The Talent Acquisition & Staffing Technology and Services Market are expected to grow at a 5.7% CAGR to reach a valuation of US$ 196 Bn by 2028. With the growing importance of effectively and efficiently recruiting and retaining top talent, smart hiring processes are essential. It is past time for organizations to go beyond simply reviewing resumes. Salaries and benefits are important considerations, but making candidates an integral part of the hiring process will attract the best talent.
According to studies, hiring companies to miss out on more than 50% of qualified candidates due to inconsistencies in existing Applicant Tracking Systems (ATS), and tech firms incorrectly classify up to 80% of candidates.
Machine Learning Will Revolutionize the Talent Acquisition Process
The global talent acquisition & staffing technology and services market is undergoing a sea change as companies compete to hire rock star candidates. True potential, however, will be unlocked only when organizations focus on the power of machine intelligence, in which experts create a knowledge graph of the existing workforce and the positions required within an organization. This data-driven knowledge graph will broaden the scope; hiring firms will no longer have to manually sift through thousands of candidate applications and will be able to leverage intelligent recommendations via machine learning. While machine learning would help identify top candidates from large talent pools on job boards, it would also automate various repetitive aspects of the recruitment process.
Key Companies Profiled
- International Business Machine Corporation
- Oracle Corporation
- SAP SE
- Randstad Holding NV
- Linkedin Corporation
- PeopleFluent, Inc.
- CareerBuilder, LLC