Axis Bank, one of India’s leading and sought-after banks with over 85,000 employees, deals with nearly half a million candidates annually and hires over 30,000.
A natural question is how the Talent Acquisition team manages the entire process, from posting a job vacancy to onboarding the candidate.
This is where Applicant Tracking System (ATS) comes into the picture.
Download this ebook to evaluate how to choose the right ATS to scale hiring at your organization
This article discusses how talent acquisition teams can address their challenges by using an applicant tracking system (ATS) and offers tips on selecting the right one for their organization.
How to choose the right ATS vendor for your organization?
What is an Applicant Tracking System?
Challenges Faced by Talent Acquisition Teams
How does an ATS solve recruitment challenges?
Benefits of using an ATS
Importance of choosing the right ATS
How to select the right ATS?
What is an Applicant Tracking System?
An Applicant Tracking System (ATS) is a software application designed to manage and streamline recruitment. It helps recruiters and hiring managers manage job postings, resumes, and candidate communications in one centralized location.
The software helps organizations create an efficient process that attracts top talent, improves the candidate experience, and recruits a diverse and talented workforce.
With an ATS, the recruitment team faces challenges right from attracting talent to giving offer letters.
Challenges Faced by Talent Acquisition Teams
The talent acquisition team plays a critical role in the recruitment process, and they face several challenges in today’s competitive job market.
Some of the challenges are:
1) Attracting Top Talent
With the increasing competition for top talent, locating and attracting qualified candidates has become a significant challenge for talent acquisition teams. They must develop effective employer branding strategies to position their organization as an attractive employer and differentiate themselves from competitors.
2) Time Constraints:
Talent acquisition teams are under constant pressure to fill vacancies quickly. This can make it challenging to ensure that they conduct thorough candidate assessments and make the right hiring decisions.
3) Limited Budget:
Budget constraints can limit the resources that talent acquisition teams have available to attract and hire top talent. They must find cost-effective recruitment strategies and leverage technology to maximize their recruitment efforts.
4) Diversity and Inclusion:
Ensuring that the organization has a diverse and inclusive workforce is a crucial objective for talent acquisition teams. However, achieving this goal can be challenging, and they must implement effective diversity and inclusion strategies and overcome unconscious biases.
By developing effective strategies and leveraging technology, talent acquisition teams can overcome these challenges and build a talented and diverse workforce.
How does an ATS solve recruitment challenges?
As observed in The Ultimate Guide for Evaluating Your ATS Vendor, 99% of the Fortune 500 companies used an ATS in their hiring process, and 78% of recruiters reported that ATS helped them improve their hiring quality and efficiency.
Here is how an ATS is helpful in streamlining the whole recruitment process:
1) Job Posting and Management:
An ATS allows recruiters to create and manage job postings on multiple job boards and social media platforms. It can also help recruiters track the status of job postings and manage job descriptions.
2) Resume Management:
An ATS can help recruiters manage a high volume of resumes by automatically parsing and organizing them. It can also provide keyword matching and ranking tools to help recruiters identify the most relevant candidates.
3) Candidate Communication:
An ATS can help recruiters communicate with candidates throughout the recruitment process, including sending automated email notifications and scheduling interviews.
4) Collaborative Hiring:
An ATS allows recruiters to collaborate with hiring managers and team members on candidate evaluations and hiring decisions. It can also provide role-based access to candidate information and feedback.
5) Analytics and Reporting:
An ATS can generate reports on recruitment activities, including the number of applications received, the time-to-hire, and cost-per-hire. It can also provide data on candidate sources, application status, and diversity metrics.
Benefits of using an ATS
An ATS can bring many benefits to organizations looking to streamline and optimize their recruitment process. Here are some of the top benefits of buying an ATS:
1) Time Savings:
Recruiters can save a significant amount of time by automating repetitive tasks such as sorting and filtering resumes, scheduling interviews, and sending follow-up emails. This frees up time for recruiters to focus on more strategic recruitment tasks.
2) Increased Efficiency:
An ATS can streamline the recruitment process, from sourcing and screening candidates to hiring and onboarding. It can help recruiters manage large volumes of applications more efficiently and effectively, reducing time-to-hire and cost-per-hire.
3) Improved Candidate Experience:
Candidates can have a positive experience through an easy application process, tracking application status, and communicating with recruiters. This can help organizations attract top talent and improve their employer brand.
4) Better Hiring Decisions:
An ATS can help recruiters make better hiring decisions by providing them with more data and insights on candidates. It can help recruiters identify top candidates more quickly, track their progress through the recruitment process, and compare candidates against specific job requirements.
Importance of choosing the right ATS
Choosing the right ATS is crucial because it can significantly impact the efficiency and effectiveness of your recruitment efforts. Here are some reasons why choosing the right ATS is important:
1) Better Candidate Experience:
The right ATS can help recruiters provide a positive candidate experience by making it easy for candidates to apply for jobs, track their application status, and communicate with recruiters.
2) Enhanced Collaboration:
A good ATS can help recruiters collaborate more effectively with other team members, such as hiring managers and HR professionals. It can facilitate communication and collaboration, allowing everyone to stay on the same page throughout the recruitment process.
3) Accurate Reporting:
A good ATS can help recruiters generate accurate reports on their recruitment activities, such as the number of applications received, the time taken to fill a position and the cost per hire. This data can help recruiters identify areas for improvement and make better-informed recruitment decisions.
How to select the right ATS?
While the Ebook – The Ultimate Guide for Evaluating Your ATS Vendor has A to Z of partnering with an ATS, let us give you a sneak peek of how to identify the right ATS for your organization:
1) Identify your needs:
Before you start evaluating ATS options, determine what features and functionalities are essential for your recruitment process, such as resume parsing, job posting, candidate communication, interview scheduling, and reporting.
2) Research and compare ATS options:
Research and compare ATS options based on your identified needs. You can read reviews from other users and seek recommendations from industry peers.
3) Evaluate integration capabilities:
Evaluate whether the ATS can integrate with your existing HR systems, such as payroll and performance management, to streamline your employee data management processes.
4) Consider data security:
Security is a critical factor to consider when selecting an ATS. Ensure the ATS vendor has robust data security measures in place to protect candidate data from unauthorized access or breaches.
There are more aspects to consider before partnering with an ATS like integration capabilities, data security, compliance, support model, and pricing.
These are covered in depth in our Ultimate Guide for Evaluating Your ATS Vendor. Click the link below to download it for free 👇
