Technology will revolutionize the human resource environment by fostering diversity and inclusion

In recent years, digital transformation has prompted many companies to digitize their processes in order to offer better value for the customer and differentiate themselves from the competition. One of the areas that still has a long way to go is talent recruitment and management, especially when it comes to ensuring diversity and inclusion in the team. According to Vector ITC, a Spanish technology and digital group, technology will be fundamental in revolutionising the human resources environment, fostering a diverse workforce and an inclusive work culture.

As new technologies are implemented in different areas, companies must also respond by evolving their internal processes for attracting and retaining talent. To do this, companies need a diverse workforce and a work culture that is inclusive enough to ensure that different voices find their way into the decision-making process.

For example, several studies show that companies with a higher percentage of women in executive positions have a 34% higher overall return to shareholders than those that do not. In addition, companies with women in management positions have a 26% higher return on invested capital. This demonstrates that a robust and effective diversity and inclusion initiative helps companies make the necessary changes to their internal operations and external performance to achieve success.

Below, the company details four trends that will drive diversity and inclusion in hiring:

1. Matching technologies: These tools will offer much more than just job boards, Boolean search (database searches) or keyword matching. Thanks to technologies such as Machine Learning they will be able to provide faster and more efficient results. Today’s age-matching systems work 10 to 100 times faster and can generate results at scale. So even when the results produced by matching algorithms are simply similar to what a human recruiter could have generated, the time savings in the process are radical.

2. Programmatic advertising: This type of advertising for job offers allows the effectiveness of expenditure to be measured, so that the economic advertising resources available to the company can be allocated to the most productive sites and platforms for attracting talent, without a large investment in implementation. Another quality of this type of advertising is that it is easy to use and offers the company analysis and key performance metrics to analyze what is the return on that investment. In addition, by making this type of data more readily available, it is possible to maximize results for each campaign. As a general rule, the amount a company saves through higher returns through the use of programmatic advertising to attract talent should at least meet, if not exceed, the amount spent on the service.

3. Social Search: This technology allows access to all publicly available information on possible passive candidates from all social networks in order to find potential incorporations. Its operation is similar to that of labor advertising, but the difference lies in that it identifies passive candidates instead of just pointing to active job seekers. Such tools are not intended to replace current job boards, but by combining them, better results can be achieved. For implementation, companies must analyze recruitment needs and make sure they have good analytics to measure which approaches work best for them.

4. Recruitment Bots: These types of tools are already available on the market, but their application is still gradual. Although Bots cannot yet provide an enhanced candidate experience at every step of the process, they can add value for some companies when implemented at key points in the hiring process. To do this, it is critical to define what those points are and locate the bots there to perform specific tasks. With Bots, companies can increase completion rates and collect more (and more focused) data as they enter the pre-application and application phases of the recruiting process. At other times, Bots can replace a time-consuming activity, such as scheduling interviews.

“Digitization is a process of constant technological evolution, where companies must be updated in the tools available for the improvement and efficiency of processes, especially for the search and selection of talent. Diversity has long been an important business consideration often without a clear solution. The issue lies in balancing the workforce with the right talent and, at the same time, providing a culture of equal hiring among the different categories of an active population, such as gender, age, race, religion, etc.,” says Rafael Conde del Pozo, Director of Digital & Innovation at Vector ITC.

Vector ITC helps companies in their digital transformation, through the implementation of cutting-edge technologies, in order to help obtain more efficient processes between different areas of the company. In addition, it has integral solutions adaptable to the segment of human resources to drive companies in the search and selection of talents in order to find the ideal profiles for each area and make better decisions.