Applicant tracking systems (ATS)—hiring software that automates, streamlines, and optimizes the recruiting process—are widely used, with over 98% of Fortune 500 and 75% of recruiters utilizing this powerful hiring software to hire better quality candidates more strategically and faster.
As the predominant private label applicant tracking system on the market today, of course, we will use adjectives like “powerful” to describe what this software is capable of. However, we don’t just do that because we’re admittedly biased. We do that because there is a whole host of data and statistics backing up just how transformative applicant tracking systems are for the businesses that utilize them.
If you’ve visited our blog before (and if not, welcome!), you’ve undoubtedly seen some of these powerful statistics scattered across our content. However, we wanted to gather them together for you in one easy, succinct post.
That heading may sound hyperbolic, but the data backs it up. ATS users are overwhelmingly happy with what this software does for their hiring strategies.
Recruiting is timely and expensive—it costs the average employer $4,700 and 44 days to find and hire a new employee (which isn’t accounting for onboarding time and costs).
Saving time and money go hand in hand—time is money, as they say—turnover costs US businesses $1 trillion annually, and ATS usage can help decrease churn and increase retention.
Additionally, ATS usage helps companies hire higher-quality candidates and avoid bad hires, which also has financial benefits. A company benefits $4,700 for hiring a superstar performer but benefits $17,000 by avoiding a toxic hire.
AI is rapidly transforming the world of work, and savvy hirers and ATS makers are taking heed.
While hiring professionals are excited about AI, there’s some skepticism among job seekers. 71% of Americans oppose the use of AI in making final hiring decisions. This showcases a discrepancy between employers and employees knowing how AI is utilized during hiring. When people are more knowledgeable about AI usage, their fears dissipate—data from the same study shows that 43% of Americans who know a lot about AI usage in the hiring process support its utilization. This indicates that it’s essential to have human faces as part of the hiring process to assuage candidates' fears until AI knowledge becomes more ubiquitous.
We’ve embraced AI in our ATS at HiringThing with our AI-Enabled Job Descriptions. Our data found that 60% of recruiters and hiring managers say it took them more than an hour to write job descriptions, so we created a tool that utilizes generative AI to create dynamic, unique job descriptions in just minutes!
The ATS market is growing and is expected to reach $3.4 billion by 2026. Plus, 73% of organizations increased their investments in talent acquisition technology in 2022, and 70% said they’d continue doing so in 2023.
In 2022, HR tech guru Josh Bersin reported that 74% of organizations felt like their recruiting strategies were underperforming, which means that it’s time to look for new tools for most organizations. HiringThing’s robust ATS makes hiring simple and is always updated to reflect hiring needs, such as the AI integration mentioned above. Check it out here.
What differentiates HiringThing from other applicant tracking systems on the market is our white-label capabilities. HR Tech platforms, HROs, and forward-thinking vertical SaaS vendors utilize our hiring technology to add proprietary recruiting solutions to their platforms, driving revenue, expanding market share, and giving them a competitive edge. Want to know more?
HiringThing is a modern recruiting and employee onboarding platform as a service that creates seamless talent experiences. Our white label solutions and open API enable technology and service providers to offer hiring and onboarding to their clients. Approachable and adaptable, the HiringThing HR platform empowers anyone, anywhere to build their dream team.