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Resume overload
The number of applications submitted on the professional networking site LinkedIn has spiked by over 45% this year, with nearly 9,000 resumes submitted every minute.
Veteran head recruiters claim they received around four to five decent resumes within hours of posting a job opening years ago. Nowadays, they receive between 150 and 200 applications within 24 hours and spend three to five hours parsing each resume, and find that less than half actually fit the role.
What makes the process strenuous is that some resumes were generated by artificial intelligence (AI), which tend to misinterpret or exaggerate the candidates’ experience. Experts claim AI and LinkedIn’s ‘Easy Apply’ feature have prompted applicants to send resumes en masse without carefully considering if they actually fit the job requirements.
The consequences
The flood of CVs leads to decreased productivity, lost revenue, and overworked staff. It also places the company at a disadvantage, as new employees could be the source of innovation and the development of outdated business processes. While competition is attracting the best talent in the industry, businesses with poor recruitment procedures are buried under mountains of resumes.
The flood of applications has pressured HR officers to cut corners and screen subpar candidates. This results in low productivity and morale, as well as conflicts between team members. This all adds up. Having a few bad apples in your company can ultimately damage your business.
Offshore solution
Recruitment is just one of the many tasks of the HR department. They are also responsible for payroll, benefits administration, employee retention, and various employee development initiatives. They ensure that employees — the company’s most valuable asset — are satisfied and that the company’s work culture remains robust and productive.
Leaving the HR department to spend half a day parsing through resumes is counterproductive work, plain and simple. The top companies in the world have handed over recruitment tasks to third-party firms that specialize in this discipline. Their core task is to review all these resumes and identify the best candidates for their clients.
Unlike internal recruiters, these external firms have a deeper understanding of the dynamic labor market. They can help clients refine job descriptions, ensure salaries are within market benchmarks, conduct initial interviews, and verify references, among other tasks.
Recruiters are actively seeking the best talent in the market. Apart from job boards, they have a vast talent pool of candidates they can easily contact. Working with a third-party recruiter not only enhances the hiring process but also ensures that the firm’s HR department can effectively accomplish its other core tasks.
The question for your business
Have you supercharged your hiring efforts with a recruitment company?
