This week Workday introduced Workday Recruiting, a long-awaited new module in the company's growing suite of cloud-based HR and Financial Management applications.
In many ways this product has the potential to disrupt the landscape for corporate recruiting software. Rather than being designed as a tool for recruiters which integrates with other HR systems, Workday started from scratch and developed a totally unified solution: one which manages all elements of the recruitment process, focused on the needs of applicants, managers, recruiters, as well as HR. The Corporate Recruiting Software Market
The market for corporate recruiting software, now over $1.5 billion in size, is red hot.
These tools started more than 20 years ago with the advent of resume scanning systems that took paper based resumes and parsed them into a relational database. The systems were later named "applicant tracking systems" (ATS for short), and companies like Taleo (now owned by Oracle) and BrassRing (now owned by IBM) exploded with growth in the late 1990s and early 2000s. Since then dozens of companies have built applicant tracking systems and nearly every HR software company sells one. (Read our Talent Acquisition Market research for details on the players.)
Why are these systems so important? The entire job application process has gone digital. Thanks to the internet and companies like LinkedIn, Glassdoor, Facebook, Indeed.com, and others, companies can now post jobs all over the internet and receive hundreds of applicants in minutes ("resume overload" is now one of the biggest challenges recruiters face).
All these job applications have to be stored, ranked, and routed to managers for review. Candidates have to be interviewed and screened, then offers have to be written and people need to be onboarded. The process is complex, high volume, and filled with opportunities to create a positive or potentially negative experience for candidates.
(And that experience really matters. The 2013 Candidate Experience Awards research shows that 88% of candidates who had a "good experience" applying for a job left feeling positively about the employer, even if they did not get a job. The quality of the job application process has a major impact on a company's employment brand.)
Tools to recruit have become very sophisticated. In fact the whole discipline of talent acquisition looks much more like marketing and much less like staffing every day. Today employers can source candidates through LinkedIn, Entelo, Gild, TalentBin, and dozens of other "smart search" tools which index people the way Google indexes pages. They can purchase and post targeted advertisements all over the internet to find engineers, scientists, nurses, and other workers in highly targeted locations. They can use "candidate relationship management" systems to build talent networks and interest groups, communicate with passive candidates (called "farming"), and manage the flow of candidates from "vaguely interested" to "ready to apply for a job"; And they can build custom websites, videos, and other digital assets to attract people.
In addition, talent acquisition is one of the biggest markets for Big Data and groundbreaking assessment science. Dozens of vendors now offer analytics tools which analyze hundreds of facts about candidates and help you predict who is likely to succeed. (Evolv, IBM, PeopleAnswers, and many others). Pre-hire assessments (which are used by fewer than 40% of all companies) can significantly improve the quality of hire - and today these assessments feel more like games than tests.
(Interestingly, research shows that data-driven assessment out-performs the managers' interview on a consistent basis - we are often attracted to a candidate for the wrong reason when we meet them!)
Most of these science and assessment tools come from smaller vendors, making it even more important for companies to have a scalable recruitment platform to integrate everything into an easy to use, manageable environment.
For corporate HR leaders, this whole marketplace is dauntingly complex. Not only do companies have to post jobs, manage advertisements, create an extended employment brand, and manage candidate networks, but companies must open up this whole network to internal candidates and manage employee referral programs as well. Most recruiters tell us that internal candidates and referrals are the strongest tool they have.
Need for Integrated Recruitment Software
Companies need a software platform that manages this entire process. Not only must HR managers integrate third party tools, build a workflow to source and assess candidates easily, and manage internal referrals and talent mobility, they need analytics and data management to help monitor, improve, and optimize all this effort. Talent acquisition is the most important part of HR and makes up a $120+ billion worldwide market (Source: Bersin by Deloitte Talent Acquisition Factbook) - anything companies can do to make the process more effective or efficient pays for itself many times over.
Until the last few years, software to support this market was developed by innovative and specialized talent acquisition software companies. Today most of these companies have been acquired and these tools are integrated into nearly every vendors' talent management system. (Oracle, SAP-SuccessFactors, IBM, CornerstoneOnDemand, Saba, PeopleFluent, SilkRoad, Halogen, Infor, and nearly every other talent management software company now has a recruiting module.) The only major ERP vendor that did not have such a system was Workday.
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