As in previous years, In-House Recruitment Live (IHRL) drew quite a crowd. After a day of networking, exploring the exhibition floor, and attending insightful seminars, these are the five major recruitment trends we observed:
New platforms and technologies, such as social and career-building networks, have made it easier for recruiters to discover qualified candidates. However, the volume of the talent pool has also brought about a daunting logistical challenge: being able to find the best candidate for a role amongst the wide range of applicants. Additionally, increasing pressure on agencies and HR departments to reduce hiring time and increase the quality of hires has led many companies to look to automation to streamline and optimise the hiring process. According to the Recruitment and Employment Confederation, 12% of applicants cited reducing the time between the interview and decision stage as one of the main improvements employers could make to improve the candidate experience. This need to intelligently automate workflow has fuelled a recent uptake of AI in recruitment to help manage the high volume of applications, reduce bias, predict job performance and collect relevant data for future recruitment.
2. Data-driven recruiting strategy
With the increasing adoption of automation technology, tracking software and analytics tools in recruitment, the industry is also moving towards a more scientific approach to hiring. Data-driven recruitment allows companies to optimise budget allocation, benchmark and forecast hiring and overall increase the productivity and efficiency of the hiring process. The plethora of data collected in the recruitment process can be used to reveal valuable information on a candidate’s performance potential, optimise the process and inform future recruitment strategies.
3. Attracting millennials and Gen Z
Millennials and Gen Z now make up almost half of the world’s population, according to a report by Nielsen. This demographic differs greatly from its predecessors in the way these individuals communicate and approach their work. Unlike Baby Boomers and Generation X, this new cohort of workers are more interested in company culture, reputation and benefits rather than company size or job title. According to a recent report from CareerBuilder, 88% of millennials said that being part of the right company culture is very important to them, and 67% of candidates stated that they would accept a lower paid position if the company has a very positive online reputation.
Consequently, companies are starting to shape their recruitment strategies to specifically attract this hard-to-impress group of job seekers. In order to do so, they are looking to recruitment technology to not only provide a more engaging and efficient hiring process, but to also position themselves as innovative and digital-savvy brands, which brings us to our next trend.
4. The importance of employer branding
As explained above, today’s job applicants and young employees are looking for more than just a monthly pay cheque. They want to work for a company that is aligned with their values. As such, it is important that employers make their branding authentic and talk about the company vision to attract potential employees based on their values. Employer branding has become more important than ever for companies to remain competitive and attract the best talent in today’s increasingly competitive global marketplace.
However, a strong employer brand can do even more than that. According to a 2017 study by LinkedIn, companies with a stronger employer brand than their competitors see an average decrease of 43% in the cost per hire. It is therefore not surprising that over 59% of employers revealed that employer brand development represents one of the key elements of their company’s HR strategy.
5. The shift to candidate centricity
Directly tying in with the previous trend, the move from company-first to candidate-first has been another hot topic at this year’s IHRL conference. Rather than having to convince companies why they should hire candidates, companies are now trying to convince candidates why they should work for them. According to a recent TotalJobs study, 56% of candidates said that a negative recruitment experience will tarnish their view of the brand, and 10% stated that they will share their negative feedback online.
A further study by the Recruitment and Employment Confederation showed that 34% of candidates felt that the most important improvement employers could make during the hiring process would be to provide feedback for unsuccessful candidates. It is therefore not surprising that candidate experience and engagement are viewed as being key in the talent attraction and recruitment process and that concepts such as “the candidate as the consumer” are becoming more and more popular approaches to recruiting.
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This post was written by Senior Marketing Manager, Bianca Staub.