How Implementing an Applicant Tracking System Can Help Your Business Grow
The world is in a constant state of flux. At this very moment, a lot of existing plans, processes and strategies are being thrown out the window to pivot business operations to cater to the ever-changing political, economic and health scenarios playing out across the globe. There are many unknowns. However, there’s one thing we can be sure of:
Tough times won’t last, but tough businesses will.
Now is the time to focus on opportunities to increase efficiencies, reduce costs and emerge as a leaner and more capable organization. By doing this, you’ll be ready to grow again when restrictions ease in the coming months. What if implementing a simple solution could address all these points?
If you’re a small to medium business, as most are, do you ever feel like big corporates have an advantage over you when it comes to securing top talent? It can undoubtedly be frustrating losing out on impressive candidates when they choose to accept an offer from a larger company. It must be their brand name, right? Not necessarily.
In recent years, it has been widely reported that 99% of Fortune 500 company’s use an Applicant Tracking System (ATS) to help them recruit and onboard new employees. Is your business using an ATS? Do you know what an ATS is? Let’s take a look at how implementing ATS software in your recruitment process can help your business survive, grow and thrive.
What is an Applicant Tracking System (ATS) and Why is it Used?
An ATS is a crafty piece of digital software engineering brilliance. The software is designed to provide recruiting, hiring and in many cases, onboarding tools for employers. An ATS is packed with many useful features, helping manage the data flow from an initial job advertisement to bringing the successful candidate on to the team as an employee. Applicant Tracking Systems automate a substantial portion of the recruiting process, including the collection and filtering of applicant resumes. Time is arguably our most valuable resource, and an ATS will sure save you a lot.
Depending on the size of your business and scope of the role you’re hiring for, the software can be utilized as a resume filter, picking up the best candidates for you to pursue further. To do this, the ATS will run keyword searches and cross-check information against criteria set by the employer to determine whether the candidate is a good fit. For example, a certain level of education, experience and spelling capability might be essential for the advertised role. The software can do the hard work for you, filtering out resumes or CV’s that don’t meet your requirements.
Historically, these systems have been used by larger corporations to optimize their recruitment spend and efforts towards hiring new talent. With software advancing, becoming more accessible and sporting a lower entry price, almost all employers can start benefiting from implementing an ATS into their recruiting and onboarding function, it’s no wonder everyone’s jumping on board!
How does an ATS work?
Applicant Tracking Systems are a complex set of software. Fundamentally they operate as a database, optimizing the flow of data from a candidates application through to the end result, whether that be a successful onboarding or a future interview for another role.
Many ATS’ will automatically screen and rank candidates based on the job description set by the hiring manager or recruiter. They’ll also let you search by crucial attributes, such as education, experience and essential skills. By allowing employers to do this, it’s easier to prioritize contact with higher ‘ranked’ applicants, saving time and producing a more efficient hiring process.
Advanced Applicant Tracking Systems will also pre-fill documents based on information provided by the employee and applicant, such as employment offers, contracts, payroll and other onboarding tasks. Need a reminder? ATS’ can do that too, contacting all the relevant stakeholders at the right time, to ensure a smooth hiring process from start to finish.
Five Ways a Great Applicant Tracking System can Benefit Your Business.
Save money on your recruiting and onboarding costs by up to 70%
By pre-filling forms with existing details and inputs, as well as eliminating the need to edit, print, scan, collate and email individual documents. In essence, essential documents can be on its way to a candidate in under a minute! Applicant Tracking Software saves time and reduces costs immensely.
Cut onboarding times by 90%
With modern onboarding software, part of advanced ATS’, the candidate can complete their requirements – including digitally signing their contract and filling out all the required forms – in minutes. They can even do it from their phone while out and about. This benefit makes it far more convenient and saving a bunch of time for everyone.
Improve your employee experience and retention rates
Improving employee experience should be a key focus for any HR function. While this is an ongoing journey, getting it right from the get-go is essential. First impressions are critical to any aspect of life, and a new job is no different – for both parties. Candidates get sold on the company during the interview process. However, it is not done until the contract is signed. The software you use is one of the first points of contact future employees will have with you and your business.
Reduce errors and automate reporting
Using an ATS will allow for integrated, automatic reporting whenever required. The result is on-demand insights allowing for real-time analysis by managers. Besides, since all documents and forms are processed and categorized within a single system, audit requests are no longer an issue. It’s all right there!
Screen for excellent staff, reduce drop-off rates and close in-demand talent.
Even after selecting a successful candidate, traditional onboarding pack completion typically takes around ten days, on average. That’s a long time. During this period, the candidate is likely still being approached by other employers with offers. It’s not too unlikely that they change their mind (drop-off) and decide to take one of those other offers instead.
This is especially prominent if the other employer has a slick, modern ATS that allows them to sign their contract in a matter of seconds. You have to stay up-to-date with your competition at all stages of the recruiting and onboarding process.
A Common Issue with Applicant Tracking Systems and How to Avoid It
Job-hopefuls are always trying to beat the system, including outdated, ineffective ATS’. Missing quality candidates is in no one’s best interest. It’s, therefore, crucial to select a modern ATS built for the contemporary world. It should be completely digital and online, customizable, usable internationally and features end-to-end automation of the hiring journey. INCLUDING the onboarding of a successful candidate.
Using the right ATS to onboard and recruit new employees increases efficiency. An ATS also reduces costs and maximizes your organization’s ability to secure top talent. If there’s one easy fix to improving your organization’s bottom line and improving your capability to pursue growth, it’s a remarkable, up-to-date Applicant Tracking System.
Take your company’s recruitment function to the next level with the #1 end-to-end recruitment and onboarding software platform. MyRecruitmentPlus – try it for free today.
Until next time,