#FutureReadyHealthcare
Digital-first talent acquisition: What life science can learn from the BFSI industry
21 Mar 2023
The life sciences industry has been at a crossroads of sorts for a few years now. Long known for being a highly regulated industry, with the advent of the pandemic and its aftermath, the sector has been forced to adapt and embrace new technologies.
This is especially true when it comes to acquiring and managing talent. Life science companies have begun exploring moving from manual processes to completely automated and AI-based solutions. The goal is to be future-ready and meet the demands of a rapidly changing sector.
Is digital-first talent acquisition over-hyped?
The short answer? No, it’s not. Its potential to enable fast and efficient talent supply is unprecedented. With digital tools and platforms, it's possible to reach a wider pool of candidates and to more accurately map their skills and career aspirations. In addition, having a digital-first talent acquisition processes means that you can be more agile and responsive to changes in the market.
Let's take a look at another highly regulated industry, the banking, financial services, and insurance (BFSI) sector. A recent report found that nearly 60% of BFSI organizations are using AI in their recruitment process, with more than half using AI-powered virtual interview tools. A 2019 study found that BFSI organizations that used AI in their recruitment process saw almost a 30% reduction in time to fill.
That was 2019. Imagine the improvement they must be seeing now, four years later.
The BFSI industry has been quick to adopt digital transformation in talent acquisition, and they have reaped the rewards. Talent supply has been transformed by the use of state-of-the-art AI and cloud-based platforms and tools. This has enabled the industry to be ready for the future, with a more efficient and leaner way to manage the talent ecosystem. The life sciences industry can learn from this and take advantage of the opportunity to leverage similar cross-industry talent strategies.
Why we chose to partner with HackerEarth
Nearly everything we do is already digital-first – including our talent acquisition processes. However, to think we're already "there" and need no further improvement would be colossal hubris. Especially considering the rapid changes happening in the AI and tech landscape.
Cue, our partnership with HackerEarth, a leading online assessment platform. It unlocks a range of new capabilities that ensure our talent acquisition processes remain future-ready.
HackerEarth enables scientific evaluation of candidate skills and domains. This unbiased approach enables us to identify the right talent for the right role at the right time. It also enables planning learning modules based on the proficiency of each candidate, resulting in a more engaged and motivated workforce.
The partnership also enables online assessments with zero manual intervention. This reduces the reliance on SME knowledge and speeds up the assessment process. The use of proctoring technology ensures candidate efficacy, further reducing the risk of fraud and improving the reliability of the assessment results.
Finally, with HackerEarth we can tap into a pool of talented individuals from all over the world and evaluate candidates from anywhere, at any time. This will help us build a more diverse and inclusive talent pool and to bring fresh perspectives and ideas to our organization. Besides, talent on tap is greatly propelled by such online evaluations.
All in all, there hasn’t been a better time to adopt a digital first approach. What are your thoughts on this subject? Happy to hear from you on LinkedIn.
