A resume parser is an automation tool that collects data from numerous resumes and organize the information into neat formats. Here, we’ll discuss why every recruitment team needs to invest in resume parsing software and how it can benefit from using the tool.
The recruitment teams in any business are often busy screening resumes, listing potential candidates, conducting interviews, etc. Using technology can save time and accelerate the process to a good extent. Software solutions like resume parser and ATS (Application Tracking System) can streamline the initial stages of recruitment and help the HR teams build a healthy database with candidates’ information.
According to a report, 2/3rds of recruiters say that automation adds value to their processes, and 76% of businesses say that automating recruiting processes has freed up time for the teams to focus on other core tasks. Similarly, 85% of employers using AI agree that it brings more efficiency.
In this blog, we find out more about the resume parsing tool and why every recruitment team needs to use this software.
What is Resume Parsing?
Resume parsing is the act of using software or a tool to gather details from numerous resumes and store them in a specific format. Details like name, educational qualifications, years of experience, email/ contact address, technical skills, etc., are collected. This data is then sorted and analyzed to identify potential candidates for a job. Resume parsers are sometimes a part of ATS but are also available as independent tools. They automate data collection from resumes and present the details in readable and structured formats.
Additionally, the software can be integrated with third-party ATS already used by the recruitment teams. It can collect data not just from resumes but also from emails, resume boards, and other online platforms where candidates upload their CVs.
Reasons to Invest in a Resume Parsing Software
In today’s fast-paced world, every business needs to invest in recruitment tech tools. Following traditional processes is time-consuming and can frustrate the candidates. This will cause them to join your competitors who approach them first or finalize the hiring before you do. A resume parser can give you an edge over others and help bridge the talent gap in your business.
1. Save Time and Resources
Using a resume parser solution like HireLakeAI can save many hours for your recruitment team. The HR staff doesn’t have to spend days together reading thousands of resumes and manually collecting the information and saving it to other files. There’s no need to go through various job posting websites to search for potential candidates for a job position. All this can be automated and left to software while the recruiters spend their valuable working hours on other important tasks. This also saves the energy and computing resources spent manually performing a repetitive job.
2. Reduce HR Workload
The human resource department is one of the busiest areas in a business. The HRs have to handle various responsibilities, ranging from recruitment to employee management, payroll, performance appraisal, training, ethical counseling, etc. By automating recurring and time-consuming tasks like resume parsing, you can reduce their workload and allow them to handle all tasks efficiently. Moreover, investing in a resume parser will deliver high ROI over time and help manage the department’s budget effectively.
3. Reduce the Risk of Human Error
CV parsing is easy enough, but imagine repeating the same steps a million times. This will naturally cause fatigue and lead to unexpected errors. The recruiting team may miss a few applications or get incorrect details. The candidate information could be copied to the wrong column. In short, anything could go wrong due to the extensive nature of the task. However, when you use an artificial intelligence-based tool, the entire process is automated and performed as per the pre-defined parameters. There is no need for human intervention. This eliminates the risk of errors due to fatigue, lack of concentration, or a random human mistake that can happen to anyone.
4. Better Search Features
Another reason to use a resume parser is to take advantage of its features, like the search option. How do recruiters locate good candidates for a job? Not all job postings are shared with the public. Sometimes, recruitment teams shortlist candidates by going through the profiles on online job searching platforms like Glassdoors and contacting worthy candidates with a personalized job offer. This ‘searching’ can be automated by using a resume parser. Additionally, it can also analyze the resume and highlight the important factors or match the details with the job description. The HR teams can quickly assess whether a candidate is suitable for the job or not.
5. Integration with ATS
Resume parsing software like HireLakeAI can be used as an independent tool or can be integrated with third-party ATS apps to create seamless workflows. This reduces the overall complexity of the hiring process without making any major changes to the existing systems. In fact, you can even create candidate profiles and track the status of their application through the software. It can also be integrated with HRMS (human resource management systems) like Zoho, BambooHR, etc., or recruitment platforms like Monster, etc., to collect, store, organize, and analyze unlimited resumes.
