Posted on 06 July 2020
Overview and Statistics
"You are going to have many, many more job seekers than jobs available because this is unprecedented. You have never seen a pandemic hit us like that," said our Manpower Minister, Mrs Josephine Teo.
Her words have proven true. Just look at the following statistics:
- Unemployment rate for citizens rose to 3.5% in March from 3.3%
- 67,100 citizens were unemployed in March 2020, as compared to 63,500 in December 2019
- Overall retrenchments in the first quarter of 2020 (3,000) were also higher than the previous quarter (2,670)
Hiring Challenge: Hiring in an Oversaturated Job Market
Consequently, the ratio of job vacancies to unemployed persons declined to a decade low (71 job vacancies to every 100 unemployed persons). In this situation, hiring managers and employment firms are faced with a huge glut of candidates for every position on offer.
From the older executive searching for a career change to the fresh graduate with the exact degree listed in the posting – how can you find the right candidate from the sea of applications?
Hiring Solutions: TextKernel and Talent Solution
The good news is that if you are looking to fill a position, you have hundreds and even thousands of eager applicants to choose from. The bad news that it’s become even more difficult to find the one – after all, only a certain number of positions are available for any posting.
In this situation, let your recruitment software do the sifting for you. Since the pain point is an oversupply of applications, you should prioritise software that automates and refines resume screening. Ideally, the software should make the same shortlisting decisions you do, so that you only need to take a second look at the applicants that show serious potential.
That’s where TextKernel’s customisable screening functions come in. TextKernel uses AI-powered technology to source and match candidates and jobs with ever greater speed and accuracy.
So how does it streamline your search for the right candidate? TextKernel’s “Search” function is open to extensive editing. For example, you can divide your criteria into “required” (must have) and “desirable” (nice to have), which helps analyse candidates for their suitability. Also, “Search!” automatically includes synonyms and suggests related keywords when you type in a search, to make sure you don’t miss a candidate that might fit.
Lastly, every candidate is automatically awarded a “Score” according to how well they match your search. Hovering your mouse over the score will show you a breakdown of which criteria the candidate did or did not match. Using the score, you can tell how suitable a candidate is with just a glance, and you can compare candidates to each other as well.
Talent Solution is a mobile-optimised, full-suite recruitment solution where we essentially build a recruitment platform tailored to your company. It hosts announcements, advertises competitive advantage and can post job openings as well.
However, what Talent Solution can really help with in this current situation is through its built-in Application Tracking System (ATS), which makes the recruitment process much more efficient. Not only does it screen candidates, it also manages the rest of the recruitment processes by sending automated emails to suitable applicants, setting up and maintaining a database automatically, and formulating dashboard reports with just a click.
Interested in HR Solutions? Email firstname.lastname@example.org for a demo, or contact your CareerBuilder rep to learn more.
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