CV screening (or resume parsing) is one of the most time-consuming and crucial steps in the recruitment process. When organizations receive thousands of resumes for a job opening, the pressure of screening all the resumes within a challenging deadline falls on the recruiters and the HR team.

Here's where technology comes to the fore. Artificial intelligence and machine-learning CV screening models can be made to think and function almost like recruiters. If implemented correctly, organizations can develop a robust, scalable prescreening pipeline to acquire top talent.

What is a Resume Parsing Tool?

A CV screening tool (or a resume parsing tool) converts text to a format that a computer can understand. The tool automatically extracts and analyzes resume data so that the required information can be stored, categorized, sorted, and searched by an organization and its recruiters. Resume Parser is the world's fastest data-entry clerk and the world's fastest reader and summarizer of resumes.

How do organizations and recruiters use resume parsers?

Organizations and recruiters use resume parsing tools that can be trained to fetch the necessary data in a resume, store it in their preferred database such as an ATS, and compare the keywords with the ones present in a specific job description. By this, the effort of screening resumes manually reduces by several multiples.

Benefits

1. Enables CV screening faster than manual methods.
2. Helps avoid data entry errors.
3. Helps avoid conscious and unconscious human bias.
4. Candidates can skip the manual application filling step and directly upload their resumes.
5. Enables recruiters to get a larger pool of relevant talent within a shorter time, thereby helping them achieve higher placement rates.
6. Organizations can potentially reduce hiring costs and the average turnaround time.
7. Enables CV screening automation.

CV Screening tools and platforms

MyRCloud

It is an AI ML tech enabled recruitment platform that offers a recruitment solution where resume parsing is done using tools as well as an internal quality control team along with subject matter experts. Here the CV screening step is customizable with pre-screening tests and interviews, background verification, checking the candidates' willingness, and job description calibration. It also offers candidate sourcing service, access to Applicant Tracking System, periodical candidate status updates, and feedback along with the CV screening functionality. In summary, it provides an end-to-end hiring solution where resume parsing is given prime importance to ensure quality talent acquisition.

Textkernel Extract

It is a standalone resume parsing tool that is functional across 23 languages. It uses deep learning to power CVs and enhance the parsing method. It is popular for its reduced 20 to 30% error rates when compared to other tools. It has seamless integrations with several job boards, staffing and redeployment agencies around the world.

DaXtra Parser

It is a multi-lingual CV parsing software. It is optimized to analyze CVs written in different styles and layouts, including social media job profiles. It is well known for its high level of accuracy and recruiters use it for analyzing, matching, and searching CVs.

DaXtra's top features include social media corroboration and coverage across multiple countries in Europe and Asia. The software classifies skills accurately, analyzes reports, and enables email integration for organized data output.

Affinda.com

This can also be called a CV extractor because of its ability to fetch the required data from a massive number of data fields. It groups the extracted data and converts it to a compatible file format such as Excel, XML, or JSON. It makes use of machine learning technology for data extraction. It is best-suited even for start-ups and non-profit organizations. Its top features include automated candidate screening, data extraction and input, resume importation and management, semantic matching, multiple language compatibility, and social media parsing.

Zoho Recruit

It is a cloud based ATS tool that comes integrated with a resume parsing software. It offers customizable automated reports that help analyze the applicant status and closures. It is available in three packages: Free, Standard, and Enterprise. The free version comes with limited features, whereas the Standard and the Enterprise packages cost $25 and $50 per month per user, respectively.

Employa

It is an ATS add on plugin that comes with resume parsing software. It helps enhance an existing recruitment pipeline with advanced level candidate sourcing, screening, and ranking methods. It also offers services to help organizations get the best-suited candidates. It also provides candidate sourcing as an option along with CV screening and ranking. It aims at adding value to your resume database by providing tech recruitment assistance.

Challenges Faced While Using Resume Parsing tools

1. Enabling the required periodical upgradation of the tool according to the emerging CV trends.
2. Most of the tools are inefficient in parsing images and optical character recognition.
3. Only keyword-optimized CVs can be efficiently parsed.
4. Most of the tools support only a handful of languages.
5. Understanding the context in the CV and the JD correctly.
6. The parsing quality is affected based on the quality of the job description.
7. Choosing the right resume parsing tool and fitting the same into your recruitment pipeline.

According to a career expert from Caitlin Proctor, close to 75% of resumes are rejected after being parsed, and many employers miss out on qualified candidates who don’t have knowledge of how to optimize CVs according to CV screening tools.

Human-tech Collaboration as a Candidate Screening Solution

Considering the challenges that come along with technology, organizations and HR heads are utilizing candidate screening services. Here you can unleash the power of recruitment business professionals, experienced gig recruiters, subject matter experts, and recruitment marketplaces that work closely with CV screening experts and the AI ML tools used for CV screening. This adds additional layers to your CV screening step, thereby making the outcome more reliable and customized.

Besides this, outsourcing the entire hiring process using recruitment management suites gets your automated and manual CV screening steps covered cost-effectively.

Final Takeaways

Choosing the right resume parsing software depends on the requirements such as the volume to be handled, the number of criteria to be parsed, cost-effectiveness, speed, and additional benefits.

Streamlining the resume parsing process makes hiring faster and more efficient. It also helps reduce hiring expenses and the cost per hire. Most importantly, it empowers organizations and recruiters by automating or semi-automating one of the most crucial steps in the recruitment process, thereby offering more time and resources to work on improving the recruitment process.

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