The Deprioritization of Diversity and Its Impact on Hiring

Courtesy of ERE.net Original article can be found here.

For decades, companies have enjoyed a talent marketplace where employees generally enjoy the stability of their current job and a robust pipeline of talent every year. If your employee left to take a more lucrative position somewhere else, there were dozens, if not hundreds, of candidates eager to take their place. 

But this dynamic has been shifting over time, as more people switched jobs more quickly, were less inclined to take a job they did not want, or were open to nontraditional opportunities like consulting, freelancing, or other gig work. In other words, the Great Resignation.

Covid was not the cause of the Great Resignation; it was the accelerant. It’s now a seller’s market where potential employees are interviewing with more companies, receiving more offers, and making decisions quicker. 

Indeed, GoodTime’s recent 2022 Hiring Insights Report reveals that talent leaders are now struggling to keep up with hiring demands. The normal supply of job candidates has dried up, and those looking to join companies have new motivations. Inducements like bonuses, gift packages, and other one-directional perks no longer work when candidates are more interested in a meaningful job and a greater sense of community.

Unfortunately, many companies are using an antiquated playbook. Specifically, a key reason why employers are struggling with talent acquisition and retention is their approach to diversity.

Deprioritizing Diversity

According to the report’s findings, the biggest talent challenge companies are facing is retaining their employees. Not only that, they expect that to continue as their biggest challenge over the coming year. While it’s true that external forces have made hiring more challenging (by virtue of fewer candidates for more open roles), companies that struggle may have a slight misalignment of priorities. 

Surveyed HR, talent, and recruiting leaders said the quality of hire was their most important metric (24%), while only 13% cited diversity of candidates. While this makes sense on a practical level, failing to prioritize diversity may hasten employee resignations, as well as make it more difficult to hire quality candidates going forward.

Not Meeting New Candidate Demands

While 90% of respondents agreed that conveying company culture to candidates is important, only 53% said they actually did so during the hiring process. That’s a clear misalignment. 

Additionally, only 31% of companies have been making diversity, equity, inclusion, and belonging (DEIB) a measurable priority in the past 12 months, while only 38% of companies plan to make it a measurable priority over the next 12 months. Organizations really should do better.

The Way Forward

Remember: Candidates are interviewing companies just as much as the reverse. Talent executives need to tap into the diversity of their workforce and empower employees to make the case for why their company’s culture and approach to DEIB make it a rewarding workplace to join.

Ultimately, companies should prioritize DEIB because it’s the right thing to do. But even beyond that, the data is clear: Potential and existing employees all say DEIB is a huge priority. And many companies that struggle to recruit employees may not realize their lack of communication on this pertinent issue is the cause. Thus, employers need to first address their DEIB initiatives and then communicate what steps they’ve taken. Otherwise, they will continue to lose out on talent.

GoodTime Co-founder Ahryun Moon: Featured TA Tech Leader

GoodTime's Co-founder Ahryun Moon.

GoodTime’s Co-founder and Head of Company Strategy Ahryun Moon met with Recruiting News Network’s Editor in Chief Martin Burns to share her perspective as a leader in the TA space. Ahryun dove into the solutions that GoodTime Hire’s Candidate Relationship Intelligence provides to customers, along with the future of the industry.

The original interview with Recruiting News Network can be found here. Read on for the TLDR.

The Beginning of Ahryun And GoodTime

As an immigrant from Korea, belonging to a small minority of female SaaS founders, and without a large network in Silicon Valley to tap into, Ahryun started GoodTime from ground zero. She recounts having to learn everything the hard way, including earning trust from investors, customers, and employees. But Ahryun took every challenge that came her way in stride.

“I found it exhilarating to face those challenges and to prove myself every time,” she said. “Who wants to have it easy? What is life without challenges?”

GoodTime arose from an encounter that she had with a recruiter. Earlier in her career, Ahryun met a recruiter who complained about the time that it took to manually schedule interviews. Bam—a “eureka” moment. GoodTime was born.

During GoodTime’s early days, Ahryun spent time as a shadow recruiter for several companies—some of which are now GoodTime clients. She gained a deep understanding for the difficult job that recruiters take on. Ahryun knew that GoodTime would be crucial to lightening the workload and creating better connections with candidates.

