PeopleFluent has been running a series of regional networking sessions with our customers called The WISDOM Roadshow of Customer Summits. Over the course of the year, PeopleFluent compensation and recruiting experts will visit 8 cities around the country to spend more time with our customers informing them of new functionality and sharing ideas. The Summits have been well attended and the learnings for both customer and PeopleFluent have been extremely valuable and actionable. Hot topics have included the effectiveness of video collaboration, best practices in high-volume recruiting, and analytics in compensation management.
One of the consistent themes that has resonated is the need for more automation in compensation management and talent acquisition. Highly manual and administrative tasks continue to be a burden to recruiters and compensation management professionals alike, reducing process efficiency and limiting overall productivity.
Favor Compensation Management Automation instead of Excel Spreadsheets
For example, many Compensation Management professionals are still reliant on excel spreadsheets and other highly manual processes. According to Ventana Research, one out of four organizations use spreadsheets as their primary tool for compensation planning, with an additional 35 percent who report using spreadsheets often.
Research also shows that more companies are looking towards compensation management software than ever before, with 76 percent reporting that compensation and talent management systems are important or very important, and lack thereof is the most widespread impediment to successful compensation management.
Ventana points out several key benefits organizations can realize by automating their compensation processes and doing away with manual compensation and spreadsheets:
- Reduce time, cost and manual errors
- Centralize compensation data in a decentralized environment
- Gain real-time access to centralized compensation data
- Minimize exposure of confidential compensation data that would be otherwise housed on spreadsheets scattered throughout the organization
- Immediately react to changes that affect compensation, such as organizational structure, compensation plans, performance measures, data sources and more
On the Talent Acquisition front, recruiters too are demanding greater automation in an effort focus on their primary responsibility; find and hire great talent.
According to Ideal.com, in 2017, finding top talent will depend on a recruiter’s ability to intelligently automate their workflow. One of the most promising applications of recruitment automation is for resume screening due to three main reasons.
- Manually screening resumes is still the most time-consuming part of recruiting
- Up to 88% of resumes received for a role are considered unqualified
- A recruiter spends on average 23 hours screening resumes for a single hire
In the current candidate-driven market, candidate experience can make or break whether a top candidate accepts your job offer. Recruitment automation in the form of chatbots holds the promise for improving the candidate experience. CareerBuilder’s data found 67% of job seekers have a positive impression of a company if they receive consistent updates throughout the application process.
If you would like to learn more about the power of automation as it relates to your compensation management and/or recruiting processes, we would love to schedule a customized product demo for you. Also, we’d love to see you at one of our upcoming Summits in August and September:
Compensation Customer Summits:
Recruiting Customer Summits:
We hope to see you soon!