CHICAGO, Oct. 27, 2015 /PRNewswire/ -- CareerBuilder and its technologists from Broadbean have officially unveiled a new solution that will help solve two of the biggest challenges HR leaders face – and completely remodel recruitment. The new Talentstream Sourcing Platform enables recruiters to search candidates across their internal applicant tracking software, external job boards and professional networking databases through one interface - something that has been virtually impossible to do until now and that will save recruiters ample time and money. The platform leverages semantic search technology and provides organizations with a sourcing workflow tool for internal and external search as well as options for job distribution and social referrals.
Why is this so critical?
Most companies have recruitment or applicant tracking software that stores candidates they have previously sourced or who previously applied to their jobs. The problem is many recruitment or applicant tracking systems provide poor search functionality, so there's no way to take advantage of those resumes to see if past candidates are now a good fit for current job openings. Furthermore, the candidate search functionality is often buried in the tool rather than a step in the job posting process. As a result, recruiters incur fresh advertising and sourcing costs with each new job opening rather than utilizing their prior investment in developing a candidate pool.
The second problem companies have is they tend to subscribe to several resume databases and professional networking sites. A recruiter has to take time to log into each one and search for candidates. They are not unified in any way, so the search process is laborious and highly inefficient.
Fact: 22 percent of CEOs said their biggest recruitment technology challenge is that they use several different sources for hiring and cannot coordinate across them.1
Fact: 49 percent of HR managers said they do not re-engage prior candidates for new open positions. Of these HR managers, 52 percent said they focus on current candidates while 37 percent said no one has time to do so.2
"Our goal is to dramatically decrease the time it takes to fill a job by leveraging the candidates companies already have in pocket," said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. "Because many employers can't effectively search their internal candidate databases – which house candidates who already expressed an interest in working for them - companies go straight to advertising their jobs. This lengthens time to fill and means recruiters are essentially buying the same candidates over and over again. We are helping to change recruiter behavior by providing an easy-to-use, unified tool to search for candidates both inside and outside the company's existing talent pool before posting jobs externally."
Meet the Talentstream Sourcing Platform
CareerBuilder's Talentstream Sourcing Platform makes recruitment easier, faster and less costly with the following features:
- Comprehensive sourcing workflow and dashboard: Ensures recruiters are looking at candidates from their internal database first before spending any money on job advertising.
- Semantic search: Provides state-of-the-art semantic search technology – which studies the intent and contextual meaning behind words – turning a company's job descriptions into robust search queries, and ensuring recruiters are viewing the most relevant candidates.
- Single-interface sourcing: Enables recruiters to view all internal and external databases in one place.
- Job distribution: Predicts the expected level of difficulty to fill a position while enabling recruiters to post a job to a network of thousands of job boards, aggregators and social networks.
The Talentstream Sourcing Platform can be used as a primary platform or seamlessly wrap around a company's existing recruitment or applicant tracking system.
"This is a game-altering solution that will have a huge impact on the recruitment space," Ferguson said. "It takes years to develop this type of sophisticated technology that can unlock the true potential of the investments companies make in their candidate sourcing. We've created a recruiting experience that requires less time and less effort and saves money. We're excited to bring this to market for our clients."
1 Nationwide CareerBuilder survey of 88 chief executives with company revenue of at least $50 million conducted by Harris Poll, April 2015
2 Nationwide CareerBuilder survey of 220 human resources managers conducted by Harris Poll, March 2015
As the global leader in human capital solutions, CareerBuilder specializes in cutting-edge HR software as a service to help companies with every step of the recruitment process from acquire to hire. CareerBuilder works with top employers across industries, providing job distribution, sourcing, workflow, CRM, data and analytics in one pre-hire platform. It also operates leading job sites around the world. Owned by TEGNA Inc. (NYSE:TGNA), Tribune Media (NYSE:TRCO) and The McClatchy Company (NYSE:MNI), CareerBuilder and its subsidiaries operate in the United States, Europe, South America, Canada and Asia. For more information, visit www.careerbuilder.com.