“While I’ve had a winding path to GoodTime, I absolutely would do it all again,” Ahryun said. “The messages I get from our customers about how they can finally do the jobs they love doing—the rewarding work of meeting with and getting to know candidates. I’m so happy we’re helping companies and candidates find the right situation for each other.”

GoodTime Hire’s Candidate Relationship Intelligence

GoodTime Hire, the company’s flagship product, helps TA teams stay ahead of the competition in today’s fiercely competitive job market. Hire tackles three issues: automating interviews, building better relationships with candidates, and developing deeper insights into the interview process. These issues all intertwine into Hire’s Candidate Relationship Intelligence solution. Hire provides TA teams with the automation, candidate relationships, and insights that they need to reach their goals.

“Our goal is to be the foundation of a technology stack that empowers both companies and candidates, and we encourage others to keep building meaningful solutions that make this process easier.”

— Ahryun Moon, Co-founder and Head of Company Strategy at GoodTime

One of Hire’s newest features is Candidate Pulse. This feature measures candidate sentiment and granular feedback after each interview, making this candidate feedback extremely actionable for talent teams. By gathering feedback and making candidates feel heard, Candidate Pulse further improves recruiter-applicant connections.

Challenges Along the Way

In the face of failure and challenges, GoodTime has turned every stumble into an opportunity to learn. For instance, the team recently released a revamped interviewer training module, equipped with an elevated training management system. Ultimately, they underestimated the success their customers had with the previous version of the module.

Ahryun has found that the biggest challenge in closing deals with clients is inertia. Often, companies convince themselves that the way they currently run their recruitment process is either the right way or good enough.

“But I can point to our clients, some of the most innovative companies in the world, and say they understand how powerful it is to automate the interview process and maximize hiring efficiency to compete in this insanely hyper-competitive job market,” she said.

The Future of the Recruiting Industry

Ahryun sees clear changes coming to the industry. Employees no longer want to stick around at jobs that they don’t like. They’re also not joining new companies unless they feel a strong fit.

She added that companies must act fast to refine their recruitment process and avoid getting overpowered by the competition.

“Companies need to demonstrate immediately in their recruitment process their culture, the relationships they develop, and how they use technology to enhance their employees’ jobs, not replace them,” Ahryun said.

GoodTime’s tech solution elevates both companies and candidates in today’s tumultuous job market.

What’s Next for GoodTime

Most recently, GoodTime released their 2022 Hiring Report, jam-packed with the latest HR trends. GoodTime surveyed 560 U.S. talent leaders to uncover the most pressing challenges facing their teams, and what should be done to attract and retain top talent. The report can be downloaded here.

RecTech Podcast | Interview with Ahryun Moon

Chris Russell

TO LISTEN TO THE FULL PODCAST, CLICK HERE

A headshot of GoodTime CEO Ahryun Moon in the title card of the RecTech Podcast

GoodTime is used by over 300 leading companies like Spotify, Slack, and Box, to drive better results from their most important meetings. The GoodTime Meeting Optimization Engine automates scheduling, ensures the right people are in the room, and provides actionable insights to meet smarter……their flagship product, Hire, allows organizations to win top talent faster.

GoodTime CEO and Co-Founder, Ahryun Moon joins me on Zoom from…San Francisco.

TOPICS DISCUSSED

1. One of the best brand names in HR tech…give us a quick history of the company…

2 Are meetings broken? how to make meetings more effective.

3. Many meetings are virtual now…How have zoom meetings affected your product?

4 Implementation process?

5. Success stories?

6. What trends are you seeing when it comes to talent acquisition?

7. From a sales perspective, how is the market selling into HR… ?

8. What will be the long-term consequences of the Great Resignation?

9. What are some suggestions to companies to drive higher hiring rates?

10. Are you hiring? Any conferences GoodTime will be at?

GoodTime’s Ahryun Moon on Candidate Experience and the Future of Work

Editor’s note: The original interview with WorkTech is from July 2021. Watch it in full here.

GoodTime CEO Ahryun Moon met with WorkTech’s George LaRocque to discuss how GoodTime does more than just automate the administrative aspects of the hiring process for TA teams. Ahryun discusses her experience raising funds in a pandemic, the GoodTime roadmap, and the impact GoodTime delivers on diversity and inclusion in recruiting.

“Candidates get almost a consumer-like experience when they schedule an interview.”

