The new year is just a few weeks away, which means it’s time to make plans to stay ahead of the curve and keep up with the competition to attract and retain the best talent. The most valuable asset a company has is its people, which is why it is so important for HR teams to invest in the tools needed to find excellent talent to join their teams in 2024. Find out more about what tools can set you up for success in this coming new year. 

AI Recruitment Tools

The consensus of the public is that AI is becoming a disruptive force to the labor market. But, when it comes to recruitment AI is a valuable tool to help HR teams find valuable candidates. Chatbots, sourcing tools, and applicant tracking systems (ATS) can be extremely helpful for streamlining the hiring process. AI recruitment tools can vary in price from $19-$599 a month depending on the software and subscription, and there are many great tools to utilize. Do your research and find the best AI recruitment tools for your company and your budget.

Skill-Based Hiring

Traditionally, hiring someone has always been based on qualifications and experience, but there has been a shift toward hiring workers with more skill based knowledge to fill open roles. Search firms can help hiring managers because they can help find potential candidates with their access to talent pools with skill-based matches based on specific keywords searches. Hiring a search firm does come with a price. Search firms typically charge on contingency, meaning they only get paid once a candidate has been found and hired. Typically the fee for a successful search is 20-30% of the candidate’s first-year salary, which can vary depending on the role you are trying to fill. 

Data-Driven Analytics

Data analytics is vital to a successful recruitment process. Predictive analytics are used to forecast hiring, salary, and market trends. In order to compete and find the best of the best talent, you need data to back up your decisions. WageScape offers the only source of next-generation compensation intelligence designed to provide the insights needed in today’s fast-moving, hyper-competitive talent market. All data is real-time and transparent and is updated daily, giving your team access to real-time insights. Data-driven analytics varies in price, but WageScape’s annual subscriptions range from $3,900 a user to $6,000 a user. 

When planning ahead for the New Year, consider investing in what is most important to your business and what it needs to hire top talent. No matter what your budget may be, the cost of success is priceless. Learn more about how WageScape can be a valuable tool to you in the new year and reach out to one of our expert sales reps to find out more about all our products have to offer your business today!