Half of the year has already passed. Still, the recruitment drive has not yet waned. The job market is evolving rapidly and so are various recruitment strategies. Our in-house research team has made extensive research and come up with the following trends ruling the global recruitment market
1. Candidates are now at the driver’s seat: A study reveals that the ratio of employees to workers is projected to be 1:1 by 2025, which will shrink the talent pool. In today’s time, the growing need for specialized workers and the increasing war for talent have put candidates at the driver’s seat. Usually, candidates—at a time—receive several job offers, which enable them to choose their employers based on their individual values and career advancement plans. Against this backdrop, the need to create a strong employer brand in order to win the top-notch talent has become even more intense.
2. Hiring for future to stay ahead of the competition:In 2016, all recruiting efforts revolve around not only addressing the present manpower requirements of organizations but also focusing all future manpower requirements. As revealed by the HR of a software giant, “Right now, we’re now planning to recruit more college graduates with the right attitude, traits, and motivations and nurturing them for the future.”
3. Data-driven recruitment and training programsL:Most of the companies are now making use of various talent metrics, such as time-to-hire, source-of-hire, and cost-per-hire. These metrics help find out the right talents with the right skills and understand whether part-time or full-time workers will fit the bill. On the other hand, a candidate’s whole-person analysis assists in determining whether he/she has the necessary skills set, experience and expertise to do justice to the position. Further, data can help create special training programs for individual hires.
4. Centralization of various HR and recruitment-related functions: Given the growing globalization, many companies have consolidated their HR and recruitment functions and considered it as a shared service coming in line with finance and IT. These days, most of the organizations are looking at streamlining their HR technologies and bringing their Applicant Tracking Systems, Video Interviewing Process, and Human Capital Management under one platform. Further, talent acquisition and talent development areas are expected to come closer, breaking their erstwhile silos.
5. Internal hiring is gaining momentum: A number of companies are focusing more on internal hiring programs instead of looking outside for talent. They are integrating their formal in-house mobility programs with various portals dedicated to employees looking for internal job openings. Internal recruitment has its own benefits, right from shorter productivity time to lower recruitment costs, which ensure better ROI. Further, studies show internal hiring results in an increase in employee retention and satisfaction levels and a decrease in the incidence like the leakage of competitive intelligence. Consequently, it leaves a positive impact in a company’s employment value proposition.
6. Workforce diversity now matters: With workforce demographic shifting and global markets emerging, organizations are now gradually acknowledging the importance of diverse talent pools. Workforce diversity increases a company’s reputation, thereby leading to a rise in its profitability and brand positioning. Several studies show positive impacts made by workforce diversity on business performance. In fact, about 1 million active members of the military are estimated to make a transition to the civilian service in the next few years. It has, therefore, become one of the top recruitment trends in 2016.