Parsing resumes using online AI-based software saves time, money, and resources for your business. Here, we’ll discuss the factors to consider when selecting an AI tool for recruiters and compare the features of HireLakeAI, Affinda, and Sovren resuming parsing software applications.
Recruiters always have their hands full with tons of resumes. Accessing talent has become easy thanks to several online job postings and professional networking sites. However, the actual task lies in filtering the resumes to identify the best fit for the job. This takes hours and days as the recruiters go through hundreds and thousands of resumes.
Close to 70% of recruiters agree that new recruiting technology is necessary to improve the performance of the hiring process. Another report shows that the top candidates are available in the open job market for just ten days. If you don’t reach out to them during this window, chances are high that you lose a potentially good candidate for the job.
So how do you further speed up the process? Online resume parsing is the solution. Fortunately, there are more than 50 resume parsing software applications in the market. All tools promise to reduce workload and speed up the process. But unfortunately, not every resume parsing software is efficient or does what it claims.
In this article, we compare the top three resume parsing tools- HireLakeAI, Affinda, and Sovren in order to assist you in choosing the best recruiting software for your company. To begin with, let’s take a closer look at the definition of resume parsing and the factors to consider when investing in a resume parser for your business.
What Is Resume Parsing?
Resume parsing is the process of using software to extract data from resumes and store it in a structured format. This format is usually in the form of tables and is easily understood by the HR team. It helps recruiters use keywords to search for resumes that match the job description and shortlist the best fit. It speeds up the initial screening process by using automated software. There are many free resume parsing software tools, while the premium ones are available for free and on a subscription basis.
Resume parsing is mainly of three types-
Statistical Parsing: This method uses numerical phrases like addresses, experience, work timelines, etc., for sorting is considered highly accurate.
Grammar-Based Parsing: This method uses grammar rules to identify resumes with certain core characteristics. It may not be accurate as candidates use different writing styles.
Keyword-Based Parsing: This is the most common and simplest method, where resumes are sorted based on specific keywords. Recruiters use skills and core competencies as keywords in this method.
What to Look for in a Resume Parser?
Resume parsing software has to be fast, accurate, and efficient. But what features sets the best parser at the top of the table? Here’s what you should consider when choosing resume parsing software.
Multiple Format Support
Resumes are posted in different formats like MS Word, PDF, HTML, RTF, JPEG, etc. Recruiters collect resume datas in CSV sheets or download video resumes from emails or directly from third-party platforms. The software should be compatible with a range of formats and accept input data with different extensions. Make sure to double-check that the resume parser can read the formats used by your HR team.
Keyword-based and grammar identification resume parsing methods are not enough. Today’s resume parsing software has to have a human-like understanding to deliver efficient results. Artificial intelligence and NLP (natural language processing) algorithms are fine-tuned to read resumes with greater accuracy and precision. You need software that uses advanced algorithms to deliver the results.
There’s no point in using a resume parser if it doesn’t work with your existing systems. The software has to be integrated with your HRMS and ATS without issues. The best resume parsing tool is the one that is compatible with integration with all major HRMS.
Can the software identify multiple versions of the same company name or the short forms of a degree/ course? The library has to be vast and regularly updated to ensure that the latest companies are added to the list and resumes in different word forms are automatically considered and shortlisted.
Unbiased and Accurate
Diversity and inclusivity are being given additional prominence in the current scenario. Is the software’s algorithm capable of being unbiased based on religion, ethnicity, race, nationality, physical limitations, etc.? Can certain fields be turned off to minimize bias and shortlist resumes based on merit?
Since speed is the priority, test the software to determine the duration it takes to automatically collect data from resumes, auto-fill the sheets, and create tables for your recruiter to proceed to the next step. Try the free/ trial versions of different tools to compare speed and accuracy.
Pricing and Budget
You can find quite a few free resume parser software tools in the market. However, an established business or recruiting agency cannot rely on free software forever. You should choose a resume parser that provides your desired features and fits within your budget. Opt for the ones that offer customized pricing for convenience.
HireLakeAI vs. Affinda vs. Sovren
Let’s compare the features of the top three resume parser software tools and their features.
Using a resume parser, you can automatically collect data from resumes and present it in an easily readable format. The software can offer additional features and services that further assist recruiters in streamlining the hiring process.
HireLakeAI is a comprehensive solution to screen, evaluate, and filter resumes in bulk. Developed by DataToBiz, it is the latest resume parser tool in the market with an advanced AI algorithm. HireLakeAI offers solutions like Resume Parsing and Job Description Matching.
The vision is to add more modules to make it a one-stop solution to handle all stages of recruiting. HireLakeAI aims to create a seamless and hassle-free recruiting system in your business, that too within the budget.
