Fidelity Investments® Introduces Web-Based Recruiting Solution
Merrimack, N.H. and San Francisco, CA – October 3, 2001 –
As part of its expanding HR/payroll outsourcing practice, Fidelity Investments® today announced a Web-based service that enables human resources and staffing professionals to improve hiring efficiency by providing an end-to-end hiring management solution.
The new service, Fidelity Hiring Management System, will help human resources and staffing professionals improve quality and retention by engineering a hiring process that is systematic and occurs in real-time. The new service will be powered by Recruitsoft, a leading provider of online talent hiring and optimization solutions.
The new hiring system is part of Fidelity's expanding suite of eWorkplaceSM self-service tools, which includes Compensation Planner recently rolled out to clients.
"We continue to see growing interest among companies to outsource their human resources management functions and payroll services," said Teresa Hassara, executive vice president, Fidelity Employer Services Company's HR/Payroll practice. "We are making significant investments in infrastructure and the development of Web-based tools to simplify integration and bring greater processing efficiencies to our clients' businesses."
Fidelity Hiring Management System includes Recruitsoft's proprietary pre-screening methodology based on skills assessment, making it easier for candidates and recruiters to manage the entire recruiting process. The system allows for candidate and new-hire information to be processed online, which increases collaboration throughout the staffing process by providing workflow that eliminates duplicate efforts and increases communication among hiring managers and recruiters. The hiring management solution replaces the traditional labor-intensive paper-based or other automated systems in which hiring decisions are typically reached many weeks after a candidate's resume was initially submitted.
"Following implementation of our solution, many of our clients are cutting in half the time it takes to hire new employees," said Louis Tetu, chief executive officer of Recruitsoft. "With its robust features, our solution has been recognized by ERE's 2001 survey as having the highest levels of customer satisfaction in the industry."
Fidelity has been providing human resources administration and payroll services since 1996 and currently serves about 70 companies and their more than 120,000 employees. Fidelity's HR/Payroll outsourcing service enables human resource executives to play a more strategic role within their organizations by alleviating the administrative burden of complicated and time-consuming tasks such as new-hire and termination processing, payroll calculations, tax filing, compliance and reporting.
The Fidelity Hiring Management System allows recruiters to post jobs automatically, internally and externally using corporate Web sites and external job boards; capture, store and rank profiles; and communicate with candidates and hiring managers online.
"As more Americans use the web to conduct job searches and explore new opportunities, there is a growing interest among recruiters and hiring managers to leverage the Web as a channel to attract and obtain high quality candidates," Hassara said. "We expect online recruiting to grow exponentially over the next few years and Web-based tools will enable recruiters and HR managers to save time and find the best candidates."
A key feature of Fidelity Hiring Management System is its ability to run intelligent, integrated searches. Whenever a new requisition is posted, the system automatically checks the requirements against the skills already in the database, and notifies qualified candidates of appropriate positions. Additionally, the solution prescreens candidates' skill sets and qualifications against those outlined in job requisitions. This automatic filtering feature matches the appropriate candidates with current job openings and allows recruiters to shift their focus from sourcing and screening to spending more time interacting with a short list of pre-qualified candidates.
Fidelity Hiring Management System will be available in early 2002.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services with custodied assets of $1.4 trillion, including managed assets of $864.2 billion. Fidelity offers investment management, retirement, brokerage and shareholder services to 17 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. Fidelity Investments' Web site is at www.fidelity.com.
About Recruitsoft
Recruitsoft powers enterprise-wide talent flow for leading companies across many industries. Among Recruitsoft clients are Hewlett-Packard, Dow Chemical (NYSE: DOW), The Gillette Company, Agilent Technologies, Nokia, The Limited, Hasbro, Deloitte & Touche, Bombardier Aerospace and Transportation, MetLife, and Sutter Health. Recruitsoft's Recruiter WebTop™ solution has been recognized during each year since its inception as having the greatest depth and breadth of functionality and ease of use. Recruitsoft is a member of the HR-XML consortium.
Fidelity Employer Services Company,
a division of Fidelity Investments Institutional Services Company, Inc.
82 Devonshire Street, Boston, MA 02109
Krista Canfield
Tel: 415.905.4011
e-mail: kcanfield@horngroup.com