Throughout the ups and downs of 2020, many companies have learned the hard way about crisis management. Tough situations have driven them further towards new technologies to solve their most pressing problems. This accelerated digitalization has brought a level of reliance on tech that may not have otherwise occurred for years to come.
How, then, has this affected companies’ appetites for risk when adopting new technologies going forward? The answer depends on the company, of course. But when it comes to recruitment technology, we believe that the COVID-19 pandemic has changed habits of adoption.
We’re now getting ready to release our RecTech Hype Cycle — a snapshot of the general maturity and adoption trends for recruitment technology. Beyond just an interesting take on the industry, the Hype Cycle allows businesses to make better decisions in choosing tech that will help them achieve their goals (and hopefully minimize unnecessary spending).
Part of the Hype Cycle’s appeal is also in helping companies assess their appetite for risk. So before we release the next version, we want to give companies a chance to consider their own style of adopting tech, or see how it’s changed this year.
The more you know about your organization, the better you can be at planning a successful launch of the tools you need. Here are a few points to consider before selecting and rolling out new technology in your organization:
Know your goals.
Deciding when to pull the trigger on new recruitment technology depends on what kind of organization you’d like to be.
If you aim to lay back and see what does well in the market, or you err on the cautious side, then your best bet is to invest in technologies past the middle of the Slope of Enlightenment.
But maybe you’re willing to take the risk. One or two misses may not matter in the grand scheme of your quest to maximize talent and resources. Cutting-edge tech may even be a part of your employer branding. In this case, investing in tech that’s in the earlier stages of the Hype Cycle may serve you well. There’s always a chance you may not end up with the perfect product fit the first time. Or you may invest in vaporware — tech that just isn’t market ready and disappears quickly. But the silver lining is that your organization will be familiar with some form of the technology, which is valuable for the coming years.
Many companies are somewhere in between these two extremes, depending on which aspects of recruiting are most important to them.
There’s a reason why it’s called the Peak of Inflated Expectations: Time and time again, the technology in this part of the Hype Cycle gets plenty of buzz, but hasn’t yet matured into its most usable form. That means if you’re introducing a product into your organization at this time, it may very well continue to evolve quickly. There are benefits to being an early adopter — such as increased chances of success with a viable technology, or building lasting foundational relationships with promising tech companies. But the expectation that early technologies will be an immediate savior should be managed at this stage.
One way to address this reality is to create a scorecard for rationally assessing benefits versus expectations. This allows you to remain agile and realistic about the more innovative tech you introduce into your organization.
Don’t try to roll out globally.
Large organizations need not be overly ambitious when adopting tech that hasn’t made its way through the Slope of Enlightenment. While it may be tempting to spread the excitement into multiple recruitment markets and across time zones, it’s best to stay lean first. If something goes wrong, the technology can readily be offloaded without bringing operations to a grinding halt.
Pilot the tech, if possible.
With new technology, snags are bound to happen. If a recruitment technology company has pilot options for very new technology, take the opportunity. Although the option to pilot usually means the technology isn’t completely ironed out, the learning curve will likely be easier for your recruitment teams. Being able to pilot new technology alongside the company that created it is a valuable way to mitigate risk during the integration phase.
Radancy’s unified platform, augmented by rich data and deep industry expertise, is revolutionizing how employers attract and hire the talent they need. Want to see what we can achieve together? Connect with us today.
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