Understanding resume parsing is not that difficult if you're already working in the recruitment sector for years. However, grasping its details shouldn't be too big of a deal if you're just starting out as well. A resume parser is nothing but a software program that is generally (in most cases) pre-installed with your Applicant Tracking System (ATS). It helps in analysing a CV or data present in a cover letter and turns it into structured data. This data is much more convenient to manipulate, handle and store, not only speeding up the entire hiring process but also helps in providing a stellar candidate experience.
On a day-to-day basis, recruiters receive hundreds of resumes sent across the internet. It becomes cumbersome if one has to manually import and segregate data from each CV. This is where a resume parsing software makes the entire job seem like a piece of cake. Hours of daily manual labour is eliminated in the process, making it extremely beneficial for HR departments.
Resume Parsing Software: How Does It Work?
As mentioned previously, in most cases, an Applicant Tracking Software provides recruiters with a resume parser already installed. Suppose a recruiter has received a CV from candidate X. A Resume parsing software will scan candidate X's CV and extract important information such as— name, contact information, address, relevant work experience, skills, certifications and so on and store them in a database for further intervention.
According to certain estimates, CV parsing indeed processes information much faster than a human brain, almost exponentially with 95-97% accuracy. They use the help of machine learning and trends in parsing technology to give much faster results.
4 Main Reasons Why Recruiters Must Use A Resume Parser
1. Saves You Time
Utilising CV parsing can save you from retyping candidate information. Once you let these machine learning tools do their work, you can focus on other important tasks that might need close attention. There are a lot of free resume parsing software out there in the market, but the best bet would be to opt for a free trial of an ATS that provides the functionality of a CV parser in it.
2. Efficient Data Entry & Reduced Margin Of Error
Sometimes candidates may submit resumes with a lot of subsections without following a basic format. Without a parser, it would honestly be difficult for recruiters to manually extract or differentiate such data. This is where it comes in extremely handy. Instead of spending hours reading resumes and deducing which candidate is a better fit for your client, a CV parser will simplify your process by just providing you with the data you need.
As a recruiter or a hiring manager, you must know that candidate experience is of utmost importance. To improve your recruitment branding and provide that uber-cool experience to applicants since day one, such parsers are helpful since with its advanced use of technology there's a reduced margin of error.
3. You Shall Have All Candidate Data In One Place
It's easier to compare and select candidates when you have all your candidate data in one place. Using a resume parser that's in-built in an ATS, lets recruiters find highly-qualified candidates for a certain position. This is much better than manually scanning each resume and searching for their qualifications. Paired up with Artificial Intelligence, they can bring about tonnes of benefits for your agency if utilised properly.
4. Maintains A Standard Format
Recruiters receive an insane number of resumes on a weekly basis in various formats like .pdf, .docx and so on. With the help of a CV parser, they can standardise a format in which resumes can get stored in their database. This helps in efficiently managing huge candidate pools and avoids confusion.
With the above benefits of resume parsing, HR and hiring professionals must truly look into such technology which is not just cost-effective but also methodical. Let us know in the comments below if you too are a major believer in HR technology and how important do you think it is in today's age.