Technology Automation is a Top Challenge for Half of HR Professionals, Equifax Survey Finds
Rhea-AI Summary
Equifax (NYSE:EFX) released findings from a survey of 254 HR professionals at SHRM25 Conference, revealing significant challenges in HR technology adoption and hiring processes. The survey found that 50% of HR professionals struggle with workflow automation, while 71% have encountered fabricated or misleading candidate information.
Only 20% of HR professionals feel very confident in detecting false candidate information, and merely 12% report consistent quick hiring processes. Additionally, 83% of respondents indicate their onboarding processes need improvement. The study also revealed that 76% of HR professionals are currently using AI to enhance hiring and onboarding efficiency.
Positive
- 76% of HR professionals are already utilizing AI for hiring and onboarding efficiency improvements
- Strong data correlation found between past and future job tenure, helping predict employee retention
- Survey provides valuable market insights from 254 HR professionals, demonstrating Equifax's industry leadership
Negative
- 71% of HR professionals encounter fabricated or misleading candidate information
- Only 20% of HR professionals are very confident in detecting false candidate information
- Less than 12% of organizations consistently achieve quick hiring processes
- 83% of organizations need improvement in their onboarding processes
- 50% of HR professionals struggle with technology automation
News Market Reaction
On the day this news was published, EFX declined 0.85%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Additional Findings Highlight Challenges with Fabricated Resume Information, Speed-to-Hire and Onboarding
"As AI and emerging technologies proliferate, HR professionals increasingly want to automate the time-intensive aspects of their days so they can free up more time to focus on the human-first parts of their jobs that lead to more successful employee engagement and retention programs," said Chris Johnson, Senior Vice President and General Manager of Employer Services, Equifax Workforce Solutions. "As technology changes the way work is completed, everything comes down to your people. HR teams know this, and that's why they're prioritizing the use of technology to help automate routine and manual processes so they can streamline tasks for their own teams while also simplifying and enhancing experiences for the employees they serve."
Fabricated or Misleading Resumes Remain Prevalent
The current job market has proved difficult for many job seekers, leading some to embellish or altogether fabricate their experience or credentials. According to the survey,
These issues were most commonly reported in employment history, educational background and credentials/licenses. Despite the frequency in which fraudulent information is appearing in job applications and resumes, only 1 in 5 (
"Our survey shows that HR is facing new challenges with the prevalence of misleading candidate information in the age of AI-generated resumes," said Bart Lautenbach, Senior Vice President and General Manager of Talent Solutions for Equifax Workforce Solutions. "Employers may think they have found a well-qualified candidate, only to learn after a comprehensive background check that this person was significantly exaggerating their experience. Making this mistake can be extremely costly, and organizations can leverage automated employment verifications to help deliver greater ROI on their hiring processes."
HR leaders know that a bad hire can be costly. With a background check process that includes verifications of employment, education, and criminal history, hiring teams can help ensure a better quality hire. In addition, Equifax research indicates a strong correlation between past and future job tenure. Candidates who frequently left jobs within 60 days repeated this pattern, while those with longer previous tenures were more likely to stay.
HR professionals see room for improvement in speed-to-hire and onboarding
While speed-to-hire is a key metric for many HR organizations, less than
With innovative technologies, HR teams can help automate key components of the onboarding process, including onboarding and other forms, so they can help improve the new hire experience while keeping up with ever-changing regulatory and compliance demands. With real-time data and automation, HR teams can better ensure they are following important protocols, including background checks and other verifications, allowing them to help improve speed and accuracy.
Many HR professionals are already taking initiative and looking for ways to incorporate AI and automation into their workflows and address these challenges. Specifically,
Methodology
Equifax surveyed attendees at the SHRM Annual Conference in
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in
FOR MORE INFORMATION:
Dan Jenkins for Equifax Workforce Solutions
mediainquiries@equifax.com
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SOURCE Equifax Inc.