The Global Applicant Tracking Systems Market is growing rapidly, providing much needed flexibility to a cumbersome hiring process.
As more and more organizations look to improve hiring efficiency and management, the Global Applicant Tracking Systems Market is due to witness a CAGR of 11.37 percent from 2013-2018.
How is Hiring as a Process Becoming Easier?
The job market in many countries has saturated due to more seniors staying in the workforce past retirement, and the overwhelming amount of part-time versus full-time positions. Companies are seeing an influx of applicants, so choosing the right one can be difficult.
Applicant tracking systems accurately match job applicants to positions, taking the stress and time out of the screening process. Doing so not only saves money but also facilitates organizations in hiring quality candidates for defined positions.
For small and medium-sized companies, it is an ongoing trend to implement hiring processes through softwares that integrate with social media for hiring.
Increasingly, organizations are adopting new applicant ttracking system softwares over old and traditional ones, for getting better visibility of candidate applications based on keywords.
Types of Applicant Tracking Solutions
- SaaS-based: also known as a hosted or cloud-based service is a deployment model that provides ease of access to anyone involved in the hiring process. The installed software runs on systems within vendor organizations.
- On-premises: is a deployment model whereby the software is purchased and installed on the user organization’s server. IT specialists in the organization maintain it.
Key Tasks Performed by Applicant Tracking Software
An Applicant Tracking system collects applications through online forms and conducts the screening process based on keywords chosen by recruiters to remove unqualified applicants. Qualified applicants’ details are saved in the applicant tracking system database for future reference and interview processes.
For better resume parsing capability, the system is automated in such a way that it scans resumes from various sources such as e-mail and web applications and shortlists. Auto-generated shortlisted resumes are not an exact match to the criteria of recruiters, so Applicant Tracking systems use resume parsing functionality to provide better options for organizations.
Some Applicant Tracking softwares additionally provide background checks and also verify paperwork for the on-boarding process.
Emerging Trend of Social Media and Smart Phone Integration
One of the major trends in the Applicant Tracking Systems market is the integration of social media. Social recruiting is useful to Hiring Managers as they use integrated applicant tracking software. Earlier, social media platforms were not integrated with old applicant tracking softwares.
However, it now provides better solutions for organizations implementing integrated Applicant Tracking software. By using social media, recruiting teams are sharing job requirements and job details globally to reach potential candidates. In the current era, many major organizations and SMBs are adopting this technology by upgrading their software to hire the best candidates via social media channels.
