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Mon Apr 15 2024

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Exploring the Best Resume Parsing Software (Updated 2024)

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Choosing the right resume parsing software for your business can significantly help you streamline hiring. In the blog below, we will familiarize you with the meaning, need, types, benefits, and parsing software working. But most importantly, we will help you learn how to choose the best parsing software. So, read one!

Resume parsing software is slowly and gradually emerging as a powerful hiring tool. Many recruiters in the USA and worldwide use this exceptional software to parse resumes in bulk. Yes, that’s right! The parsing software is in high demand in the recruitment industry. In this case, as a recruiter, you should know how this software works. So, let us get started and discuss this new-age software in detail.

What is resume parsing in recruitment?

Resume parsing is a crucial process in recruitment where recruiters use several tools to parse resumes to process and analyze the submitted ones. As a result, this intelligent hiring mechanism is becoming increasingly popular among recruiters because of its automation abilities. But what are the tools recruiters utilize to parse resumes?

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Why is resume parsing software significant for recruiters?

Did you know? Some estimates prove that modern resume parsing technology works quicker than manually performed resume screening. Moreover, it can replicate human accuracy by 95%.

Almost all recruiters and HR managers understand the importance of hiring the best talent for their open roles. But sometimes, managing many job parser applications and evaluating hundreds of resumes becomes troublesome. That is where the need for automatic resume parser software arises!

If you are also a recruiter facing this same challenge, you can overcome it by adopting a resume parser support system for your organization. The adoption of this modern recruiting software will not only help you manage and screen hundreds of resumes, but it will also help you thrive in the competitive world.

How many types of resume parsing software exist?

Generally, three main types of resume parsing software exist in the software market. All these software are different because they use different technology and approaches to parse candidate resumes. Let us discuss them:

Grammar-based resume parsers

Usually, a grammar-based CV parsing software uses grammar-based uses grammatical rules to understand the meaning of each word and phrase used in the CV. For example, you can use grammar-based resume software to determine the context of words that read and sound the same but have different meanings. Such parsers extract resume information in detail as compared to keyword-based parsers.

Keyword-based resume parsers

Although keyword-based resume parsing software has an accuracy rate of 70%, it is the most common software. Usually, organizations use this software as it uses deep keyword research technology to parse resumes. It searches for job-relevant keywords and specific phrases in the resumes. And later, it matches them with the company’s job requirements and description.

Numerical-based resume parsers

A statistical resume parsing system primarily analyzes candidate resumes using mathematical algorithms. First, it detects numerical data from the resumes, such as candidates’ addresses, timelines, and contact numbers. Second, it converts this extracted numerical data into a structured format. Not only this, but you can also use such software to understand data written in words.

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List of benefits the resume parsing software offers

Resume parser software is an effective solution that assists recruiters in handling a large number of resumes. Besides that, the software has a high potential for leading to the selection of better workers. Below are some more benefits that the resume parser offers to recruiters:

  • Saves time and money: It facilitates faster recruitment, which saves time and money for the recruiter.
  • Offers bulk resume parsing: Resume parser helps recruiters quickly and accurately parse their hundreds of resumes.
  • Provides automated features: It provides automated resume parsing that allows no manual data entry.
  • Helps identify suitable candidates: The resume parsing software helps in quick candidate ranking, therefore creating an easier way for recruiters to pinpoint qualified candidates from many applicants.

Resume parsing software: How does it help the recruiters?

Now, you must have realized that manual screening of resumes is useless when there is the best resume parser software. But do you understand the mechanism through which this software does all these?

If no, read the below steps to know how the software parse resumes:

Step 1- Upload document

Before you start parsing your resumes, it is required to upload them. You don’t have to edit these resumes into a certain form to be ready for upload. This works because every kind of resume can be parsed by the resume parser.

Step 2- Conversion of resume data

After uploading your resume for evaluation, let the resume parsing software take care of the rest. This is because in the next process, under the given job specification, resume software will eliminate all images posted on resumes. It will only transform the resume data in a readable way that can be parsed or analyzed easily.

Step 3- Extraction of required resume data

Once the resume parsing system has separated out the resume data into individual words, it will initiate data extraction. During this step, the software will extract only job-relevant data from resumes, such as candidates’ accomplishments, professional experience, industry-related skills, etc. The way it works and algorithms for resume data extraction depend on the type of software you have in your hiring tech stack.

Step 4- Resume data display

In the last step, the resume parsing software displays the relevant extracted data for the recruiters to analyze. It means the software again converts the data into a structured format so recruiters do not face difficulty reading it. Some high-quality software also ranks candidates based on how resumes match the company's job description and selection criteria.

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Resume parsing software: How to choose the best software?

The decision to choose a resume parsing software may seem easy at first. But remember, it is not as easy as it looks. That is because countless options are available in the market that can confuse you. But ultimately, you have to make the right decision anyhow. Here are some factors you should remember while deciding which parsing software you should choose for your business:

1. Systematic display of parsed data

Whenever you choose the resume parsing software, make sure the system presents the extracted data in an organized and standardized format.

2. Parse resumes in all formats

The parsing software should not find it difficult to parse resumes in different resume formats. Instead, it should handle resumes in every format, such as PDF, doc, HTML, and more.

3. Seamless integration with other tools

The resume parser software should be able to integrate seamlessly with your existing applicant tracking system and hiring workflow.

4. Accurate data extraction

The parsing software should take inaccurate information from the resumes at once without using unfair recruitment practices.

6. Bulk resume parsing

It should be able to parse resumes in bulk and integrate perfectly with email and other applications.

Are there any challenges with resume parsing software?

Even though resume parsing software continues to reduce the workload of recruiters, they do not eliminate all hiring challenges. Here are some possible challenges you might face while using the parsing software:

  • The software may fail to understand new terms and the context of some phrases used in the resume.
  • Parsing systems are usually costly, and not every recruiter can afford them.
  • Sometimes, the software may rank candidates above because of keyword stuffing.

Now that you know the challenges of using resume parsing software, the next step is to learn how to choose the best software for your business.

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Explore the resume parsing feature of ATS by Pitch N Hire

Slowly and gradually, AI recruiting technology is dominating the world. In this case, the hiring market is no exception. By this, we mean that modern recruiters in the recruitment market realize the importance of changing hiring tools and technology with time. That is because they are smart enough to learn that doing this is the only way to thrive in the market.

If you also want to stay ahead of your competitors and stand out in the industry, you must soon realize that adopting new-age hiring tools is the only way. Here is where ATS Software by Pitch N Hire can save the day! Our top-notch ATS scanning software offers not only resume parsing features but also many other features that will make hiring easier for you.

These features include interview scheduling, candidate sourcing, candidate assessments, etc. And do you know what is the best thing about our software? It can help you extract accurate information from bulk resumes. Moreover, it can also give you insights into the resume data. This way, you can make data-driven hiring decisions. So, book a FREE software demo with our experts today and simplify your resume screening process.

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Wrapping up

If you are a modern recruiter, adopting a resume parsing software is arguably the most desirable decision to make. But did you know? Many recruiters combine parsing software with ATS for enhanced hiring results. So, now that you know this, why hold back? Quickly invest in ATS software by Pitch N Hire and get access to a high-quality resume screening feature with many other features.

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