What is the Future of Recruiting?
According to a LinkedIn Talent Solutions 2018 Global Recruiting Trends report hiring great talent is set to become much tougher in coming years. The report cites the emergence of high skill, high technology jobs, shrinking talent pools and increasing global competition.
In the report recruiting industry professionals identified the following trends as extremely important to the future of recruiting: 1) more diverse candidates (78%), new interviewing tools (56%), big data (50%) and artificial intelligence (35%).
The LinkedIn report suggests this year's trends cannot be ignored and traditional methods of recruiting will lead to decreasing returns as more effective methods come to the fore.
The New Era of Smart Recruiting
The next few years will see more competition; the most talented people will be in a position to choose the employer they want to work for rather than the other way around. This will make finding and hiring talent with the best skills and knowledge harder and more expensive.
According to Kristina Martic's TalentLyft report 15 New Recruiting Trends You Should Implement in 2019, new trends are developing in response to the hyper competitive recruiting environment. She identifies the following trends for 2019:
- recruiting marketing - a greater emphasis on using marketing best practice methods and tactics in the recruiting process
- inbound recruiting - outbound recruiting must be supplemented by new inbound recruiting techniques
- employer branding - job seekers today want to work for companies with a great reputation so employers must continuously work on their brand
- candidate experience - the more positive a candidate's experience during the recruiting process the more likely they will be to accept a job offer.
- talent pools - hiring managers must keep a database of fresh talent, continuously updated, so that when new openings are available hiring can be done relatively quickly
- Candidate Relationship Management (CRM) - involves managing and improving relationships with current employees and potential job candidates. CRM is used to communicate and engage with candidates with an eye toward improving the candidate experience.
- social recruiting - uses social media channels for recruiting. Today companies are using social media to search for talent and build relationships over time.
- recruitment automation tools - companies have been using recruitment software for years for applicant tracking and recruitment marketing. New iterations of this software integrate these into one solution.
- General Data Protection Regulation (GDPR) - refers to European Union legislation designed to protect personal data. The United States and other countries are taking similar steps in the regulatory arena.
- data-driven recruiting and HR analytics - big data trends are in area where recruiters can use AI, machine learning and analytics to help with planning and decision-making in recruiting.
- employee referrals - employers are finding that employee referrals are a great source of talent.
- talent sourcing - refers to generating a pipeline of candidates and networking with prospects who become a source of candidates or referrals
- collaborative hiring - refers to the coordination of HR teams and accompanies various departments to work together to find and hire talent. This collaboration leads to better recruitment and hiring outcomes.
- structured interviews - are designed to make sure that each interview is presented in exactly the same way, with the same questions so candidates can be evaluated fairly.
- strategic alignment - refers to the recruitment of talent that helps a company in a strategic way. This is done by identifying the companies current and future needs and plans. A particular emphasis is placed on making sure skills gaps do not emerge in the future.
Can Job Search Providers Survive & Thrive?
Job search industry stalwarts like Monster are working hard to transform themselves given this new environment. According to Chris Cho, CPO at Monster "job search is failing…by leaving jobs on the table while people remain jobless. Despite the lowest unemployment rate in years, we have a near-record 6 million job openings, according to the Bureau of Labor Statistics." Cho speaks to the inefficiency in the job search process which he attributes to a "one-dimensional, transactional, and commoditized experience."