The recruiting world is drastically changing with the rise of HR-Tech, as new technologies emerge, innovative recruiting processes are implemented and changing jargons. To keep up, we’ve gathered the top 6 HR recruitment terms new age recruiters should definitely know in order to “talk the talk”:
Recruitment Metrics – There are many important recruitment metrics in HR that can be divided into four categories – Speed Metrics, Quality Metrics, Productivity Metrics, and Cost Metrics. The most commonly used metrics in HR are Time to Fill [TTF], Cost per Hire, and Cost per not Hire. Those metrics provide organizations a platform to measure recruiter accountability and performance.
Diversity Hiring – All candidates have the right to work and advance based on merit and ability with no regard to race, color, religion, sex, nationality, age, disability etc. Moreover, many studies show that companies with high workplace diversity percentage believe the right recruitment process substantially increases their bottom line and revenues all while creating a more productive working environment.
SaaS – Software as a Service: an ‘on demand software’, hosted ‘on the cloud’ and available to customers via the internet through licensing and distribution. One of the most common deployment methods for HR tech these days and is usually easy to implement with no complicated on boarding and little to no integration time.
HRMS – Human Resources Management System: a software application that combines various HR functions such as sourcing, recruiting, payroll, benefits, and performance analysis. HRMS helps connect HR teams with different management departments and act as an HR ‘one-stop-shop’.
Predictive Analytics: Using Predictive Analytics in your preselection process helps narrow down the masses of CVs a company considers for a single position with the help of data gathered from your current workforce. Using advanced technologies to mine the data behind the lines of CVs, we are able to predict the future success of applicants in a company. Leveraging human capital analytics results in practical insights for the company to impact business growth via HR data.
CV Database (Talent pool): Companies holds high volumes of CV in their database from past applications and candidate profiles interested in working for your company. ATSs (applicant tracking systems) usually stores that data and make it available for recruiters in a click of a button. Nonetheless, ATSs have systematically lacked the technology to asses the relevancy and compatibility of candidates in your database or cross match applicants for position A to job posting B. That is why companies have to use more advanced platforms in order to manage their CV pool.
As many technologies are reshaping the landscape and force us towards learning and adapting for the future of work, we need to stay tuned and relevant. Of course, this is not an exhaustive list, but it’s a good place to start.