Talent Acquisition Software Development: Must-Have Features in 2024

Talent acquisition teams may agree that the process of searching for qualified candidates has always been complicated and time-consuming.

A lot of them may still spend their days manually reviewing hundreds of resumes daily and segmenting each of them by hand.

However, there is a solution to this problem.

We are talking about talent acquisition tools.

Talent acquisition software is your all-in-one solution to tackle all your hiring challenges.

This tool is scalable and efficient.

It streamlines the entire hiring process and makes it easier and more effective for your recruitment team and potential candidates.

With talent acquisition solutions, your hiring team will be able to quickly hire top candidates in this highly competitive landscape.

Curious to know how it works?

We have prepared this comprehensive guide on talent acquisition software development, its benefits, and must-have features.

This information will help you prepare for the software development of your own talent acquisition system.

First, what is talent acquisition? Let’s get into it!

For companies looking to streamline hiring, choosing the best recruitment CRM can make all the difference in talent acquisition.

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What is Talent Acquisition Software?

Talent acquisition is a process of finding, attracting, interviewing, and hiring the right candidates for open positions.

The human resources (HR) department typically manages this process in a corporate setting.

With the right hire, your business can grow, the productivity boosts, and you keep staying competitive.

Having a strong talent acquisition strategy can make the hiring process much easier and more effective.

It also helps create a powerful employer brand and build relationships with those candidates who aren’t actively looking for a job but might be interested in the future.

Talent acquisition is a long-term, proactive approach to build a pipeline of talented individuals.

Recruiting specialists use talent acquisition software solutions to effectively manage the entire talent acquisition process.

These tools help streamline and automate various hiring stages.

Let’s see if there are any positive incentives in the TA software market in 2024.

Recruiting Software Market Overview

The Global Digital Talent Acquisition Market was estimated at $30.01 billion in 2023 and $32.81 billion in 2024 and is expected to grow at a CAGR of 9.47% to reach $56.57 billion by 2030.

Brand development strategies for talent acquisition, employee retention, and engagement primarily influence this market.

In the training segment, there is a noticeable increase in external training programs designed to help professionals gain new skills and learn industry best practices. This trend is especially strong in fields where staying updated with the latest knowledge is crucial.

Certification is another area experiencing growth, with more organizations utilizing certifications for AI developers and web presentations to handle large-scale data integration and analysis.

This is particularly important as data management becomes more complex.

In terms of industry demand, the information technology sector is leading the way.

As these areas continue to expand rapidly, there is a growing need for experts in software development and artificial intelligence.

We will discuss using AI in TA software development further.

But before that, make sure you check out our AI glossary to better understand all the terms related to artificial intelligence.

Market Dynamics

The main driver for digital talent acquisition is transparency in the process.

Companies also integrate these systems with their CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) systems to streamline team collaboration.

Feel free to learn more about ERP software development in our guide.

Video interviews and cognitive technologies are on the rise to improve the hiring process.

Despite the benefits, digital talent acquisition is costly and operationally complex and some organisations are not adopting these technologies.

One of the biggest challenges is data security and privacy.

As these systems hold sensitive information, data protection is key to maintaining trust and compliance.

Overall there is a lot of opportunity to bring crowd-sourcing into talent acquisition and improve the process.

Explore our guide to cybersecurity trends and see what your organization needs to stay secure.

Mergers and partnerships between talent acquisition software providers are on the rise which will lead to more robust solutions.

According to a LinkedIn study companies using talent acquisition systems are 40% more likely to improve their hires.

Additionally, organizations with these systems see a 20% reduction in time to fill open positions.

Partnering up for app development? Here’s what to keep in mind for a productive app development partnership.

Benefits of Using Talent Acquisition Software

Let’s dive into what a talent acquisition system is and how it benefits hiring team, talent acquisition specialists, and HR professionals.

A talent acquisition system is software that helps companies find, attract, and hire the best candidates for their job openings.

It streamlines the entire hiring process, from posting job ads to onboarding new employees.

For hiring teams and HR professionals, this system saves time by automating repetitive tasks like resume screening and interview scheduling.

