According to Vantage Market Research, the estimated value of the current talent management software industry was 6.9bn in 2021 and is expected to reach 13.4bn by 2028.
The data represents the overwhelming acceptance of the talent acquisition software and a renewed focus on candidate engagement. Due to the fierce competition between employers for high-quality candidates and the sheer volume of hiring, the demand for structured interviews, and automated assessment has multiplied. Traditional methods that prioritize factors like background, education, and professional recommendations now fall short in the context of this hyper-tech hiring market.
The pandemic has further compelled businesses to embrace new digital realities, creating opportunities for job aspirants to enjoy rewarding careers that pay family-supporting wages based on relevant skills in an evolved economy.
The advent of new technologies in assessment is transforming the talent acquisition domain. With the talent marketplace becoming excessively competitive, employers must not delay the implementation of effective and innovative evaluation methods to rapidly and confidently locate talent.
Today, both businesses and the employees they hire must come up with new ways to display their abilities and comprehend the skills of others as they navigate an uncertain future.
Implementing cutting-edge technologies like machine learning, artificial intelligence, robotic process automation, gamification, natural language processing, voice recognition, social media, and big data analytics in assessment has brought about a radical shift in how organizations conduct talent assessment.
Some of the proven long-term effects of integrating the latest assessment technology in an organization’s hiring strategy include –
- Extensive and quality talent pipeline to reflect a more diversified talent pool
- Enhanced candidate experience and engagement
- Ease in identifying top candidates
- Determining an employee-organization fit and skills from the start of the process
- Smarter, faster, and more practical solutions that result in better hires
- Dramatically lower costs per hire
- Overall improved effectiveness of assessment systems
- Unbiased recruiting in the new employment landscape
In order to achieve a competitive advantage, employers must focus on techniques that are superior to and distinctive from their peers.
This involves identifying quality employees through top candidate assessment solutions such as COGBEE to build strong, and diverse teams. COGBEE creates a unique candidate engagement ecosystem built around assessments that can carry out efficient talent evaluation across a variety of industries.
Some of the features of COGBEE’s AI-based assessment platform include:
● Easy integration with various ATS
● Multilingual support
● Candidate management
● Testing for on-the-job skills
● Analytics and reporting
● One-way or two-way video interviews
● Advanced proctoring suite with an anti-cheating mechanism
● Customized, automated evaluations
● 300+ skills assessment tests library
● Psychometric evaluations
● All-feature included subscription-based competitive pricing
● Real-time customer support
Why do enterprises trust COGBEE’s talent acquisition strategy?
High rate of employee retention –
- Utilizing applicant assessment tools enable you to concentrate on the best candidates who offer higher productivity and display ownership of work.
- COGBEE makes talent acquisition easy and quick through its automated talent acquisition processes helping filter the best prospects for the role.
Cultural fit –
- The data-driven applicant assessment tool enables enterprises to shortlist candidates based on their abilities and capacity to fit into the business culture allowing the appointment of candidates from a variety of demographic and cognitive backgrounds.
Structured interviews –
- Analyze candidates based on a standard interview and assessment pattern to avoid any unconscious biases.
Faster screening –
- COGBEE’s pre-employment assessment platform lets you screen multiple applicants in one go helping discover talented individuals and filtering the unsuitable ones.
Increased productivity –
- With the most qualified candidates on your side, employee engagement rises, thereby maximizing efficiency.
Reduced stress and refined candidate experience –
- Candidates perform much worse during interviews when they are overly pressured and may withdraw as a result of the stress.
- COGBEE’s remote video interview feature lets the candidates save any expenditure and time on travel.
Discover the best employee-organizational fit and key position skills –
- Organizations can measure and analyze the efficacy of their recruitment and retention initiatives across key KPIs.
- COGBEE’s sophisticated analytics tools determine the best assessment skills for a particular role.
COGBEE has been a trusted partner for several global enterprises providing scalable, scientific assessments and excellent candidate engagement. Book a free demo with our subject matter experts and experience how COGBEE’s unparalleled screening services can accelerate hiring at your organization.