How SMBs Can Configure a Revenue-Generating Recruitment Tech Stack

Shefali Vasave | May 12, 2022 | 405 views

How SMBs Can Configure
Assembling a winning recruitment tech stack is much like recruiting the right candidate. You’re bound to find people who match some of your requirements. There will be a few candidates who seem like a match but don’t tick every box. Then there are those that stand out because of a single quality.

The recruitment tech stack has long served the HR departments in large organizations to streamline their people management. However, for small businesses, using an HR tech stack can be a big decision. According to a study by Goldman Sachs, 44% of small businesses had only three months of cash reserves during the pandemic. This forced them to be smarter with their resources when it comes to staffing. 


HR Recruitment Tech Stack for SMBs: The Status Quo

Considering how HR as a department can be loaded with work in small and medium-sized organizations, it is imperative to have a tech stack that is well-rounded and cost-efficient. Since 2022, small businesses have faced the brunt of a talent shortage during the Great Resignation.

“It's about capitalizing on the tailwinds as the economy heals and fully reopens.”

Courtny Cloeter, Chief Revenue Officer at OneSource Virtual

Talk about the great resignation, retention problems, and underfunctioning tech stacks. A National Federation of Independent Business report found that over 51% of small businesses couldn’t fill all their job openings in October 2021.

According to Oracle’s report on the state of HR tech stack in 2020, HR managers of only 33% of small businesses consider HR tech stack as one of their top three issues. In addition, only 31% of small business HR teams report automating their people management processes. This leaves a lot on the table for SMBs who want to get the most bang for their buck.


How HR in SMB’s Can Use Recruitment Technology to Improve Profitability

SMBs that currently have a non-existent HR tech stack can look forward to gaining immediate benefits. According to Oracle’s report, 66% of SMBs reported seeing a significant improvement in efficiency. But efficiency is just the first step. In the age of talent shortages, remote workplaces, and mass resignations, SMBs can leverage a tech stack or tech recruiting platform to develop a winning hiring strategy. Let’s discover some of the benefits that could do wonders for the growth and revenue of SMBs.


Attract Top Talent

It goes without saying that quality workers benefit an organization much more than average workers. But the contrast between the two can mean either savings or a loss of thousands of dollars for small businesses. A McKinsey study reveals that in low-complexity jobs, high performers are 50% more productive, while the difference is 800% for high-complexity jobs. Developing a robust recruitment technology stack can drive high-qualified candidates faster to SMBs.


Improve Employee Experience

Hiring top talent is just the beginning. You need to retain that talent to save on hiring costs. That’s where employee experience comes in. A case study by Great Place to Work demonstrates how essential employee experience is. Brains on Fire, a creative agency, used employee surveys to increase their engagement score from 74% to 92% in just two years. Armed with the data from the survey, the small business refined its hiring process and boosted trust and engagement exponentially. SMBs will benefit greatly from a tech recruiting platform that includes engagement initiatives in its stack.


Increase Productivity

Increased productivity means higher revenue. In fact, Harvard Business Review reports that organizations that report 40% more productivity than average also have a 30–50% higher operating margin. That makes a massive difference for small and medium-sized organizations.


How SMBs Are Using Recruitment Technology to Overcome Talent Shortages


Recruitment Marketing

The battle for qualified candidates starts way before a job application comes in. Many small businesses are making inroads into quality talent pools with recruitment marketing. For instance, many recruitment marketing tools allow organizations to instantly advertise on premier job sites. This saves time and helps SMB HR teams reach more candidates faster. Recruitment marketing tools are critical in the HR toolkit of SMBs.


AI in Recruitment Tech Stack

AI is a cross-functional technology in HR processes. With AI in recruitment, small businesses can maximize both time and resources to automate areas of hiring, candidate screening, interview scheduling and performance management. Data analytics can help uncover crucial insights into challenges, which can then be addressed with AI-based HR solutions.


Conclusion: What Can Small Businesses Anticipate in the Future of Recruitment Technology?