It also provides tools for tracking candidates’ progress and managing communication with them.

Here are some other benefits this type of recruiting software offers.

Faster recruiting process

Recruiters can find it incredibly time-consuming and demanding to go through Excel sheets, manually check applications, post jobs on multiple platforms, and schedule interviews.

That’s why 76% of companies use automation to streamline daily workflows, according to a survey by Paperform.

Talent acquisition software significantly reduces time-to-fill by automating key tasks.

It automates job postings to multiple social media platforms and job boards, collects, stores, and segments candidate information, screens resumes, schedules interviews, and secures top talent with e-signatures.

Better candidate quality

Talent acquisition is a complex process that varies from company to company.

Software for talent recruitment, however, automates the process and maintains the candidate database.

It provides visibility into the hiring process so hiring managers can find and eliminate inefficiencies and make more data-driven hiring decisions.

So, the entire recruitment workflow will be more efficient.

Better candidate experience

HRDIVE reports that 75% of employees in companies with positive candidate experiences accepted job offers based on the hiring process.

Candidate experience is crucial for every organization today, as it helps attract top talent in a competitive market.

This is where a talent acquisition platform comes in.

Data-driven decisions

A talent acquisition platform helps the recruitment team speed up the hiring process while enhancing the quality of new hires.

According to a G2 survey, 68% of recruiting professionals believe investing in new talent acquisition software development is the best way to improve recruitment over the next five years.

Efficiencies in recruitment process and good recruitment decisions lead to higher employee retention rates and higher hiring manager satisfaction rates.

Additionally, the software reduces the cost-per-hire compared to manual recruitment, automating the process and improving profitability.

Cost savings

Talent acquisition software can reduce the costs of hiring.

When tasks like resume screening and interview scheduling are automated, the process is much faster. This can save a lot of money.

For example, the Society for Human Resource Management (SHRM) found that the average time to fill a position is 42 days, but automation can cut this in half.

This means companies spend less on the costs that accumulate when positions are open.

With automation handling many administrative tasks, HR teams can focus on more strategic work, making the hiring process cheaper and more efficient.

To learn more about money matters, check out this article where we explore the cost of HR software development.

Better collaboration between recruiters and hiring managers

Sometimes, recruiters and teams find it challenging to get hiring managers involved in the hiring process, often leading to poor hires.

Almost 86% of employees in leadership roles credit lack of collaboration as the main cause of workplace failures, according to Zippia research.

In addition, 51% of hiring managers do not engage in talent acquisition, according to a Gallup survey.

However, a robust talent acquisition solution can change this.

With the right tool, the entire team can access a shared recruitment dashboard, keeping everyone informed and engaged throughout the hiring process.

So everyone feels included and part of the process.

Security

Talent acquisition software ensures that hiring practices comply with various laws and regulations, protecting companies from legal issues.

These systems are designed to follow labor laws and data protection regulations like GDPR so businesses can avoid costly fines and legal problems.

A PwC study found that 87% of executives see compliance as a major risk. That’s how important these systems are.

The software also manages sensitive candidate information securely, so there’s less chance of data breach, and privacy is maintained.

This level of security builds trust with candidates and protects the company’s reputation.

Must-Have Talent Acquisition Software Features

Now that we’ve seen the benefits of using a talent acquisition suite let’s see what are the top features that every company is looking for in this type of HR software.

Applicant tracking software

An applicant tracking system is a must for organizing and managing the entire recruitment process.

It helps to streamline candidate tracking from application to hire.

This feature ensures no candidate falls through the cracks, and the hiring team can easily access and view candidate information.

For example, Greenhouse’s applicant tracking system has robust reporting and collaboration tools to manage and analyze candidate pipelines.

According to an MHS study, applicant tracking systems are the number one technology that will be crucial in talent acquisition over the next couple of years.

Resume parsing

The resume parsing feature allows the hiring team to automatically extract key information from resumes and standardize it into a structured format.

This saves recruiters a lot of time that would be spent manually entering data.

So human error is minimized and accuracy is increased.

