The job market is highly fluid moving from employer-led to candidate-led through macroeconomic conditions, keeping a strong pulse on the market is key to your recruitment team's success. Here are some of the key trends I’m sure you definitely need to keep track of to keep your hiring competitive.
Rising Importance of diversity, equity and inclusion
A diverse workforce is important for several direct business benefits, each of which contributes to the fact that 57% of talent leaders prioritise finding more diverse candidates. First, it expands your talent pool and makes it easier to find the best people for the job. Second, it increases employee satisfaction, because people feel better represented in a group of different backgrounds. Third and most importantly, bringing a diverse set of opinions and views to the table, studies have time and time shown this helps companies develop better products and services. More innovation that meets the needs of their customers far more effectively—and that means greater profitability in the long run. If your organization only hires a particular demographic who all think alike (and there are plenty out there!), you'll miss out on some great ideas simply because they came from someone who didn't fit into this narrow category! That’s exactly why 59% of talent leaders cite DE&I as a top trend.
In order to achieve true change across an entire organisation, companies need policies which ensure fair hiring practices are implemented across all levels.
Rising Attrition Rates
Recruiting great talent is tough. Having to rehire to make up for a talent lost to competition is a wasted effort.
The recruitment process is a critical part of your hiring strategy, but finding the right people isn’t easy. The industry has some of the highest attrition rates ever! A great way to look at reducing your churn of talent is by focussing strongly on culture fit during the hiring process, and implementing regular feedback and ongoing training once candidates are onboarded.
Hiring to Enhance, Not to Replace
There’s a push to look beyond the current need. If you are hiring for the present, then you're only looking at skills. But if you have a vision for the future and truly want to make an impact on your team, then hiring for culture is what will drive your company forward.
If you look at Amazon's close to $1bn acquisition of Twitch, they acquired a technology that was not even being used by them at the time. They acquired it because they saw how much potential it had as a cultural fit within their ecosystem and knew that in due time, they could build up this technology into something greater.
Become More Strategic in Recruitment
Effective measurement of progress starts by setting the appropriate goals. When you're setting goals, it's important to define the problem before you start on a solution. You can't properly set a benchmark or timeline without knowing what will be considered a success.
It’s important to define exactly who needs help with their recruitment efforts before diving into implementing new technology and processes. Is it the recruiter? The Head of TA? Hiring Managers? Not just because they'll feel more empowered when they know they've been included in decisions about who gets hired next time around but also because some employees might need training themselves on how best to handle specific tasks like interviewing potential candidates. Simply adopting tools without the right processes in place to support them would yield sub-par results. What's worse, at times you could end up with a set of disparate tech each functioning independently, resulting in 80% of recruiters wanting to consolidate the tools they currently have.
Automate Recruitment Processes
Automation of recruitment processes can help you:
- Reduce time to hire by as much as 50%
- Reduce cost per hire by up to 70%
- Reduce risk associated with hiring and onboarding new employees.
Automation also enables you to improve candidate experience and engagement, which will in turn help you attract higher-quality candidates. For example, by using an automation tool like Vita’s screening and sourcing platform, companies are able to: prioritise applicants by profile relevancy to open positions and integrate directly with their ATS. The most relevant candidates are instantly highlighted for quick action by your team while weeding out irrelevant candidates.
Invest in Advanced Screening Tools
If you’re looking for a way to improve your recruitment process, screening tools are an excellent place to start. These tools help streamline the process by allowing you to collect information about candidates and assess their suitability for the job, before they come in for an interview.
Here are some tips on how to use screening tools:
- Make sure that your screening tool is easy-to-use and accessible from any device with internet access. You don’t want a clunky or complicated tool slowing down your recruitment process!
- Look for platforms that allow you to share profiles easily without having to switch between applications or programs. This means less time spent reviewing documents for recruiters (saving everyone’s time). It also means less likelihood of errors being made when exchanging documents through email attachments—which drives up applicant fatigue levels during the hiring process!
While there are many industry trends that recruiters need to be aware of, these two are the most important:
- Big data and AI (Artificial Intelligence). Data analysis tools play an increasingly important role in modern recruitment strategies, allowing you to quickly make decisions based on real-time information rather than gut instinct. Additionally, AI technology allows recruiters to automate tasks in the millions, that were previously considered too difficult or time-consuming for humans—allowing them instead to focus their efforts on more personal interactions with candidates or clients.
- Increase in diversity initiatives within organizations across all industries— but especially within tech companies like Google and Facebook which have been under fire lately due to allegations of discrimination.
With the increase in technology, there has been a decrease in face-to-face communication. Recruitment teams should still keep a balance between using technology to source candidates and connecting with them personally through phone calls or interviews. Technology can make recruitment easier, but good tech is always supportive. It’s there to complement, not replace the insight, intuition and experience of a seasoned recruiter.