6. Quick and Useful Summary Creation
A resume parser doesn’t just collect information from several sources. It also creates a quick summary of each candidate by listing their key attributes (this depends on the parameters you define) and skills. That way, recruiters don’t have to read each and every resume. They can simply skim through the summaries and match the resumes with the job description to create a shortlist of potential candidates to interview for the position. The summary will provide the necessary information and allow recruiters to determine if they want to check out the entire resume or not.
7. Multi-Format Friendly
CVs can be prepared in many formats. Moreover, each hiring platform has its own set of rules. In such instances, collecting data from resumes structured differently can be confusing and stressful. There’s also a risk of missing worthy resumes if they don’t match the set guidelines. This can be a loss to the business if the candidate is the right fit for the job. However, by using software for resume parsing, you can ensure that resumes in different formats are identified and processed for data collection.
8. Clear Standards
Another reason to use a resume parser is to set definite and clear standards for the selection process. While the process is aligned with the job description, there is still room for confusion, misunderstandings, and exceptions. This is due to human error and bias. However, such issues can be avoided by defining what kind of skills, experience, qualifications, etc., are required for the job and automating resume parsing using technology. Since tools like HireLakeAI use advanced artificial intelligence, you can get quality results and improve the overall recruiting standards in your organization.
9. Organized Process
Resume parser software streamlines the recruiting process in many ways and simplifies it. Firstly, it gathers candidates’ data from multiple sources. Then, it neatly sorts and organizes the details into tables with tags and summaries. The recruiter can automatically create a profile for each candidate and go through their information in a quick glance. Additionally, the teams can share and access this information from different dashboards in real time. Furthermore, recruiters can tackle candidate management directly through the resume parser interface, be it by sending them an email or setting up an interview and changing the ‘status’ of the application.
10. Invites More Applications
Statistics show that 60% of candidates don’t complete an application process for a job vacancy because it is too complex and time-consuming. By investing in a resume parser, you can simplify the application process and prevent candidates from dropping midway. Moreover, the software can directly collect resumes from hiring sites and other sources, so candidates don’t always have to actively apply for the job. Furthermore, by accelerating data collection and resume analysis, you can reduce the time taken to respond to a candidate. This will encourage more people to apply as they know they don’t have to wait long to get an answer for your business.
11. Skills and Personality Assessment
A resume parser can not only collect and organize bulk resume data but also analyze the details. For example, the tool evaluates the technical, communication, and other skills mentioned in the resume based on the keyword parameters defined by the recruitment team. Similarly, it studies the resume to help identify the personality traits of the candidates and provide insights about whether they could be a right fit for the organization or not.
12. Clean and User-Friendly Interface
Compared to HRMS and ATS software solutions, the tools used to parsing resumes are simpler and have user-friendly interfaces. This makes things easier for recruiters. There’s no need to spend many hours training the employees to use the software. Most tools need a couple of clicks to start parsing resumes in bulk and provide the final database with information about different candidates.
13. Artificial Intelligence and Speed
HireLakeAI is an artificial intelligence-based resume parsing software that goes beyond what keyword and grammar-based tools can do. It uses NLP (natural language processing) to understand the context of the resume and provide more accurate results. This reduces the risk of filtering resumes without the exact keyword or phrase. It has greater precision in listing all resumes that align with the job description and business needs. Moreover, it delivers super quick results by processing resumes in bulk.
Conclusion
These are some of the resume parsing benefits your business can take advantage of by investing in a worthy AI-based tool like HireLakeAI. No organization is too small or big to use resume parsing software. The tool provides great results for businesses from different industries and can be scaled to suit the growing needs of the establishment.
Take time to understand which processes you want to streamline and automate in the HR department. Then, choose a resume parser that aligns with your needs and integrate it with the HRMS.
Give us a call to know how HireLakeAI can help your business.