Amidst changes in the HR space, technology has given birth to a new breed of recruiters. These technology-empowered headhunters are pro-active, savvy, and highly strategic in hunting down the right talent for the job.
We are now in an age where AI, augmented reality, and machine learning rule. Actually, finding the right balance between digital and traditional channels is key to recruitment success.
Aside from knowing the right recruiting mix, it is important for businesses and hiring managers to be aware of the current recruitment statistics.
For instance, unemployment in the U.S. is at its lowest in 50 years. Your recruitment strategy should adjust to keep your offers competitive.
Being on top of the workforce market's current status and upcoming directions will be key in this evolving environment. This is why knowing these recruitment trends 2020 below is a perfect place to start.
1. The Emergence of Employer Branding
In a highly competitive talent market like today's, a compelling employer brand is key to attracting the best talents. Businesses with excellent employer brands receive 50% more qualified applicants. Having a great brand image helps in reducing hiring costs per candidate, as well.
Another key element here is its employee value proposition or EVP. An effective EVP integrates employee engagement with branding to support an efficient candidate attraction and retention approach.
In the US, the top EVPs are an inspiring purpose, respect for people, and team-oriented work.
2. Companies Increasingly Rely on Automation
Around 72% of employers predict that elements of their talent acquisition will be automated within the next decade. Integrating HR automation allows companies to cut up to 17% in hiring costs and 26% HR staff hours.
Vendors now offer integrated HR recruitment platforms that include HRIS, recruitment marketing tools, and the best applicant tracking software.
These integrated technology solutions help to find, attract, engage, nurture, and convert candidates to become applicants. By automating the hiring process, these tools help streamline recruitment, making it more efficient and faster.
3. Data Driven Recruiting and HR Analytics
The use of data-driven metrics is one of today's hottest recruiting trends. These powerful tools are new types of recruiting strategies where HR makes hiring plans and decisions based on data. Sources of these data include other technology tools like ATS and recruitment marketing platforms.
HR analytics enables users to gain insights by which areas of their recruitment strategies function well or otherwise. When recruiters can easily identify areas for improvement, appropriate changes can be quickly made.
The proper use of HR analytics has been proven to enhance a number of key hiring metrics. These include quality-of-hire, cost-to-hire, and time-to-hire.
4. Organizations are Hiring for Soft Skills
The US is experiencing a widespread skills deficit, which is expected to increase to a shortage of 29 million skills by 2030. Most of these missing skills will be soft skills. Thus, the ongoing recruiting trend for soft skills across all industries.
From today and the near future, around 66% of all new jobs will mainly rely on soft skills. Some of such top soft skills are collaboration, problem-solving, and communication.
This is why recruiters are increasingly focusing on hiring for soft skills. Many repetitive jobs will be automated soon. But those with the essential soft skills are ensured that their positions won't be replaced.
Top 10 soft skills for the Future Workforce
- Novel and Adaptive Thinking
- Social Intelligence
- New Media Literacy
- Computational Thinking
- Cognitive Load Management
- Design Mindset
- Cross Cultural Competency
- Virtual Collaboration
5. Creation and Maintenance of Talent Pools
Using talent pools could be the missing recruitment strategy you've been searching for. The truth is, dynamic organizations are turning to their own talent pools to successfully hire the best talents today.
In a highly competitive talent market, businesses must search from every possible source to address their skills shortage. And the best approach is through internal and external talent pools.
The traditional recruitment approach had been the focus of external hiring. But in today's ballooning skills deficit, businesses simply have no choice but to search broadly outside and within their workplaces.
Offering your own staff current vacancies helps to further increase their company loyalty. Just make sure it's a promotion. Simply making horizontal or vertical transfers without any corresponding increase won't do much good.
6. AI-powered Head-hunting Advances
Artificial intelligence has penetrated the HR hiring environment, and the initial outcomes are promising. Recruitment vendors and HR managers agree that AI technology is never meant to replace recruiters. It's designed to vastly improve their roles.
Unlike people, AI doesn't have any biases when screening and selecting new hires. But having such a highly objective recruitment process does take time to achieve. It depends on the most part on robust machine learning programming to minimize biases and to allow better candidate-job matching.
HR software vendors are also increasing their use of AI for candidate evaluation purposes. This entails the use of candidate data, NLP, and pattern recognition for gaining valuable insights into candidates.
7. Reliance on Social Recruiting Grows
One of the most popular recruitment trends today is social recruiting. This HR strategy pertains to the various ways of using social networks for finding, attracting, and hiring talents.
Early on, who would have thought social media will become a powerful hiring channel? Aside from the extensive and easy access, social media-based recruiting offers the opportunity for one-on-one engagement. This approach makes candidates feel they're valued and cared for.
With the vast advantages it offers, social recruiting has become one of the top recruitment trends. And looking at today's social media statistics, this trend is likely to continue in the years to come.
8. Recruiters are Embracing the New Hiring CRM
Another type of CRM is making it big in the business scene. This time, it involves the HR recruitment space, and it's called candidate relationship management. This CRM is becoming one of this year's top recruitment trends.
This new recruitment strategy was specifically created to solve one of today's most serious problems in HR–talent attraction. CRM is a strategic approach since 90% of HR professionals say today's talent acquisition trends are mostly candidate-driven.
9. Candidate Experience Now a Key Recruitment Factor
Candidate experience pertains to the total perception of a candidate about an organization's recruitment process. This key candidate element is now increasingly being used by companies in their recruitment practice.
This new factor helps in improving the hiring process, as well. Candidate experience combines several aspects. These include candidate attitude, behavior, and feeling during the hiring process.
A recruitment experience motivates 97% of candidates to refer other candidates. 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.
10. The Rise of the Proactive Recruiter
Yesterday's recruiters' role is different today and tomorrow. Armed with efficient technological tools and know-how, they're more empowered to better engage with candidates and colleagues.
By shifting from reactive hiring methods, they're now proactively sourcing from outside and internal talent pools.
The accessible, easy-to-use HR technologies are key to streamlining and accelerating the hiring workflow. Innovative tools enable hiring managers and recruiters to have closer relationships as well.
The resulting transparent, simple workflow helps to eradicate constraints to excellent talent pool management and internal candidate mobility.
Strategic recruiters search outside and inside their companies to fill vacancies. They know that untapped talents abound internally. They're proactively developing internal mobility and career paths, too.
These ten hiring trends show how technology has assumed a critical role in the recruitment process. These essential tools enhance the capabilities of HR professionals. Technology is meant to support, not to replace human recruiters.