With technology recruitment, small businesses learn to tackle everything from hiring talent, managing performance and productivity, and shaping employee engagement. With technology, recruitment becomes more functional, performance-driven, and efficient. Small businesses can script tailored HR strategies that get the most out of their resources and deliver impressive results like it did for Brains on Fire.

As SMBs continue to adopt modern tech recruiting platforms as their go-to HR management solution, they can shift their efforts towards strategic scaling. With a recruitment tech stack that scales with growing businesses, SMBs can sit back and focus on what matters: driving revenue.


Frequently Asked Questions


What are the technologies used in a tech recruiting platform?

Some of the technologies used to leverage recruiting platforms include artificial intelligence, applicant screening and tracking, recruitment CRM tools, video interviewing tools, and training platforms.


Is recruitment CRM a part of a modern recruitment tech stack?

Yes. Recruitment Candidate Relationship Management (CRM) is used as part of the hiring process. It is used to manage all aspects of staffing and recruitment. It helps to build relationships with the talent pool and create a seamless hiring process.


What are the must-haves in a recruitment technology stack?

The must-haves of a recruitment stack are employee referral tools, email automation, video interviewing, CRM, social media automation, and job posting.

Spotlight

Anderson Frank

Anderson Frank is the specialist global NetSuite recruitment provider. We are a part of Frank Recruitment Group, one of the most successful global recruitment businesses in the last 10 years and backed by private equity firm TPG Growth. Our mission is to help our global clients find the very best NetSuite professionals, and to advise NetSuite professionals on the best career opportunities.

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Maximize Your Budget: 6 Strategies to Improve Efficiency and Contain Costs for Your Business

