There’s more competition for talent in today’s tight labor market, so it takes longer to fill positions with the best candidates. In fact, according to Glassdoor, the average U.S. employer spends about $4,000 to hire a new employee and the process takes about 24 days. The costs associated with finding and hiring new employees adds up in the form of time and expenses. Recruiting costs include job sourcing, marketing, background checks, job boards, staff, systems, outside recruiters, and even referral bonuses.
Leading businesses use applicant tracking software to better manage the hiring process, find the best candidates faster, and improve productivity. Discover what you need to know about applicant tracking system software and how it can help you make better decisions throughout the hiring process.
What is an applicant tracking system?
Competitive organizations use an applicant tracking system, also known as a talent management system, to simplify processing of job applications and enhance hiring processes. Upon receiving a job application, applicant tracking software automatically stores information in a database that is immediately searchable and actionable. For example, an employer can use that information to screen candidates, test applicants, schedule interviews, manage the overall hiring process, check references, and complete new-hire paperwork. Additionally, the applicant tracking system enables recruiters to send automated messages to candidates to keep them apprised of their application status.
How applicant tracking software impacts recruitment
Industry studies show that businesses using applicant tracking software can save thousands of dollars through the recruiting process. Additionally, 86% of recruiters report that applicant tracking software systems allow them to hire faster and 78% reported that it increased the quality of the candidates hired. An applicant tracking system streamlines everything from job posting and sharing to applications and candidate tracking to hiring and onboarding.
One huge benefit of applicant tracking software is the ability to track the recruitment and hiring process. For example, your office can see where candidates found job postings and determine how to best spend marketing dollars in the future. HR staff can also monitor data in the system to improve the big three recruiting metrics: time to fill jobs, attrition rates, and candidate quality.
Three benefits of an applicant tracking software system
The most successful firms are utilizing applicant tracking software to maximize efficiency, simplify recruiting, and embolden retention by hiring best-fit talent. Check out three major ways applicant tracking software benefits your business:
1. Automate the recruiting process and focus on increased candidate quality
HR professionals and recruiters are using applicant tracking systems to automate routine recruiting tasks. Jobs can be quickly posted on job boards, websites, and in social media channels. Web-based processes automate the storage of applicant and job data making it easy to quickly search for specific skill sets, types of experience, and more. Applicant tracking software helps hiring managers identify, interview, and hire candidates that are most closely aligned with business needs and objectives. Integrated job and applicant data also helps drive better decision making throughout the process.
2. Speed time to hire
Applicant tracking systems provide hiring managers with all the information needed to move forward efficiently in the hiring process. Applicant data is immediately searchable online so that interviews can be scheduled quickly, tests administered, and offers made.
3. Boost retention from the beginning
To ensure you’re hiring the right employees who plan to stay with your company, use applicant tracking software to deliver a great candidate experience. Create job postings that are accurate representations of the job. Be sure to post jobs internally as well to see if there’s an opportunity to hire from within. Smooth and timely recruiting processes have the ability to engage and motivate both your current and prospective employees.
Find and hire the best talent
Improving your recruiting practices with applicant tracking software can help you improve the quality of job candidates, boost retention, and speed the time to hire. Asure Software’s talent management software elevates how work gets done, so you can compete for the best talent, reduce costs, and increase efficiency.