Understanding Candidate Tracking System
Wilson Cole | December 2, 2022
Despite the differences between each organization, they all depend on finding, retaining, and maximizing outstanding talent.
At some point throughout the hiring or onboarding process, many firms experience significant challenges. The firm can locate, hire, and retain the top individuals with the help of a candidate tracking system's wide range of features.
What is a candidate tracking system?
Companies can organize and track candidates using a candidate tracking system or also known as an applicant tracking system (ATS), for hiring and recruitment purposes. These technologies enable firms to gather data, classify prospects according to experience and skill level, and screen candidates.
These systems are now used by more than 90% of Fortune 500 companies. The top application tracking systems can track all communications with candidates even though these systems are great at storing candidate data.
This reduces time-to-fill and guarantees that businesses get the best candidates for the position by making it simple to search and filter resumes and other candidate information.
Recruiters may streamline the hiring process using an application monitoring system to find the best, most qualified individuals through automated intelligence. In addition, this application saves businesses and recruiters time that would otherwise be spent manually sifting out these people because many vacant positions can draw hundreds or even thousands of applicants without the required qualifications.
Many applicant tracking systems' primary duties include automatically sorting through resumes and applications to decide which applicants should advance to the next stage of the recruiting process.
Some tracking systems monitor their candidates to ensure no backdoor hiring is happening in the process. Backdoor hiring can potentially harm the recruiters from an invoice collection standpoint. Utilizing the system can help limit or avoid such an unfair process.
In order to avoid losing out on top talent, good ATS tracking software also acts as a single location where hiring managers and recruiters can share comments and work together to identify the best candidate quickly. Plus, candidates are not left in the dark about their standing.
Finally, many businesses analyze and enhance their present hiring procedures using applicant tracking systems. Recruiters who have the ability to produce reports on their own hiring data can spot bottlenecks and drop-off points that might be detracting from the candidate experience.
Why use a candidate tracking system?
The fact that applicant tracking systems—or, generally speaking, recruiting software—keep rising in popularity in the recruiting industry is not purely accidental. They relieve hiring teams of a significant amount of pressure and offer them more time to concentrate on engaging with candidates and selecting them.
More specifically, the following are some important advantages of applicant tracking systems:
1. Find and attract talented candidates
Some businesses may not have the market reach to reach out to top job searchers or to cast a wide enough net. Other firms can lack brand recognition and the tools to build it, while others are missing crucial information on where to look to discover particular people. All of these significant candidate difficulties can be helped by an ATS. Artificial intelligence (AI) and machine learning can be added to some systems to improve their ability to create ideal candidate profiles, evaluate and identify skills, and predict success factors for each hire. In addition, organizations can target particular job seekers on the platforms and channels they use most frequently, increase brand recognition, and gain a better understanding of candidate behavior.
2. Boost candidate involvement
Moving a candidate from initial contact to the start date can take a high level of touch. A top prospect might be lost all too easily due to delayed response times or inadequate engagement during the interview scheduling process. Greater visibility across the candidate lifecycle is made possible with an ATS, ensuring that touchpoints are not missed.
3. Increase effectiveness and cut costs
Candidates move slowly through the hiring process as a result of reliance on ineffective manual methods, poor teamwork among the recruitment team, and miscommunication with important hiring stakeholders. High cost-to-hire and time-to-hire ratios result from this. With the help of an ATS, manual tasks can be automated, the recruiting team's visibility into the hiring process is increased, and communication opportunities are expanded throughout the candidate journey.
4. Continue to compete
These businesses already have the resources and brand recognition to compete for top talent; an ATS may level the playing field by providing better, quicker access to candidates. As of 2019, 99% of Fortune 500 corporations used an ATS in their hiring process.
5. Streamlining the onboarding procedure
The correct ATS may also help with onboarding by ensuring that applicants who accept employment have all the knowledge they need to start contributing immediately, boosting overall productivity and retention.
What are the benefits of using a candidate tracking system?
By utilizing the system, enjoy the following benefits:
1. Strengthen the job descriptions
Because present employment levels are insufficient to meet a crucial business demand, organizations submit job requisitions. This business requirement must be translated into essential duties in the job description. However, it must also grab the attention of the best applicant. A tracking system has templates for job descriptions that are keyword-rich and draw attention in the appropriate ways, at the right times, and where top candidates are seeking.
2. Increase the reach of recruiters and lessen friction
An applicant tracking system (ATS) enables recruiters to link job requisitions to the social media platforms and job-posting websites most suitable for specific candidates. Additionally, an ATS removes obstacles for potential employees and increases visibility for internal job boards with fewer clicks.
3. Automate and boost productivity
With technologies like digital, flexible interview scheduling, and automated job posting and communication, an ATS may alter and automate manual operations throughout the hiring cycle. As a result, employers can use centralized, paper-based, and email-based processes less frequently. By doing this, qualified prospects won't go overlooked. Additionally, it reduces errors and delays while advancing candidates more swiftly through the hiring process to enhance cost-to-hire metrics. The security of sensitive data is also increased by centralizing and digitizing it.
4. Enhance interaction and collaboration between recruiting teams
Both recruiting teams and candidates have gotten more spread out. The poor collaboration brought on by inconsistent methods and insufficient tools causes many firms to struggle with efficiency. A candidate's status in the process, previous touchpoints, and upcoming stages may all be seen by the whole recruiting team using an ATS. Alerts can be set up to ensure that essential tasks are completed, and qualified candidates are not overlooked.
Does your business need a candidate tracking system?
If a company screens more than 1,000 resumes yearly, an applicant tracking system is likely to provide a significant return on investment. In addition, if they struggle with recruiting and administration, have a protracted or complicated hiring process, or both, they'll gain from an applicant tracking system.
Time-to-fill can be significantly decreased with the use of applicant tracking tools. This implies that businesses that struggle to manage the burden brought on by big applicant pools will dramatically benefit from the streamlined approach.
Wilson Cole is the founder and CEO of Adams, Evens & Ross, the nations largest credit and collection agency design exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazines, "INC 500" for being the CEO of Adams, Evens & Ross, the 307th fastest growing privately held company in America. This exclusive group of other INC 500 CEOs includes Bill Gates of Microsoft and Larry Ellison of Oracle.In 2007 Recruiting & Staffing Solutions Magazine's Editorial Staff named him " The Billion Dollar Man" due to the fact that he had collected or helped his clients collect more than 1 Billion dollars in past due debt over his career of almost 20 years as CEO of Adams, Evens & Ross.