Introducing Rival Recruit: The First Complete Talent Acquisition Suite
Despite the economic, social and environmental volatility of the past few years, the talent acquisition economy remains very competitive. According to the Bureau of Labor Statistics (BLS), hiring decreased from 4.0% in 2022 to 3.7% in 2023. Regardless, the labor market remains very tight given the unemployment rate of 3.9%. According to the U.S. Chamber of Commerce, there are 75 available workers for every 100 open roles on average in the United States. While these numbers may seem contradictory, they accurately highlight the current state of the talent economy.
The decrease in hiring can be attributed to various factors such as economic pressure, rising inflation and interest rates, trade tensions, political uncertainty and technological advancements. However, companies are still facing fierce competition when it comes to attracting and retaining top talent. In fact, “59% of companies are not able to find and attract top talent according to their business requirements”.
Compounding the tight talent economy, talent acquisition teams have faced reductions in force and constricted budgets. More than ever, TA teams are pressed to do more with less. Requisition loads are higher, hiring manager demands are more pressing and candidates expect a seamless, timely and personalized experience. However, few organizations have the tools necessary to fulfill the skills-based hiring strategy and compelling candidate experience their business and the talent economy demands.
According to Mercer’s 2023 State of Talent Acquisition Study, “In a highly competitive talent market and a lively HR tech space, the need for tech evolution is a non-negotiable for TA. Flat budgets and headcounts mean talent acquisition organizations who want to scale more effectively will have to get more creative with how and where they look for candidates, how they hire for skills, and how they use technology to scout more effectively and accurately. ”
Introducing Rival Recruit: The Only ATS Pre-populated With Over 700M Candidate Profiles
Earlier this month, Rival announced the re-launch of its recruiting product, Recruit, which is now available. Rival Recruit is the first complete talent acquisition suite with 700M pre-loaded passive candidates powered by AI-driven insights and candidate engagement.
AI-enabled Candidate Sourcing
The newly added AI-enabled candidate sourcing allows recruiters to evaluate candidates that fit their job descriptions upon creation from an embedded database of over 700M passive candidate profiles. Candidates will be surfaced to recruiters based on their self-reported skills and experience that aligns with the job requirements, enabling organizations to:
- Reach qualified candidates faster with compelling opportunities
- Expand talent pools based on relevant skills adjacencies
- Improve the organization’s competitive ability
- Align talent pool composition with DE&I initiatives and corporate objectives
- Reduce spend on professional networks and job boards
The candidate suggestions are a result of machine learning and AI that have been trained for more than 10 years, giving users access to recommendations based on best practices.
Recruiting Analytics & Dashboard
As part of the re-launch of Recruit, the standard reports, dashboard and analytics were refreshed. Now, users can leverage enhanced visibility into their pipeline and performance metrics. With the modernized dashboard, recruiters can make data-driven decisions, identify bottlenecks, optimize processes and drive efficiencies to improve hire quality and speed.
Bulk Texting
Now, Recruit users can communicate with candidates at scale with bulk texting to encourage silver medalists and past candidates to consider similar opportunities, nurture candidates in their pipeline and invite seasonal talent to re-apply for roles or advertise upcoming career fairs.
Why this is different
Most talent acquisition organizations leverage anywhere from 15 to 35 tools across their HR tech stack to manage sourcing, candidate engagement, recruitment marketing, applicant tracking and hiring. Rival Recruit is the first suite to offer all of these capabilities within the same solution, helping hiring teams streamline their hiring programs from requisition to offer, providing deeper, more personalized experiences and improving data visibility and workflow optimization across their process.
This data is what differentiates Rival from traditional applicant tracking and even broader talent management solutions. They are positioning themselves to compete against artificial intelligence (AI) and data-driven vendors like Eightfold and Beamery, as well as ATS providers like iCIMS and SmartRecruiters. — Tara Cooper, Mercer | LeapGen
Rival Recruit will empower talent acquisition organizations, especially those that have been impacted by reductions in force and tightened budgets, to navigate changing business needs almost immediately with a single tool.
Want to learn more about Rival Recruit? Talk to an expert.