— Ahryun Moon, CEO at GoodTime

At its core, the hiring process revolves around hiring managers, based on availability and the employer’s timeline. With the rising demand for talent, especially tech-enabled hires, the pitfalls of the traditional recruitment model cannot be ignored any longer. Companies that take too long to hire miss out on high-caliber candidates, leading to potential candidate frustration and the risk of reputation damage. Paired with shifting priorities and more employees placing happiness over a pay raise, there’s a need to reshuffle the dynamics for better hiring.

“GoodTime transforms the interview process. First of all, we’ve completely removed the hassle of emailing back and forth. Candidates get almost a consumer-like experience when they schedule an interview,” Ahryun shared. 

Placing talent at the forefront of recruitment, GoodTime Hire makes the process easier for both recruiters and candidates alike. Besides scheduling automation, the platform goes one step further by using an AI-powered algorithm to provide tailored experiences.

Unlike legacy scheduling tools, GoodTime’s ultimate goal is to transform the way that interviews are made and conducted – starting from pre-interview processes like training.

“Our technology tracks the interviewer database, so you can store your interviewer’s relevant attributes. Based on those attributes, you can schedule the right interviewer to the given candidate,” Ahryun continued. 

Along with that, the platform provides interviewer training to fully equip hiring professionals with proper training. The system also uses data and insights that you wouldn’t get from an agent.

How this plays into the paradigm shift in the employment market is that candidates now get a say in who they speak to and their comfort levels. It also puts an emphasis on how interviews are a two-way street. Both parties play a part in contributing to a successful meeting. To illustrate this, Ahryun brought up an instance where clients would question the lack of female hires due to rejection, while not actually honing in on the root of the issue: when these candidates meet with an all-male board and get turned off by the job environment.

Scaling Relationship Building

“The real magic happens when candidates meet with interviewers, they hit it off, have amazing conversations.” Ahryun stated, when talking about how organizations scale their operations by building larger candidate pools and overlooking the actual candidate experience. On the other hand, an unstructured process leads to breakdowns and recruitment woes while scaling operations.

Building an optimal environment for candidates could also ramp up diversity and inclusive hiring, an important aspect for companies to stay relevant today. Inclusive hiring is a concept that has been long overdue, and can bring about multiple benefits to any organization. A more diverse workforce brings about a wider range of perspectives and skill sets, leading to more ideas for problem-solving and better decision making. Yet, some corporations still face issues in hiring diverse candidates. 

“Filling the top of the funnel, that’s definitely number one priority and one of the most important aspects. But usually those candidates don’t necessarily get a fair chance through the process, or at the end they decline the offer because they wouldn’t see themselves working there,” Ahryun explained, indicating the need to cater to candidates and improving first impressions. 

Raising Investments in a Time of Economic Volatility

GoodTime ended their investment round in November of last year. In a time of uncertainty and the global pandemic in full force, this was a challenging round for the company, Moon states. At the same time, with national conversations surrounding diversity and corporations seeing turnovers and new hires, it was time for a step toward a more inclusive workforce. 

This year, however, valuation is through the roof. “It’s pretty crazy now,” Ahryun said.

The funds have been used to refine GoodTime’s solutions and fuel the expansion of the team to over 60 members. According to Moon, “The hiring scene is changing so rapidly. The ‘future of work’ is a remote and hybrid type of work. We want to make sure our products help the journey.” Thus, the investments were used to further innovate and bring fresh ideas to life with a bigger team.

As hybrid and remote working transition from the ‘new normal’, to just normal,  GoodTime also seeks to provide the appropriate training for hiring in these areas. As more companies move towards a data-driven hiring strategies, Moon and her team are refining GoodTime’s data and insight features.

Customers who come to GoodTime acknowledged the complexity of the reality of work, and want to embrace this through their solutions. Leading by example, GoodTime aims to continue adapting to the new environment, hiring high-quality talent across geographical borders. 

The Future Is Candidate-driven

“Personally what makes me really excited is our product. We’re really excited to bring additional innovations. We try to keep our ear to the ground and try to work closely with our customers,” Ahryun said.

“As we figure out the best practices in this new world, we want to bring new innovations to our customers – interview training, additional insights, as well as new innovations around remote and hybrid hiring. We’d love to be the new transformation of this new hiring and crafting of a new candidate journey.”

To watch Ahryun’s full interview with WorkTech, click here.