1) A good ATS facilitates collaboration.
Are multiple people involved in the hiring process for your VC firm basically re-inventing the wheel for every candidate search? A good ATS facilitates collaboration across your VC firm’s entire eco-system, ensuring that multiple administrators can share pertinent information with each other and with candidates. Processing candidates thus becomes easier, meaning that you spend less time and less money to go from initial inquiry to onboarding.
2) A good ATS reduces administrative costs.
How much time do you spend on search admin? Communication with candidates, data entry, and other administrative duties can all be streamlined with a good ATS. The time saved by automating and streamlining these processes can be significant.
For instance, consider the case of True, a top-tier executive search firm that chose ThriveTRM as their talent management solution. Prior to implementation of ThriveTRM, the firm’s staff members often found themselves shackled by their admin duties and unable to provide the type of added value services they needed to provide for their clients.
Once ThriveTRM was chosen, Thrive’s powerful tools began to help True’s search teams streamline workflow and engage clients more effectively. Now, clients could access project-specific data regarding market coverage, market compensation, reference feedback and other key concerns 24/7. True client Amy Spartz, Head of Human Resources at Gravie observes about ThriveTRM: “The app is a win, as it has freed me from spending so much time on search admin.”
3) A good ATS improves the quality of hire.
A good ATS uses pre-set standards and qualifications to help you recognize and select ideal candidates. By giving you the ability to identify the right candidates with increased accuracy, a good ATS in effect lowers your turnover rates and improves productivity, both for your recruiting department and for the candidates who are hired.
Since an ATS speeds up this identification process, it shortens your time-to-hire, which enables you to keep good candidates engaged, lowering your drop rates in the process.
eBook: How to Attract Top Talent Using Inbound Recruiting – Find out how to harness the power of an inbound recruiting strategy in order to attract, hire, and retain top talent.
4) A good ATS keeps you compliant with all applicable mandates and regulations.
Acting as a centralized database and repository of all pertinent applicant information, a good ATS provides you with all the documentation needed to fully comply with federal, state, and local employment laws.
5) A good ATS helps you build and develop a deep talent pool.
By facilitating communication with potential candidates and providing robust reporting features that help you to instantly see who your candidates are and where they are in their interactions with your firm, a good ATS helps you nurture a deep pool of talent from which you can draw when the need arises.
The Bottom Line
Investing in a well-designed application tracking system which suits your firm’s needs is a wise investment indeed. It can facilitate collaboration, reduce administrative costs, improve the quality of hires, ensure your compliance with applicable laws, and help you develop a deep talent pool.
Is your current application tracking system doing all of that for your firm? To see a strong ATS that delivers on its promise of excellence, contact us today to schedule your demo of ThriveTRM.