Affinda is developed by a Melbourne-based company with global clients. Affinda resume parser is an enterprise-grade solution for large organizations. It uses Vega, an AI engine developed by an internal team of experts.
The company has been in the market for eight years and has 500+ customers. It has a Recruitment Suite that offers other software tools along with the resume parser. Businesses can use the tool online or with API integration.
Sovern has 26+ years of experience in the international market. Sovren resume parser has been running at 100% uptime for more than 2 years and is designed for large-scale enterprises. The tool removes biases and delivers accurate data by processing resumes 5–25x times faster than other solutions.
The company offers a resume parser, job parser, and AI matching SaaS services to help recruiters save time and effort in screening and shortlisting resumes. There’s a Sovern accelerator program for enterprises to make the most of the tools and services offered by the company.
The resume parsing software has to collect data from resumes. But we know that candidates send/ upload resumes in multiple formats. The software has to accept more than one input format or at least recognize the formats used by your HR team.
HireLakeAI is the most preferred Affinda resume parser alternative developed by experienced AI engineers. The software accepts the following input formats- MS Word (docx), PDF, and videos. The AI tool can convert video content into text format and extract the necessary information from it in a couple of seconds.
Affinda Resume Parser software accepts three input formats- doc, docx, and PDF. The files can be uploaded to the online tool for the AI algorithm to start processing the data and extracting it from the resumes. However, Affinda can read resumes in 56 languages from around the world.
Sovren Resume Parser can accept input in almost any non-image format. It is compatible with document formats and the commonly accepted ones shared on professional networking sites. The tool can read more than 26 languages in 43+ dialects.
We can see that all three tools accept document input formats while HireLakeAI can also read video resumes.
Free resume parsing software has its uses, but the paid version offers scalable services. From startups to multinational companies, every business can use the software to help recruiters screen resumes in quick time.
HireLakeAI is available for free (basic version) and subscription-based pricing. The tool can be used online by creating a free account on the official website. You can schedule a call with the developer’s team to get more information about the paid version. The company offers flexible custom pricing to provide premium quality affordable resume parsing services to SMBs and large enterprises.
Affinda has two price plans to choose from. The basic free version allows up to 200 documents per month. The testing and integration services are limited. The free plan is suitable for startups and small businesses. The advanced plan allows up to 2000 documents in three months. This plan can be scaled to process more than 780,000 documents a year. It includes extensive features and API integration.
Sovren has three price plans, where the basic plan is free to use for a limited period. The Standard plan starts with 500 documents per month and can be scaled to 25,000 per month. The Accelerator program is for large enterprises to create an end-to-end automated recruiting system in the HR department.
An online resume parser can be much more than its name. The best AI software tools are not limited to resume parsing but extend to offer comprehensive solutions that deal with different stages of recruitment.
HireLakeAI can process resumes in bulk to extract information and present it in a neat and structured format. It can match resumes with a job description to filter candidates for shortlisting. The software can evaluate the technical skills of the candidates along with their communication skills (by examining interview videos) based on seven parameters.
Furthermore, HireLakeAI can analyze personality traits, generate a summary report for each candidate interview, and rank them. Finally, it can predict whether the candidate will accept the job offer. An end-to-end solution indeed.
Affinda Resume Parser delivers the results in 60 seconds through SaaS and also helps HR teams extract quality data from resumes instead of spending time on fixing mistakes. The Recruitment Suite has four tools- invoice extractor, resume search and match, job description parser, and resume redactor.
Sovren resume parser offers almost limitless input options, insightful summaries of candidates based on resumes, and an ontology of skills and professions. The company offers another product called AI Matching, which is used with a resume parser to simplify the recruiting process and save time for the HR team.
Resume parser API is a must for growing and established organizations that deal with thousands of resumes per month. The API should be integrated with the existing HRMS (like ZOHO, BambooHR, Workday, etc.) and ATS.
HireLakeAI offers API services to use the tool for resume parsing and Job Description matching services. Currently, HireLakeAI is a great choice for IT MNCs, SMBs, SMEs, IT startups, and recruitment agencies.
Affinda offers enterprise-grade API integration services to use the resume parser within established business systems. Businesses can streamline data flow within the HR department to speed up recruitment.
Sovren offers a secure, fast, and accurate API for large enterprises from around the world. Data security and accuracy are the two primary focus areas of the software. Data diversity is another highlight as the company aims to eliminate bias during initial screening.
A resume parsing system is a must-have software for growing businesses. From tech companies to mid-sized establishments and recruiting agencies, resume parsing is gradually becoming an integral part of the HR department.
Go through the features of the top three software to determine the best choice for your requirements. There is no right or wrong decision, as each organization follows a different recruitment method and has varying needs. Choose among HireLakeAI, Affinda, and Sovren based on business specifications and long-term goals.