Today there is a remarkable change in the form and nature of business. With the age of continuous transformation, new jobs have emerged, and the traditional processes of hiring are on the verge of obsolescence. Latest hiring trends to acquire appropriate candidate is the need of the hour, as job market today needs an agile approach from recruiter as well as the candidate.
Finding top talent requires awareness of the latest trends in talent acquisition. Depending upon the size and capabilities of one’s organization and business expectations, there might be restrictions to adopt all these trends. An organization should identify the weaknesses within the current methods and be willing to implement appropriate changes.
Candidates are in huge demand today but the majority of them are either already working or part of a passive workforce (not actively looking for a job). As per LinkedIn, 70% of the global workforce consists of passive candidates. According to the Gallup reports, 51% of the working adults are keen and open for new opportunities. The Corn Ferry Institute predicts that by 2030 there will be a shortage in the global human talent of more than $8.5 trillion in unrealized annual revenue.
So, there is a need for all the organizations today to reach out to the talent in order to identify, attract and hire them. Today “Post and Pray” methodology doesn’t work. In order to have a competitive edge in this volatile, uncertain, complex and ambiguous world of business, which works on the agile values and principles, with intelligent and automated tools and anytime-anywhere access to the data, the transformation to proactive recruitment strategies is a must.
How to go about it?
Following are the key drivers on which we need to focus while recruiting.
- Aligned Objectives: As I mentioned earlier, talent acquisition objectives must be in line with the business objectives in order to identify your current and desired position. The defined goals will act as a driving force based on timelines. Example: “X” number of new hiring to be done within next quarter, which will be measured basis the critical positions in the organization, the budget approved for the same and other relevant factors.
- Inbound-Outbound Recruiting Mix: Organizations have different perceptions about whether to use inbound or outbound recruiting techniques. Some create content (inbound approach) such as news about industry, conduct events and workshops, offer advice on career and create employee testimonials to attract and build relationship with talent rather than reaching out directly (outbound approach) to the shortlisted candidates based on their skills as per the job description by emails, calls and conduct due diligence and vice-versa. I think a mix of both will be effective as inbound approach helps to build an active talent pool, and shortlisted candidates can be assessed further with the outbound approach. This will help create an effective pipeline of quality candidates.
- Each Employee as a Recruiter: Employee referral is a proactive method where company’s current employees can refer their existing network to identify potential candidates. This reduces the time to hire, cost per hire and improves employee engagement, retention and organization’s social profile.
- Hiring Analytics: We need to assess the hiring process for analyzing results, gaining valuable insights, predicting future trends and planning further actions. Analysis and evaluation of the turnaround time for filling applications and hiring candidates, sources and quality of hire, employee satisfaction and many other hiring metrics will help to measure the success and optimize the overall process.
- Social Hiring: Today in this digital age, we have the largest platform for visibility which is social media. Platforms such as LinkedIn, Facebook, Twitter; job portals such as Monster and Naukari have an active user base of millions and billions. As per the Adweek magazine, almost 92% of companies use social media for recruitment. Almost 75% of job seekers research about company’s reputation and employer brand before applying. This is the most effective platform for job advertisement to reach the largest application pool, engage the candidates and achieve an improved quality of hire at a much lower cost.
To sum up
The key towards successful hiring is a proactive hiring approach that is all about anticipating strategies and objectives of HR with organization, and being ready and focused towards implementing new trends for the benefit of candidates, managers and organization as a whole.
Though it is one’s personal choice to implement the new trends, organizations have been enthusiastic about the shift after implementing these based on need, size and capability. It is just a matter of time when all major organizations will seamlessly move to the changed paradigm of talent acquisition.