Article | March 4, 2022

The current economic climate and ongoing labor challenges have created a tough environment for employers of all sizes. In order to weather the storm, many employers are looking for ways to reduce their expenses and save money. However, in their efforts to do so, many organizations make the mistake of cutting costs without a clear plan, which can result in lost productivity, reduced morale, unhealthy company culture, and negative long-term effects on the company’s growth and people. Successful organizations, on the other hand, take a more strategic approach to contain costs. They understand that simply slashing expenses, or their workforce can be counterproductive in the long run. Instead, they focus on optimizing their resources by identifying areas where they can reduce expenses without compromising productivity or future growth. Ultimately, the key to successfully managing your costs is to strike a balance between reducing expenses and maintaining productivity and growth. Organizations that adopt this approach are more likely to thrive in a challenging economic environment and come out stronger on the other side, with a team that is committed to the long-term success of the organization. The following article outlines six proven strategies that your business can implement to reduce expenses and optimize your resources: Strengthen Employee Retention Prioritizing employee retention can be one of the most effective cost-containment strategies for your business. Replacing workers is often extremely expensive. Employee retention is a critical issue, as losing employees can be costly and disrupt business operations. Employee turnover not only increases an organzation’s recruiting and training costs but also usually results in decreased productivity, lost proficiency, and a big impact on revenue. You can strengthen employee retention with the following strategies: Provide opportunities for career development and advancement: Offering training and development programs, mentorship opportunities, and promotions can help employees feel valued and invested in their future within the company. This can improve employee satisfaction and loyalty. Offer benefits to meet workers’ evolving needs: As the workforce becomes more diverse, businesses of all sizes need to offer a range of benefits that meet the needs of all employees. This can include flexible work arrangements, healthcare benefits, retirement plans, and paid time off. Improve employee engagement: Employee engagement is crucial for retention, and it can be improved through several methods. For example, encouraging employee feedback can help employees feel heard and valued, while providing flexibility in work schedules and locations can help employees achieve a better work-life balance. Strengthening workplace efficiency can also reduce employee frustration and improve overall satisfaction. Bolster workplace culture through public recognition and reward programs: Improve retention by creating a positive workplace culture that recognizes and rewards employee contributions. This can include public recognition programs, such as employee of the month awards, as well as reward programs that incentivize high performance. Be transparent when communicating with employees to help them understand important decisions and establish opportunities for two-way feedback. Invest in New Technology Adopting new technology is becoming increasingly important to stay competitive and thrive in today’s digital age. Technology can help save time and money by streamlining operations and allowing your business to operate more efficiently. Here are some key ways technology can help your business manage costs: Customer relationship management (CRM) software: CRM software can help manage customer relationships and sales processes, reducing the time and cost associated with manual sales tracking and management. Cloud-based software: Cloud-based software solutions allow you to store data and access software applications from anywhere, reducing the cost and time associated with maintaining and updating software systems. E-commerce platforms: E-commerce platforms enable you to sell your products and services online, reducing the cost and time associated with traditional retail operations. Digital communication tools: Digital communication tools, such as email, instant messaging, and video conferencing, can help to improve collaboration and communication between employees, customers, and partners, reducing the time and cost associated with travel and face-to-face meetings. Human resources management systems: HR management systems can help to automate and streamline HR processes, reducing the time and cost associated with manual data entry and paper-based processes. Low-code solutions: Low-code solutions can help to create custom software applications and workflows with minimal coding expertise, reducing the cost and time associated with software development. Artificial intelligence: Artificial intelligence can help to automate and optimize repetitive or complex tasks, such as data analysis, customer service, and supply chain management, reducing the time and cost associated with manual processes. Additionally, many businesses are turning to open-source software alternatives as a cost-effective alternative to brand- name software applications. By adopting new technology, you can gain a competitive edge, save time and money, and improve customer satisfaction, ultimately leading to increased growth and success for your business. Manage Health Care Costs Managing healthcare costs is a major concern, as rising healthcare expenses can have a significant impact on their bottom line. Finding cost-effective solutions is vital for your business to maintain affordable benefits and reduce costs. Solutions may include reevaluating plan designs and offerings, directing employees to cost-effective services, and improving employee healthcare literacy. Employers can leverage their relationship with their insurance brokers to explore cost-saving solutions, like obtaining details on organizational healthcare spending and educating employees on shopping for healthcare services. Here are some ways your business can focus on managing healthcare costs: Encourage wellness programs: By encouraging healthy lifestyle habits and providing wellness programs, you can reduce the risk of chronic health conditions and lower healthcare costs. Wellness programs can include fitness classes, healthy eating options, smoking cessation programs, and stress management resources. Promote preventative care: Encourage employees to get preventative care, such as regular check-ups, vaccinations, and cancer screenings. Preventative care can catch health issues early, when they are less expensive to treat. Consider telemedicine options: Telemedicine is an increasingly popular option for healthcare, as it allows employees to access healthcare professionals remotely. This can reduce healthcare costs and improve access to care for employees in remote locations or with mobility issues. Use technology to manage healthcare expenses: Technology can be used to manage healthcare expenses by using online portals to access healthcare information and track expenses. Additionally, consider using data analytics to analyze healthcare costs and identify areas for improvement. Partner with a benefits consultant: Partner with a benefits consultant who can help navigate the complex world of healthcare and find ways to reduce costs while maintaining quality care. Overall, your business needs to be proactive in managing healthcare costs to maintain financial stability. By encouraging wellness and preventative care, promoting telemedicine, using technology to manage expenses, and partnering with a benefits consultant, your business can reduce healthcare costs while continuing to maintain a healthy workforce. Embrace Outsourcing While performing tasks in-house can often be cost-effective, there are instances when outsourcing key responsibilities and tasks can be more economical and efficient helping to reduce in-house costs.. Manual, time-consuming tasks—such as payroll, HR, compliance and benefits administration—may be better suited for an HR outsourcing firm than managed in-house. Outsourcing these kinds of tasks can enable your employees to focus on their core responsibilities that have a greater and more direct impact on the business. Here are some reasons why outsourcing can be highly beneficial and cost-effective: Cost savings: Outsourcing can help save on costs, especially for tasks that are nonessential or not core to the business. For instance, outsourcing payroll, HR, compliance and benefits administration can be more cost-effective than hiring an in-house staff to perform these tasks. Time savings: Outsourcing time-consuming tasks can free up employees to focus on their core responsibilities that have a greater impact on the overall growth and revenue. This can help increase productivity and efficiency within the organization. Access to expertise: Outsourcing provides access to a team of experts who have specialized skills and experience in a particular area. For example, outsourcing IT services can give your business access to the latest technology and technical expertise that you may not have in-house. Scalability & flexiblity: Outsourcing can provide the flexibility to scale up or down quickly as business needs change. For instance, outsourcing customer service can allow your business to quickly ramp up during peak periods or cut back during slow periods without having to hire or lay off employees. Reduced risk: Outsourcing can also help dramatically reduce and mitigate risk, as some outsourcing contracts include guarantees of service levels, quality, and data security. This is especially true when working with an HR outsourcing firm to manage your benefits, payroll, and HR compliance-related initiatives and tasks. Adopt Flexible Work Arrangements The expense of having a physical workspace can add up. Each month, employers must pay rent, utilities, cleaning costs and other expenses. While these expenses are often unavoidable, some businesses are transitioning to remote and hybrid work arrangements to contain costs. These solutions may not be suitable for all industries or job positions, and if going hybrid or remote isn’t possible, consider downsizing facilities to reduce rent and utility bills. Your business can also explore other alternatives, such as co-working arrangements and renegotiating leases to term, to try and better manage costs. Here are some additional ways adopting flexible work arrangements can help reduce or contain costs for your business: Transitioning to remote work arrangements: This can help cut down on rent, utilities, cleaning costs, and other expenses associated with a physical workspace. While this may not be suitable for all industries or job positions, many businesses can consider offering flexible scheduling and improved benefits to lower overhead expenses. Downsizing facilities: If converting to a home-based business or going remote isn’t possible, consider downsizing. Additionally you can consider subletting excess space or renting out unused areas to generate additional income. Exploring alternative workspaces: Explore alternative workspace options, such as co-working arrangements, to reduce the cost of renting an entire workspace. This can help reduce rent and utilities, as well as provide networking opportunities and access to shared amenities. Overall, you should carefully evaluate your workspace needs and consider all options available to reduce overhead expenses. By doing so, your business can allocate more resources to growth initiatives, maintain positive company culture and drive long-term success. Reviewing Expenses Maintaining healthy cash flow is essential for your business to operate and survive, especially during difficult times. 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These partnerships can potentially reduce your costs by sharing resources and collaborating on cost-saving solutions. For example, you can partner with a supplier to get better prices for materials or with a vendor to share marketing costs. By implementing these strategies, you can reduce expenses and optimize your financial resources, which can help you weather challenging times and achieve long-term success.

