Is your VC firm considering implementation of a new applicant tracking system? There are abundant reasons to do so. A good ATS reduces recruitment costs, streamlines the entire recruitment process, facilitates management of your talent pipeline, improves overall efficiencies, and more.
Yet, despite all those potential benefits, many VC firms are hesitant to leverage the power of an ATS because they feel that implementation will be a difficult, time-consuming process. Here are some best practices for ATS implementation that will help smooth the transition for VC firms looking to take advantage of all the benefits a solid ATS offers.
Assess the Needs of Your VC Firm
The first step in a successful ATS implementation involves reviewing your current applicant tracking and recruitment process. This is helpful for a couple of reasons. First, reviewing your current process allows you to identify deficiencies in your workflows. Second, this review highlights the core processes that are working correctly for your VC firm.
Based on this information, you can create a list of goals for your new ATS. For instance, you may discover that you need to find qualified candidates more quickly, or that you need a system which will help you forecast your company’s future hiring needs more accurately.
Consider Both Sides of The Equation when Comparison Shopping
Your detailed assessment of your current applicant tracking system provides you with a list of features and functions that you need and want for your future ATS. Input from your team is essential to making this list as comprehensive as possible.
Realistically, you want to find an applicant tracking system that meets every goal on your list. This ensures that — after proper implementation of the system — you will see the ROI you need, and your recruiting team will reap the rewards of a well-designed ATS.
However, when comparing various applicant tracking systems, it is important to give consideration, not just to your recruiting team’s wish-list, but also to the candidate experience. Test driving the ATS solutions on your short list from the perspective of a potential candidate will reveal much about the system’s desirability.
Ideally, an ATS will provide a positive candidate experience that sets your VC firm apart from others. Your ATS should function, to some degree, as a marketing tool for your VC firm. A poor candidate experience will negatively impact your employer brand, in essence causing the exact opposite outcome from what you desire.
Therefore, you must carefully consider both the recruiter experience and the candidate experience to choose your applicant tracking system wisely.
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Provide Comprehensive Training to Your Team
Implementation of your ATS is a collaborative effort undertaken by your ATS vendor and your VC firm. Because an applicant tracking system has a number of “moving parts” or functionalities, proper implementation must include comprehensive training provided to your team. Ideally, your ATS provider will work closely with your team to ensure that you receive every available benefit to be derived from your ATS. The more your team knows about the applicant tracking system, the more likely you will see a positive ROI for its implementation.
The key to success with an applicant tracking system lies first in employing best practices during the implementation process. Assessing your VC firm’s needs, test driving the systems on your short list from the perspective of your recruiting team and potential candidates, and choosing a vendor that will truly partner with you to ensure your team is trained appropriately in the use of the ATS will make the implementation process easier, and net a positive ROI in the long-term.
When you are ready to take your recruiting and applicant tracking to the next level, contact us to schedule a demo of our comprehensive talent management system.