As we heard from Home Credit Chief People Officer Alexis Pham in our “How to Hire Top Talent” article last month, an incredible candidate experience is key.
Alexis told us, “For me, if it’s top talent hiring, then it’s really about ensuring a good hiring experience.” Unfortunately, that’s not the reality in most companies (we are no exception).
According to Josh Bersin’s research, the recruiting journey can last up to 120 days and is filled with time-consuming, repetitive, and frustrating experiences.
So it’s no wonder that AI Recruiting Software, which, according to recent research, drives almost 40% of all AI applications in HR, is so popular.
AI has the potential to free up HR teams to focus on ‘humans’ again. But will the technology succeed in Vietnam? Let’s review the case together.
From writing job descriptions to interviews, assessments, internal discussions, and finally, the offer letter, the recruiting journey is highly repetitive and often digital.
That’s good news because AI is good at anything predictable and repetitive and can be done online. For this reason, an entire industry has spun up with tools to solve the problem of manual recruitment.
We already see AI in all major categories of the recruiting journey:
In short, from writing the job description to interviewing candidates, AI can now take over a significant portion of the hiring process.
Recruiting is the most critical function of HR organizations. Companies that excel in talent acquisition strategies are more adaptable to change, profitable, and innovative. They also have higher employee engagement and retention rates, resulting in more satisfied customers.
Unfortunately, research shows that 74% of companies underperform in recruitment best practices. This is why, according to 2023 PwC research, recruiting is the third most inefficient process in companies, after emails and tied with meetings.
On top of that, the workload for Human Resources has increased significantly as, ironically, candidates can apply to hundreds of jobs daily using AI tools and job boards. Tech-savvy Gen Z is especially taking advantage of this, creating even more work for talent acquisition teams to review the applications.
Unfortunately, many of the most promising platforms don’t target Vietnam or are prohibitively expensive for the market. While most job boards, from VietnamWorks to ITViec, use AI for candidate matching, the more innovative AI solutions mentioned above are few and far between.
Dylan Nguyen, Manager of Recruitment at Dreamplex member Cake Resume, shared that this is large because these platforms are too expensive and not localized enough. He added that lacking reliable data is another key challenge: “Among my network, no one is using platforms like this yet. AI needs to have enough data to learn, so without these platforms building a strong brand and use case in the local market, that AI will be useless.”
This doesn’t mean that companies shouldn’t explore AI solutions. Speak to vendors, see if there’s a fit, and find solutions that can help you reap the benefits of AI in recruiting, such as faster closing time, less bias in hiring, and a better candidate experience.
As Jessica Le, Glint’s Country Manager in Vietnam, told us: “Companies that proactively seize this new opportunity will create a clear competitive advantage.”
It also doesn’t mean that Vietnam shouldn’t catch up with AI. According to Bain data, even for small and mid-sized companies, every team, including recruiting and HR, can increase their productivity by up to 41% using AI technology.
Get your teams familiar with ChatGPT, prompting, and basic AI productivity tools like Grammarly AI, Perplexity, and Writesonic. Even in the context of lower wages in Vietnam versus globally, these tools’ costs pale compared to their benefits.
Supercharging employees means you can reap the benefits of a smaller company. This, when combined with hybrid work and Dreamplex’s flexible offices for rent or coworking spaces, can be the difference between surviving and thriving in a competitive market.
Dreamplex creates “A Better Day at Work” by perfectly meeting the needs of rapidly growing companies that understand their young employees expect more from their workplace.
With professional, flexible workspaces, top-notch hospitality services, and a collaborative community for mutual growth, Dreamplex helps businesses work productively while optimizing operational costs.
Join the community with tech experts and startup founders from TIKI, Zuhlke Vietnam, GFT Group, Vietcetera, at Dreamplex’s flexible office spaces in Ho Chi Minh City and Hanoi.
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