In a competitive market driven by technology and innovation, business leaders are persistently on the lookout for the best talent in the market. Over the years, the recruitment industry has undergone the transformation. The old practice of a management-driven approach, which seemed one-sided, has been taken over by a candidate-driven method, putting the spotlight on the candidate.
A throwback into the trends we predicted in 2017
Last year focused more on the talent aspect of hiring, wherein companies today are more focused on the quality of hires rather than just filling up open positions. This delves deep into the efficiency and effectiveness of our savvy recruiters and the various parameters upon which overall contribution by the employee is measured.
Social media, another factor, is changing the game of recruitment. A few facts state:
KPMG India Partner and Head (People and Change) Nishchae Suri, reckons over 80% of companies use social media for recruitment.
With businesses striving to get the cream of this digitally-savvy lot, leveraging social networks to source talent has emerged as one of the top recruitment priorities for 43% of Indian companies.
Need for speed? Yes indeed. The process of recruiting majorly depends on time-to-hire candidates. The other emerging trend which supports the discussion is the onset of smart recruitment analytics. It allows HR leaders to evaluate, track and measure various recruitment metrics and make data-driven decisions that cut down the time-to-hire candidates. Big Data technology continues to rule among the top trends of recruitment industry for 2018 as well.
Other trends recorded for last year focused on candidate experience being a major factor directly linked to employer branding. Along with emphasis and importance of employee well being and experience in order to retain existing talent as well as attract the new lot.
Organizations today invest large sums of money in their HR function, in order to be at the brim of the latest industry practices and market trends. Although a few of last year’s disruptive trends are making their way into 2018, we’ve predicted new trends for this year.
With the likes of Virtual Reality, Artificial Intelligence & Big Data taking over the way we live and work, it is no surprise that machines are a part of our daily routines, even talent acquisition. Although technology is only a facilitator to our processes, the human element will continue to be the most important factor while making these human connections.
What’s in store for 2018? The top 7 trends we’ve predicted this year
Trend #1 – Diversity remains the top factor in hiring candidates
According to LinkedIn “Global Recruiting Trends” 2018 survey, 81% of leaders expressed the heavy impact of diversity hiring in their recruitment strategies, hence it will continue to be among the top four trends that hiring is based upon. Today, diversity is directly linked with the organizational culture and financial performance. A diverse cultural workforce promotes more productivity and innovation, where employees are collectively more engaged in a job.
Although there are challenges finding a diverse talent pool or retaining them, companies are making it a point to look in the right places to find quality hires and keep them interested in the job.
Trend #2 – The rise of automated recruitment tools for efficient candidate screening and assessment
As technology acts as a key facilitator in automating our processes, artificial intelligence backed by machine-learning algorithms will dominate the way recruiters screen resumes and communicate with candidates. Traditional interviews are here to stay, but then again they are not an accurate method of measuring a candidate’s capability. A survey suggested the bias problem in traditional interviews between candidates who possess the skills required by the job and charming and charismatic individuals who have the soft skills but a limited skillset.
It would be considered unfair to choose candidates based on a one-on-one chat, which limits the ability to assess overall requirements for the job and understanding weaknesses or shortfalls.
In order to improvise candidate fitment, companies are leveraging online assessment tools that provide a 360-degree view of the candidate’s mental setup in the early stages of an interview. Conducting interviews of a casual nature, at a cafe or restaurant, also helps employers delve into a candidate’s personality and assess overall skills required for the job.
Trend #3 – Virtual Reality (VR) to become a game changer for candidate screening and employer branding
Virtual Reality helps employers create a standardized simulated 3D environment to assess and test candidates while conducting interviews. It saves loads of time, especially when you are hiring offshore candidates. It creates a personalised experience for the candidate, offering the employer a platform to showcase themselves as an advanced tech company.
Employers can leverage VR to give shortlisted candidates a virtual tour of the office, thus promoting employer branding initiatives. Along with employer branding and interview screening, candidates can also showcase their work portfolio using Virtual Reality to provide a more wholesome experience and increase chances of getting hired.
Trend #4 – AI and machine learning enabled tools for HRM
In order to retain existing employees and attract new ones, continuous improvement and prompt action are required to address and improvise processes. AI & machine learning is significantly creating streamlined and efficient processes.
The insights generated by AI and machine learning helps HR leaders come up with the best solutions and make informed decisions. AI and machine learning tools for HRM promotes strong cross-channel integration, quick response, and coordination within the team.
Trend #5 – Remote working options/flexible schedules
The majority of the workforce being the millennial generation, the regular 9-5 job is on its way out. A survey conducted by the Bentley University stated that 77% of millennials say that flexible work schedules would make the workplace more productive for the younger generation. Gone are the days when telecommuting and flexible timings are a privilege. This will automatically promote work-life balance.
Trend #6 – Continuous learning & development programs
In the competitive market of today, employee engagement is taking a backseat and the focus is moving towards employee experience. HR leaders are devoting resources and time to guide and design career paths for their employees which indirectly makes an employee dedicated and stable in the job. Learning & development programs for HR teams also allows recruiters to stay updated with recruiting trends.
Classroom training sessions are a thing of the past, the future focuses more on a digital learning experience that include app-based tutorials, video learning programs, podcasts etc.
Trend #7 – Using a marketing approach to hiring
To leverage marketing strategies in recruitment, you got to think like a marketer. Organizations are already on the route to create HR strategies in line with their marketing goals. Employers are now understanding the target audience for their jobs requirements and designing techniques that attract future employees. Marketing approaches in hiring will also help identify and measure progress in recruitment.
Like we said earlier, technology is a facilitator in changing the recruitment game, digital technologies will continue to rule the HR toolkit design in 2018 and possibly more years to come. However, the key to building connections and relationships still requires the human touch, which remains evergreen and will never go out of fashion.