Special report: Workday users transform talent acquisition

A new market report has revealed that Workday customers are getting extra help from talent acquisition solution providers, ushering a win-win relationship for all parties and redefining how recruiting is done for years to come.

The study, by leading technology market research company APPS RUN THE WORLD, surveyed 225 customers of Workday Recruiting that are running next-generation talent acquisition applications from 54 software providers. Findings were benchmarked against previous surveys conducted continuously since 2010.

With the tight labor market not showing any sign of easing since 2020, the survey of 225 reveals that after integrating next-generation talent acquisition software, many organizations are now capable of generating faster fill rates, a more satisfied experience for job candidates, and less attrition among new hires. Ultimately, these benefits mean substantial time and cost savings for employers, in addition to a more efficient recruiter experience.

Key findings

The impetus behind the Digital TA push is that even after years of investing in multiple core HR and recruiting systems, many companies still find themselves struggling with manual and often-times labor-intensive processes for identifying the best possible candidates.

Other top reasons cited by companies for the use of next-generation TA applications include conducting live video interviews (58%) and the ability to attract and engage with top talent. This is particularly important for companies that often encounter a high turnover rate among frontline representatives like call center agents, as new tools make it easier to move faster and identify better candidates to fit these positions.

Among the 196 use cases of video interviewing that were documented for this study, 70% of them were purchased between 2020 and 2022, with the remainder being licensed and deployed between 2010 and 2019. In other words, the pandemic accelerated an already growing trend and many job interviews now utilize video interviewing.

When we add into the research other next-generation TA tools such as assessments and chatbots, 62% of use cases took place between 2020 and 2022, while the previous period between 2010 and 2019 marked only 38% of the purchases and implementations. With the latest breakthroughs in digital recruitment technologies, adoptions of next-generation TA applications are becoming more widespread and commonplace than ever.

Workday customer value

• A leading US bank has seen a 118% jump in top talent attraction after implementing HireVue’s video interview software since 2021 on top of Workday Recruiting. It also upgrades the quality of hires by automating the early career requisition processes for more than 3,000 positions it needs to fill yearly in the United States.

• Global retailer, Hunkemöller, was using multiple HR systems. They wanted to bring greater efficiency and a more streamlined process to their hiring journey–for both candidates and recruiters. By using HireVue’s automation and interview scheduling tool they removed manual steps for the recruiter, saving 20,000 hours of recruiting time and over €200,000. They also now have a candidate NPS of 93%.

Summary

The study highlights the consensus among next-generation recruiting users that next-gen TA tools can shorten a typical recruitment by weeks. Compared with the conventional approach, companies of all sizes can easily handle many times more job candidates by automating the underlying HR administrative process.

Additionally, these forward-looking recruiters realize that they can execute better because new tools allow them to provide hiring managers with qualified candidates and ultimately successful hires, who previously would have never been considered because their resume either did not get seen or did not convey a full picture of the candidate’s skills and experiences.

As the economy indicators become more unpredictable in the coming months, any small win in terms of cost reduction, process improvement, and efficiency gain is a down payment, budgeting it preemptively to navigate and mitigate the dangerous cross currents facing today’s business leaders.

The ability to use next-gen hiring software to support, capture, and extract insights from job candidates may well be one of the intrinsic enterprise essentials to ensure uninterruptible supply of strategic hires in good times or bad. This will also allow business leaders to build an agile internal talent pool with the skills to navigate any future business challenges.

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