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5 Things HR Can Do To Improve Employee Output

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Employees are companies most valuable asset – Without the talent, knowledge and expertise those employed bring to an organisation, it’s safe to say that the business world would be a very different landscape. Human Resources is often held responsible for owning the employee value strategy, where we’re now embracing tremendous improvements in how the value that employees bring, can be achieved. Here we’ll explore how data analysis, learning & development, employee engagement, 360 feedback and flexibility all offer a significant opportunity to improve employee output within every organisation in 2020.

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6 Reasons To Invest In Employee Onboarding In Your Organization

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You never get a second chance to make a first impression. This holds particularly true when it comes to employee onboarding. It's a new hire's introduction to the organization and the experience has a significant impact on employee retention. Unfortunately, that's why it's rare to see many employees with years of tenure. Research by Future Workplace found that 91% of Millennials expect to stay in a job for less than 3 years. Companies lose 25% of all new employees within the first year, according to SHRM, but almost 70% of employees are more likely to stay with a company for 3 years if they experienced great onboarding.

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Anderson Frank

Anderson Frank is the specialist global NetSuite recruitment provider. We are a part of Frank Recruitment Group, one of the most successful global recruitment businesses in the last 10 years and backed by private equity firm TPG Growth. Our mission is to help our global clients find the very best NetSuite professionals, and to advise NetSuite professionals on the best career opportunities.

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