Hiring companies and recruiters are always looking for new ways to hire more effectively and efficiently. Many have turned to technology to get an advantage and make better hiring decisions.
One hiring software company estimates that 72% of resumes are rejected before a person can have the chance to see and review them. Companies are increasingly using applicant tracking systems (ATS) and algorithmic hiring to make recruiting decisions.
“Companies are increasingly turning to software code to source new talent. Demand for these algorithms has spiked in recent years and this trend is expected to continue. This means a robot – rather than a human recruiter – could soon decide whether you land your next job,” says Ashley Nunes in The Globe and Mail.
There are pros and cons to using algorithms to hire. Here we’ll outline what algorithmic hiring is and look at some of the advantages and potential drawbacks.
Algorithmic hiring is the process of using a computer algorithm to assess candidate applications. The algorithm uses the data from candidate resumes, cover letters, and application materials to compare and contrast their fit for the job.
There is no doubt that incorporating technology into the hiring process can provide some benefits. They include:
There are a number of potential drawbacks and areas of concern with hiring algorithms:
Algorithmic hiring is still in its infancy. There are still many things that need to be worked out to make it a more effective and efficient recruiting tool. Algorithms should be used as one of the many tools companies can use to hire, not something to make a hiring decision.
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.
Gary is a Partner and Practice Lead of one of Toronto's most respected team of IT recruiters. He has a strong background in building and managing teams, and specializes in contract and permanent placements within the IT space. With over 15 years of IT Sales and Recruitment experience, Gary is committed to customer service and has a genuine love for working with people and solving business problems.