The HackerRank team recently attended the HR Technology Conference 2019 and we’re excited to share the latest tech talent acquisition trends, tools, and insights we learned. The HR technology market is growing at an accelerated pace, and currently more than 12 million companies are paying a combined $5 trillion on HR technology. With this big of a market, more recruiting, assessment platforms, and interviewing tools are emerging, but which ones are worth investing in?
Scroll down to see HackerRank’s Top 5 takeaways from the HR Tech Conf 2019.
1. Customer Relationship Management & Applicant Tracking Software Systems are offering more solutions
The first trend we noticed at HR Tech Conf 2019 is that CRM systems are working to become the ultimate end-to-end hiring solution. Multiple CRM and ATS vendors promised that their systems could find, attract, hire, onboard, and retain candidates. As the customer, it’s great to see so many recruiting software companies offer even more features that will smooth out all the issues you face while finding and securing talent. But, seeing similar HR tech companies offer the same solutions can also be confusing.
If you find yourself unsure of which CRM or ATS to move forward with as you ramp up your 2020 recruiting strategy, look for a platform that is an expert on the weakest spot in your hiring process. For example, if you’re having a hard time sourcing new candidates, go with a CRM that accurately tracks the channels where you’ve found your best talent in the past. Then you can immediately identify which job board or social media site you should use to promote your job listing.
Another tip you can use to determine which CRM or ATS is best for you, is assessing whether it integrates with your other recruiting tools.
2. "Matching” was the HR Tech theme of the week
In all the vendor banners, conversations and promises, “matching” was the core theme at HR Tech Conf 2019. Many vendors are moving away from offering traditional big databases that recruiters use for candidate searches. Instead they are offering software and platforms that save time and automatically find candidates who would be a good match for the job based on the candidate’s resume and self-reported skills. Coincidentally, the most popular “matching” HR tech solutions are powered by the most talked about technology at HR Tech: Artificial Intelligence.
3. Artificial Intelligence (AI) is the breakthrough recruiting technology
AI in tech recruiting is the next up and coming trend. In 2018, ZipRecruiter raised $156 million in Series B venture funding, and plans to use some of that funding to expand their machine learning and AI framework. And ZipRecruiter isn’t the only company who is securing funds to invest in AI.
HR tech companies think AI can simplify every step of the hiring process. Zoom.ai uses AI to complete the tasks of a recruiting coordinator, such as schedule meetings and transcribe phone screenings. Other companies like pymetrics are using AI to remove bias remove bias during the sourcing and interview process. Algorithms, machine learning, and chatbots are being leveraged in the employee experience
4. There’s a rise in automation workflows
The more time a recruiter can save while sourcing and screening the better, and today more companies are using automation workflows to cut down the application review time. In some companies, chatbots screen candidates before the candidates can apply for a job. Other companies have candidates take coding assessments before moving on to a phone screen. Within the next year, we expect to see more companies chain multiple automated solutions together in the beginning of their hiring process to filter out and invite the best candidates to interview.
Next to saving time, automated workflows also offer a better candidate experience. With automated workflows that determine whether a candidate can apply or move on to a phone screen, a candidate no longer has to wait 3 or 4 weeks before receiving an update. Now they can immediately know whether they made it to the next interview stage.
5. Removing bias from hiring
After AI, the topic of limiting bias and tools that remove bias from the hiring process was the second trending topic of the week. 2019’s HR Tech conf launched its opening day with the Women in HR Technology Summit, which taught attendees how to create a culture of diversity and inclusion through data, mentorship, and HR technologies.
The conference had many vendors who are creating new tech-based solutions that identify and check bias in the hiring process. There were AI tools that pinpoint bias languages in job descriptions and assessment platforms that ensure legislative compliance. More companies like HackerRank are dedicated to creating an atmosphere of balance and belonging. If you're interested in adding more bias detectors in your hiring process, check out our Diversity & Inclusion Center.
Closing thoughts
HR Tech Conf 2019 gave the HR community just a small glimpse into the new HR technologies we can expect to see and use within the next couple of years. While it may be tempting to grab and implement every trending tool available, here are a couple questions thoughts to keep in the front of your mind:
- When should I reach for new tools? Before you invest in a new ATS or chatbots, identify what you are trying to accomplish in your hiring process. Once you’ve identified the problem, then move on to assessing what tools will best serve you.
- Does this tool provide real value? Global HR Tech investments reached $1.751 billion in Q1 2019, so we can expect to see a lot more HR tech products within the next couple of years. While it may be exciting and tempting to purchase the newest AI candidate assessment platform or automated system, determine whether it solves your most pressing issues. These tools may be innovative but they might not provide a better solution.
Want to read more HackerRank tech takeaways? Check out our Top 5 Takeaways from the Women in Tech Report.