Randstad is evolving its business model to reflect an increasingly tech-driven world of human resources. Backed by extensive research and market-trend analysis, the group has unveiled its new global Human Forward approach to job search and talent acquisition. With this new purpose, Randstad aims to leverage technology capabilities to deliver a more innovative and customer-centric market offering, with human interaction at its core.
Recent research conducted by Randstad in Asia shows that while 70 per cent of candidates in Singapore, Hong Kong and Malaysia agree that technology has made the job search process significantly more effective, 49 per cent believe it has become more impersonal as a result. Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia said staggering technology changes have propelled the business to rethink how it can continue to add value to its clients, candidates and employees.
“Human Forward is redefining the recruitment and HR industry in the post-digital age. I believe that we are once again on the verge of another technological revolution that is set to challenge how we add value to our stakeholders. The rise of AI, the continued presence of online profiles, a preference for uber-convenient DIY services and a desire for absolute personalisation are forcing dramatic shifts in how we as humans connect. Our research clearly shows that as automation becomes core to the recruitment process, people starts to crave the human touch more. By apply digital innovation, Randstad empowers its consultants to focus on what matters most: bringing in their personal touch and delivering a better human experience,” he said.
HR technology is one of the most active segments for investment, with data showing it attracted approximately US$2.2 billion in funding in 2016.
Randstad is already leading the industry in embracing and adopting HR technology, having invested €50 million in venture capital to startups such as HackerRank and Pymetrics through its dedicated Randstad Innovation Fund. A gamification platform, Pymetrics is a pioneer in using big data, neuroscience and gamification to draw personal career and job recommendations.
Globally, Randstad is also piloting more than 400 projects as part of its Tech & Touch strategy. Across its businesses in Singapore, Hong Kong and Malaysia, Randstad continues to explore tech initiatives that can positively impact and improve the recruitment process for its clients, candidates and consultants. Some of these initiatives include:
•automating reference checks and candidate registration forms
•setting up local talent communities to offer clients direct access to pre-qualified candidates
•harnessing the power of artificial intelligence to source and screen candidates
•tapping into our big data to provide more in-depth talent analytics to our clients and candidates
Mr Smith said that embracing technology will provide Randstad the opportunity to create value, solve seemingly impossible problems and drive strong financial performance for the company.
“Our Human Forward value proposition is all about our relentless pursuit of putting people at the centre of our decision-making, and embedding today's intelligent machines and technology within – not in place of – the fundamentally human talent-acquisition process. We want to get better at what we do, so that we can continue to be that trusted human partner people and organisations depend on to realise their true potential,” he said.