Online AI-based resume parsing software helps organizations save time, money, and resources by automating the process of resume parsing. Although it has become easier for businesses to access the right talent, with professional networking websites and online job platforms, recruiters are often found struggling with a mountain of resumes in this process. Filtering the right candidate for the job continues to be the ultimate task. And this is where technology has made it easier for recruiters to filter and select the best resume for the job.
The resume parsing process converts a free-fall resume into structured data which can be stored, reported, and processed using the software. We will discuss factors to consider when selecting an AI tool for recruiters and compare the best Affinda alternatives that can be considered.
What is Resume Parsing?
Resume Parsing is the process of automated storage, sorting, and analysis of a job resume. By using a resume parsing software or API, a candidate’s crucial information (name, email, work experience, technical skills, etc.) can be extracted from their resume. Recruitment agencies use this information to choose the most qualified candidates for jobs by displaying it in a structured and readable manner.
Around 70% of recruiters agree that new recruiting technology will improve the hiring process. According to another report, the most qualified candidates are not available on the open job market for longer than ten days. Therefore, if you are unable to find them during this short period, you might just lose an ideal candidate for the job.
In such an ecosystem, it is critical for any business to use the available solutions to create a seamless recruiting ecosystem. It helps ensure that the available platforms can be used to identify the best candidate for the job.
How does resume parsing software work
The resume parsing software automatically picks up resumes from job boards or emails. Afterward, the tool processes one or more resumes at a time, extracts the named entities (like Name, Email, Phone no., Skills, etc.) you specify, and presents them in a structured format. You can usually link resume parsers to your existing applicant tracking system, putting everything you need at your fingertips.
How does resume parsing software save time?
When you have 5–10 resumes, you can quickly cycle through them and choose the most suitable one. The problem arises when you have hundreds or thousands of resumes to review. That’s when resume parsing software comes in handy.
You can bulk upload hundreds or thousands of resumes at once and get all the information in a structured format using resume parsing software. The solution helps simplify the hiring process for an organization and saves time spent on hiring the right candidate.
Grammar identification and keyword-based resume parsing are insufficient. To deliver efficient results, resume parsing software must have a human-like understanding. To read resumes with greater accuracy and precision, artificial intelligence and NLP (natural language processing) algorithms are being refined. To deliver the results, you need software that uses advanced algorithms.
Here are some factors of how resume parsing software saves time in the hiring process:
Impartial and Precise
The current scenario emphasizes diversity and inclusivity more than ever before. Does the algorithm of the software take into account the religion, ethnicity, race, nationality, and physical limitations of the candidate? Is it possible to turn off certain fields to minimize bias and shortlist resumes based on merit only? These are some of the options you should look at when selecting the right resume-parsing software.
Processing Speed
The resume parsing software is capable of automatically collecting data from resumes, auto-fill the forms, and creating tables for the recruiter to proceed to the next step. To compare speed and accuracy, it is suggested that the organization should try the free or trial versions of different tools.
Costing and Budget
The overall cost for a CV parsing solution is relatively much lesser than a traditional filtering system that an organization uses to select the right candidate. There are several free resume-parsing software tools available on the market. A business or a recruiting agency can rely on free software for a long time. The resume parser must provide the features the business is looking for.
Top 5 Affinda Resume Parser alternatives
Affinda resume parser is known for leading the pack when it comes to building a seamless recruiting solution. However, the solution has been found slower than its competitors by some of the customers and the latency outweighs the accuracy of the solution. At the same time, setting it up requires constant help from the IT team. As a result, there is a need to consider the top 5 Affinda Resume Parser alternatives:
1. HireLakeAI
In addition to screening resumes in bulk, HireLakeAI evaluates filters and analyzes them. With an advanced AI algorithm, it is the latest resume parser tool on the market developed by DataToBiz. Job description matching and resume parsing are some of the solutions provided by HireLakeAI.
The company is adding more modules to make it a one-stop solution for recruiting at all stages. Using HireLakeAI, your business will be able to create an innovative and hassle-free recruiting process. The resume parsing and job description matching solutions can be tried for free before you decide if they are right for you. Get in touch with the team if you want custom pricing.
2. Sovren
Sovern has been operating in the international market for over 26 years. With 100% uptime for more than 2 years, the Sovren resume parser is ideal for large enterprises. With the tool, biases are removed and accurate data is delivered 5x-25x faster than with other tools. The company provides resume parsers, job parsers, and AI-matching SaaS services to help recruiters save time and effort in screening resumes.
Enterprises can take advantage of Sovern’s accelerator program for making the most of its tools and services. Businesses can take advantage of a free trial, but paid plans start at $99/month (for 500 documents) and increase as the parsing volume increases.
3. Tobu
Tobu is not the traditional applicant tracking software (ATS) system that a business can find on the market. It is an efficient resume parser that sorts resumes from emails and desktops. The secure authorized APIs from the email vendor can be used to link the email account and the desktop. Using this solution, the API integration helps to automate the resume parsing process. With a strong automation cycle, businesses can automatically download the resumes from the email attachments and also create a backup on their private Tobu account.
4. Zoho Recruit
Zoho Recruit offers a complete suite of applications that can create a seamless recruiting ecosystem and ATS system for an organization. It includes ATS capabilities along with resume parsing and social recruiting. Custom reports can help a business process and share information related to the recruiting system. The software comes in free, standard, and enterprise options.
5. CVViz
CVViz is an AI-powered recruiting software that is designed to quickly identify the top candidates for a job role. It helps a business to automate the hiring workflow and create an intuitive and intelligent mechanism that can be used for getting the right talent for the job. CVViz has the capability to screen resumes with context. At the same time, it also uses the past hiring decisions of an organization to understand the patterns and identify the most relevant candidates in the recruitment and selection process.
Conclusion
Growing companies must have a resume parsing system in place. From tech companies, and mid-sized companies to recruiting agencies, it is critical for the HR department of any organization to incorporate resume parsing into their operations.
So what can you do to speed up the process? The solution lies in online resume parsing. There are more than 50 resume-parsing software applications available on the market today. Each tool promises to reduce workload and streamline the process.
Consider the features of the top five software to determine which one meets all your needs. Since different organizations follow different recruitment methods and have diverse needs, there is no right or wrong decision. It ultimately depends on the requirement and the capabilities of the solutions on offer.