key is using artificial intelligence and machine learning to accelerate the background screening process, while automation moves your candidates either up or off the ladder.

Optimize Onboarding and Training

Once you've found and hired top talent, the next step is to integrate them into your organization as seamlessly as possible. According to Gallup, a well-structured onboarding process can improve new employee retention by 82% and productivity by over 70%.

At a basic level, role insights like skill and requirements can be more effectively communicated in a virtual database, and real-time collaboration tools help new hires feel connected and integrated. Looking forward, however, new advancements in tech can also be leveraged to make the onboarding process more interactive and engaging.

Invest in People-Centric Innovation

This isn't the first time we've faced a challenging job market, and it certainly won't be the last. By proactively leveraging today's technology to collect business analytics, automate redundant processes, reduce staff workload, and streamline the hiring process, companies are getting a leg up in the battle for talent and creating an employee-centric culture that will pay off in the long run.

An important note: Leveraging new doesn't necessarily mean a “rip-and-replace” approach. Your tech stack must be adaptable and able to scale as you do. So, while investing in next-generation tech to solve some of today's top hiring and management challenges, be sure to find platforms or partners that can fit into your existing tools and processes.