What do these trends mean for you as an Employer / HR Department?
Knowing the ongoing recruitment trends offers a wealth of strategic input for candidates and Employers. As companies search for talents in the midst of emerging technologies and uncertainties post the pandemic, knowing effective strategies will give them an edge over their competitors.
In today’s talent market, 90% of the FTSE 100 firms are hiring. In-demand jobs (IBM, 2021). Such jobs comprise around half of the job postings of the FTSE 100 firms.
Strategic recruiters search outside and inside their companies to fill vacancies. However, this is all a manual task and going forward, these tasks can made be made a lot easier and faster using artificial intelligence (AI) and machine learning (ML) in combination with human element. AI-powered head-hunting is the next step…..
Artificial intelligence (AI) has penetrated the HR hiring environment; the outcomes are exciting and it’s only moving forward from here on. AI can leverage automation by removing manual tasks and improve the candidate experience. At present, AI can do the rigorous task of going through countless CVs and pre-screening candidates with ease which is becoming essential to the entire recruitment journey. The keys to increased AI deployment are access to big data, pattern recognition, and natural language processing. Businesses are increasingly relying on HR automation for their desired results ultimately saving time and reducing on internal recruitment costs by up to 60%.
Benefits of AI recruitment
HR automation refers to the CRMs that are specifically built to help with recruitment and retention through machine learning and artificial intelligence. These integrated technology solutions help to find, attract, engage, nurture, and convert candidates to become applicants.
A recent survey found that 50% of firms use AI to source and screen candidates, in addition to using it to schedule them for interviews (Modern Hire). As the world with technology becomes more advanced, it only makes sense to jump on the bandwagon before everyone else to gain the competitive advantage.
Candidate experience is indeed also a key recruitment factor A positive candidate experience results positively for a company’s branding and bottom line hence the experience process should be given the same importance as you would when marketing to potential customers. Cases of the adverse effects of a bad candidate experience are many. A notable one is that of Virgin Media, which measured that poor candidate experience costs them as much as $5.4 million a year (LinkedIn).
Recruitment experience motivates 97% of candidates to refer to other candidates (TalentLyft, 2020). Over 50% of candidates would even share their positive experiences via social media. A poor hiring experience will result in adverse outcomes for the company
References:
4imprint. (2020, November 13). Hiring trends: 2019 survey results. 4imprint. Ranosa, R. (2020, November 9). Revealed: Five recruitment priorities for 2021. HRD America. Universum. (2019, December 10). Employer branding now 2019. Universum. LinkedIn Talent Solutions. (n.d.). The ultimate list of employer brand statistics for hiring managers, HR professionals, and recruiters. LinkedIn. HR Daily Advisor Content Team. (2019, October 21). Better manage your online reputation to attract talent. HR Daily Advisor. Tarpey, M. (2020, February 16). 72% of employers expect talent acquisition roles will be automated by 2027. CareerBuilder. Modern Hire. (2021, March 23). Recruiting & hiring solutions. Modern Hire. Deloitte University Press. (2017). Rewriting the rules for the digital age. Deloitte. Finance Online: Reviews for Business: 10 Recruitment Trends for 2022/2023: Latest Predictions You Should Be Thinking About Deloitte. (2020, August 28). The path to prosperity: Why the future of work is human. Deloitte Australia. McKinsey Global Institute. (2018, May 23). Skill shift: Automation and the future of the workforce. McKinsey. Deloitte. (2019, June 11). While the future of work is human, Australia faces a major skills crisis. Deloitte Australia. Workable. (2020). The new world of work. Workable. Zojceska, A. (2020, April 3). 15 new recruiting trends you should implement in 2020. TalentLyft. CareerArc. (2020, April 8). 23 surprising stats on the future of recruitment – Infographic. CareerArc. Sullivan, N. (2019, January 3). The future of technology in recruitment. LinkedIn Talent management services. IBM