I'm here to tell you this system is broken. With very few exceptions it is an excellent example of technology in search of a purpose and of a process that the majority of the users will not complain about - because they are all desperately trying to get a job, and it is unlikely that telling the HR department their process stinks is a good opening gambit. Sounds like a job for a devil may care cynic...
Let's start with step one - many of the companies use the same 3rd party providers. A couple of the largest vendors are taleo and kenexa (apparently, having a meaningless name is a prerequisite). I see these two quite often and each time I do I *cringe*. Each company is a completely separate instance of the talent management system - which means I am required to create a new profile for every company. Yes, I know that's more secure, data segregation & protection, yada-yada - but please, couldn't they have allowed me to create ONE user profile that could be reused at each of the companies I visit that use taleo? I have typed my name, contact information, job history and education into taleo dozens of times. It's a huge waste of time. Ironically, taleo & it's ilk are most often used by the largest companies. Smaller companies tend to stick to the large job boards, like Monster, Hot Jobs, etc - and at those sites I *can* create a reusable profile.
OK, that one I hang on the talent management system vendors. Time to move on to the hiring companies themselves. The information they collect from each applicant just for the slim chance they may *possibly* give the applicant a call back is bewildering. You need the name and phone number of all my previous supervisors?

Finally, I need to state what is perhaps obvious to job seekers, but not often discussed within the company. The HR recruiter's primary focus is NOT to find the best candidates. Every job seeker knows the truth - the HR recruiter's primary job is to eliminate candidates such that whoever is left, must (by definition) be the right candidate. The overly-complex talent management system and the pile of collected data is all part of that truth. The more data that is collected, the more likely it is that something will be noticed that eliminates that applicant from further consideration. Hmm, does that mean the candidate with the best chances is the one who provides the least information? I think this is especially true when non-high tech companies are trying to recruit high tech employees. The in-house recruiters are simply not knowledgeable enough on technology topics to evaluate the candidates any other way.
As a hiring manager, I was always frustrated by the lack of qualified candidates being forwarded to me by my internal HR

When good candidates can't get to the hiring managers, and the hiring managers can't find good candidates - that is a broken process!
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