During the 1970s, the very first applicant tracking systems came into the picture. These early systems were developed to manage job applications manually. Furthermore, the manufacturers began to inculcate advanced features with time. After this, the rise of the internet altered the hiring process remarkably. There were advanced algorithms were introduced and recruiters started to filter out 1000s of companies according to their preferences.
A survey conducted by Research Nester portrays astonishing results such as:
- Approximately 91% of Fortune 500 companies utilize ATS.
- Almost 75.2% of recruiters around the world utilize ATS
- 62.1% of talent sourcing teams claim that they find out more high-quality candidates in comparison to the applicants.
Hence, it can be said that this market is expected to flourish in the future. Let us now delve deeper to understand some other aspects.
Features of an Applicant Tracking System
ATS makes it extremely convenient for applicants to apply for various positions. Some key features of ATS are written as follows: –
Resume parsing- In this process, data is extracted from various resumes. Some of the imperative contact information such as educational background, skills experience, and titles.
Ultra advanced search- This feature enables the person to filter out particular keywords such as experience, education, titles, etc.
Candidate sourcing- This allows the users to instantly search for identity and reach out to potential candidates for several appropriate applications.
Email templates- Most of the ATS render templates to ensure all the correspondence.
Multi-channel sourcing- This enables the users to search for various channels including job boards, employee referrals, and social media.
Advanced analytics and reporting- This system allows the user to generate exhaustive reports on various hiring trends etc.
Facility to schedule interviews- The system is able to automate the interviews and the companies do not have to squander time on rescheduling.
Real-time collaboration- This allows various people from all over the world, and organizations to get involved in the decision-making, sourcing, and decision-making regarding various hires.
Automation based on various conditions and events- This means that ATS will only be triggered to do something.
Furthermore, most large corporations utilize some form of applicant tracking system. A research conducted by Research Nester states that approximately 66.1% of large companies and almost 35.2% of small organizations are dependent upon recruitment software. It is quite evident that ATS is here to stay and thrive.
Advantages of modern ATS:
Modern applicant tracking systems render various advantages for recruiters and organizations:
-Enhanced productivity: According to a finding of Research Nester, almost 70.5% of the respondents would raise productivity with the help of ATS.
An ATS allows companies to portray or advertise various job openings and manage candidates efficiently. The increased efficiency enables the companies to manage the recruitment process.
-Recruiters are able to efficiently and promptly screen numerous applications with the utilization of modern software capabilities.
– Eliminates the hiring time: Research Nester conducted a survey and found that almost 86.2% of recruiter’s state that using an ATS decreases their time to hire. By the deployment of an ATS, recruiters find a permanent solution. It is able of automating the process of job postings on various boards.
– Enhanced candidate experience: ATS improves the experience and the well-being of the applicant. These systems decrease the process of hiring and make smooth procedures.
The Future of Applicant Tracking Systems:
As technology continues to grow, application-tracking systems are going to be ultra-modern. In the future, it can be expected that more modern artificial intelligence algorithms are going to be incorporated into the ATS. There might be the introduction of augmented reality and virtual reality which revolutionize the future.
The global applicant tracking systems market size was anticipated to garner USD 2.3 billion in the year 2021 and it is anticipated to exhibit USD 4 billion by the end of 2030. The rising demand for digitalization and automation along with the adoption of remote working models is acting as fuel for growth of the market.
The Asia Pacific region is anticipated to grow at a remarkable CAGR during the forecast period. The reason for this is the high population of applicants for various job opportunities.
It is quite evident that the market is holding lucrative opportunities for the future. There is no doubt that AI-powered ATS is going to remain thin demand in the future. These systems are anticipated to be fully integrated with numerous social media platforms like LinkedIn, Facebook, etc. ATS platform will become even more sophisticated with the amalgamation of AI.
Although, it is prudent to understand the nitty-gritty of any market. It is advisable to know the market challenges and regional analysis so that entrepreneurs can make sound decisions. The knowledge of the market is imperative for taking business to the zenith.
An experienced research writer, strategist, and marketer with a demonstrated history of research in a myriad of industries. I love to distill complex industrial terminologies of market space into simpler terms.