Technology and Social Media are Changing Recruitment and Diversifying the Workforce

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May 11, 2023, 09:00 ET

FinancialBuzz.com News Commentary

NEW YORK, May 11, 2023 /PRNewswire/ -- Human resources management has undergone significant transformations over the last few years due to the advent of technology, social media, and artificial intelligence (AI). These new tools have revolutionized the way businesses recruit, hire, and manage talent. Companies can now leverage these tools to make the recruitment process more efficient, cost-effective, and to diversify their workforce. For example, AI can analyze job postings and candidate resumes to identify language patterns that are more likely to lead to successful hires. Social media platforms have also become powerful tools for recruiting and engaging with potential candidates. Companies can use social media to promote their employer brand, showcase their culture, and reach a wider audience of candidates. One of the biggest advantages of these new tools is that they can make it easier for businesses to hire the right people. Automated resume screening can quickly identify candidates who meet the job requirements, while video interviews can give employers a better sense of a candidate's personality and communication skills. Professional Diversity Network, Inc. (NASDAQ: IPDN), Paychex, Inc. (NASDAQ: PAYX), ManpowerGroup Inc. (NYSE: MAN), Kforce Inc. (NASDAQ: KFRC), HireRight Holdings Corporation (NYSE: HRT)

Another benefit of these tools is that they can help companies diversify their workforce. One way businesses can use technology and social media to diversify their workforce is by leveraging online job boards and platforms that cater specifically to underrepresented groups. For example, there are job boards and platforms focused on connecting employers with women, people of color, LGBTQ+ individuals, and people with disabilities, among other groups. By utilizing these platforms, businesses can reach a more diverse pool of candidates who may not be actively looking for job opportunities elsewhere. These platforms often have features that help reduce bias in the recruitment process, such as blind resume screening and diversity metrics that track the demographics of applicants and hires.

Professional Diversity Network, Inc. (NASDAQ: IPDN) announced yesterday breaking news regarding, two new partnerships with Kappa Delta Chi Sorority and Lean In Latinas.

PDN has collaborated with Kappa Delta Chi Sorority and Lean In Latinas to launch easy-to-access job boards for members of these organizations. The PDN partner network includes over 30 job sites and organizations supporting diverse talent.

"Adding Kappa Delta Chi Sorority and Lean In Latinas expands our reach in the Latina community. We're thrilled to welcome these partners to the network and look forward to creating new opportunities for their members," said Russell Esquivel, SVP of PDN.

After successful job events in Chicago and Boston, PDN is hosting six virtual, hybrid, and in-person career fairs for diverse professionals this summer. These events are co-sponsored with partners that include the National Urban League, NAACP, Delta Sigma Theta Sorority, INC., Kappa Alpha Psi Fraternity, and Alpha Phi Alpha Fraternity, Inc., and Sigma Gamma Rho.

These recruitment events provide opportunities for employers to showcase their talent acquisition brand and open job positions to thousands of diverse professionals across America. Learn more about the Summer Hirefest here: https://dei.prodivnet.com/summer-hire-fest

Paychex, Inc. (NASDAQ: PAYX) has announced on November 22nd, 2022, new enhancements designed to help improve the employee experience from pre-employment through retention. The latest products and solutions help provide a seamless experience for both employers and employees using Paychex Flex®, the company's SaaS-based HR application, as well as the customized service and HR advisory support available from Paychex. "Now more than ever, a positive first impression with a prospective employer is essential. HR technology plays a critical role in how employers meet candidates, extend offers, digitally onboard, and retain employees through the first 90-days, when the chance for turnover is at its highest," said Tom Hammond, vice president of corporate strategy and product management. "The products included in our most recent release were developed to strengthen the employer-employee relationship and support businesses as they prioritize their workforces to create better experiences for increased employee retention and satisfaction."

ManpowerGroup Inc. (NYSE: MAN) announced back in April that it has been named a Platinum Partner for Viva Technology 2023, Europe's largest startup and tech event, taking place in Paris, June 14-17. ManpowerGroup is set to unveil "The New Human Age" lab at this year's event, exploring the intersection of Talent + Tech. The lab will showcase the latest industry-leading HR innovations including the ethical use of artificial intelligence, augmented and virtual reality learning, immersive onboarding and upskilling, Experis Acadamy in the metaverse, blockchain credential sharing, and more.

Kforce Inc. (NASDAQ: KFRC) a solutions firm that specializes in technology and other professional staffing services, reported recently its results for the first quarter of 2023. Revenue for the quarter ended March 31, 2023 was $406.0 million compared to $417.0 million for the quarter ended March 31, 2022, a decrease of 2.6% year-over-year. Joseph J. Liberatore, President and Chief Executive Officer, "While first quarter revenues were at the low end of our guidance, our Technology staffing and solutions business continued to grow on a year-over-year basis even off of tough prior year comparables. We are pleased that earnings per share was at the midpoint of our expectations reflecting our highly variable and performance-based cost model. Though clients continue to move forward with mission critical projects, broadly speaking, they appear to be exercising restraint against the backdrop of the current macroeconomic uncertainties as it relates to technology spend that can be moderated without significant impacts. Despite the recent slowing, we firmly believe that the strength of the secular drivers of demand in technology, which accelerated coming out of both the Great Recession and the Pandemic, remains intact."

HireRight Holdings Corporation (NYSE: HRT), a global background screening services and workforce solutions, announced recently that it was named the winner of two Stevie® Awards in The 2023 American Business Awards®. A Bronze Stevie® Award for Best White Paper or Research Report in recognition of HireRight's 15th Annual Benchmark Report, based on data from HireRight's 2022 global benchmark survey. The report, titled "The Talent Game," provides global insights into the HR landscape surrounding background screening, talent acquisition, and talent management for employers worldwide. It also includes notable compliance updates from HireRight's in-house legal team, regional and vertical-specific overviews from several of HireRight's leaders, and data insights from over 2,300 human resources, risk, and talent management professionals who responded to the survey.

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