Software like Zoho Recruit can parse resumes from different sources so candidate data is easily searchable.

Job posting and distribution

This feature allows recruiters to post jobs across multiple platforms and job boards from one interface.

It increases the reach of job ads and attracts more applicants.

Diverse talent acquisition tools post jobs to multiple job boards and social media platforms seamlessly, so more visibility.

Candidate relationship management (CRM)

A recruitment CRM helps to build and maintain relationships with potential candidates.

It’s useful for building a talent pool and engaging passive candidates who are not actively job searching.

Beamery is an example of a recruitment CRM that allows recruiters to nurture relationships with candidates through personalized communication and targeted campaigns. Try our CPM calculator to measure ad efficiency based on cost per thousand impressions.

See the guide on building CRM from scratch.

Interview scheduling

Automated interview scheduling tools take care of finding a time that suits both the recruiter and the candidate, reducing the back and forth of emails and calls to set up interviews.

This makes the whole process smoother and more efficient, so candidates have a better candidate experience.

For example when recruitment software integrates with Calendly it can schedule interviews, send reminders and update everyone’s calendars so everything is much easier.

Analytics and reporting

Detailed analytics and reporting tools gives you a clear view of key recruitment metrics like time to hire, cost to hire and which sources are most effective.

These insights will help you spot any bottlenecks or problem areas in the recruitment process.

With these data in hand, the hiring team can make improvements and optimize their hiring.

Mobile accessibility

Aberdeen’s study found that 73% of young adults (18-34) got their last job through a social network, and 89% of recruiters have hired qualified candidates via LinkedIn.

Mobile technology and apps have changed HR functions both internally and externally.

We’re used to using mobile devices for many things, and employees expect the same convenience and speed when using workplace applications.

Mobile apps benefit everyone: they modernize your business, make HR more accessible and help you reach a wider audience for recruiting, communication, employer branding and marketing.

Mobile recruiting software means recruiters and candidates can access the system on the go.

This is crucial in today’s fast-paced job market, where quick responses and updates are key.

Looking for inspiration for your HR software? Feel free to explore the best HR software solutions on the market.

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The Role of AI in Talent Acquisition Software Development

AI is in the talent acquisition software. And it’s changing how companies find and hire.

Old ways have limitations.

AI extends the reach and effectiveness of the recruitment process with machine learning, natural language processing and predictive analytics.

AI software can rank candidates based on their qualifications and job fit, looking at candidate data from resumes, job applications, social media and professional networks.

This reduces bias and speeds up the hire.

Also AI can automate tasks like screening, interview scheduling and communication management.

This gives HR time to focus on other responsibilities.

AI gives recruiters insights through reports and analytics so they can make data driven decisions rather than gut feel.

AI learns from hires to improve their predictions so they get better at finding top talent.

All senior HR people agree AI is changing talent acquisition strategies.

In some cases AI can be used to evaluate candidate skills through online tests, so objective assessment and find the best candidate for the job.

It can analyze big data and make accurate predictions to reduce bias and increase diversity in hiring.

Also AI tools can improve candidate engagement through timely updates and personalized responses.

Automated communication through AI powered chatbots increases the number of job seekers who are interested in a company and complete their application.

Overall AI talent acquisition software is a game changer that modernises recruitment, makes it more efficient, data driven and fair.

It saves time, improves candidate quality and reduces cost.

In fact, using AI reduces cost-per-hire by up to 30%, according to Jobvite Automation and AI in Recruiting report.

Transform Your Talent Acquisition Market With Problem-Solving Solution!

TA software development market is seeing unprecedented growth.

It is driven by the digitalization trend, AI popularity, and globalization.

There are a lot of great HR software tools available.

However, there is always a place for new startups that will solve the current challenges like data security, user experience, applicant tracking, compliance, and more.

Your idea could save your place in this field, and you can hire dedicated developers from our team to bring your idea into life!

At SpdLoad, we have over ten years of experience in developing HR software, including talent acquisition software, applicant tracking systems, human resource management systems, and other solutions for candidate engagement and human resource management.

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