RPA or Robotic process automation is a technology that utilizes software-based bots to automate repetitive and rule-based tasks without any sort of human intervention. Functioning through RPA is considered highly efficacious as it can complete wide-ranging tasks in very less time as compared to humans.
Unlike conventional automation tools, RPA does not require elaborate software or developer assistance, it can be programmed in line with the existing applications and can be run easily without any added hassles.
Some of the most common tasks, RPA is used for, including pre-processing of data—data entry, data reconciliation and analysis, and spreadsheet manipulation.
RPA bots use machine learning algorithms and artificial intelligence to follow a designated workflow encompassing multiple steps across various applications.
In the past couple of years, RPA is becoming increasingly popular amidst HR functions primarily because it’s cost-effective, easy to implement in place of manual processes and it standardizes tasks while enhancing accuracy.
According to Deloitte Global RPA Survey, “78% of the company that has already implemented RPA is expected to increase their investment in RPA significantly for the next three years”.
However, there is an additional reason why RPA is gaining momentum in the hiring industry. Contrary to humans, RPA technology can function 24*7 to screen candidates and find the most appropriate suit.
The RPA industry was already blooming and growing significantly every year. In 2021 alone, a lot of industries adopted RPA to leverage its power. The leading industry to include Robotic process automation in their growth plan was the manufacturing industry, with a percentage of 35%.
It was followed by:
• Tech industry (31%).
• Healthcare industry (10%).
• Retail industry (8%).
• Finance industry (8%).
• Public sector (5%).
• Education industry (3%).
Technology is constantly permeating the world of recruitment and human resources, and it wouldn’t be wrong to say that with each passing minute some or the other process is becoming automated. Let’s discuss the use of RPA in the hiring industry and how it’s impacting the functions and operations.
Sourcing, screening & scheduling: As per the data from Glassdoor, around 250 resumes are received for an average job posting, not to mention this number only multiplies depending on the stature and reputation of the employer.
Even though the tasks of sifting through resumes and shortlisting candidates have been done manually since time immemorial it’s tedious and redundant (to be frank).
Now, imagine if there was a bot to invest all 24 hours into going through the resumes thoroughly and screening out the best ones. It is not just imagination anymore, with RPA and AI this is a new reality.
HRs don’t have to invest hours and hours shuffling through massive applicant databases and rely on RPA for all the grunt work.
This, along with reducing the burden of talent acquisition (TA) teams, will also significantly bring down the time-to-hire and cost-per-hire.
Interviews and feedback: Even though RPA can parse resume and shortlist candidates based on set standards, the interview process certainly requires human intelligence. But, at the same time, RPA and AI tools can effectively manage the scheduling of interviews and feedback collection.
Verification and Data consolidation: There is no doubt that software and robots can be used for a broad spectrum of tasks, and documentation is one such. Background and document verification can be easily accomplished with the help of RPA, it can also consolidate all important data about the candidate for an easier review process.
Documentation and integration in the system: Just by filling in the specifics, RPA tools can make customized offer letters or relieving letters with relevant candidate details. It can also generate credentials and configure all IT systems for the onboarding process, and compensation and reimbursement management.
According to Gartner, RPA was the fastest-growing segment of the global enterprise software market in 2018 when its revenue grew more than 63% to $846 million. Forester Research further predicted that the RPA market will hit $6.5 billion by 2025 and by 2030, it is expected to reach nearly $24 billion with a CAGR of more than 38%.
RPA, if used smartly, can fulfill a range of recruiting tasks and also streamline the entire process within an organization. It will not come as any surprise if RPA takes over most human functions in the HR industry in the coming year.