No, it’s not too early to think about 2017. In order to fulfil your future career plan, you need to plan and understand where you stand compared to your fellow colleagues. The Global Recruiting Trend Report 2017 by LinkedIn Talent Solutions helps talent leaders’ benchmark against teams across the globe when it comes to the most important recruiting metrics and trends.
Key Points About Future State Of Talent Acquisition:
1. Talent acquisition has a prominent seat at the executive table
The recruiting team has never ever been the most impressive department in any company. The fact of the matter is – this team in an organisation does not directly create revenue or take active part in game-changing tactics. Yet one cannot deny the importance of this department in the success of numerous companies.
It’s essential to understand that recruiting departments play a crucial role in company’s future. Having a prominent seat at the executive table, over 83% of Talent and HR leaders states that talents is #1 priority at their company. Also, these leaders say, they regularly meet the C-suite. With such kind of confidence, 75% of the leaders states that their team is the key to company’s workforce planning.
Though talent acquisition has a prominent seat at the executive table, most recruiting team won’t grow in 2017. The size of the recruiting team may grow 32%, but 61% of the teams would stay the same. There’s only 5% chance of team’s size getting decreased. The 32% of the recruiting teams that are growing are focusing mostly on the branding specialists to take care of company’s image.
2. Recruiters will be even busier this year and are focusing on quality of hire
The hiring volume of many global companies seems to be positive in the coming year. But, this is the first time in five years when we would see the year-over-year slowdown rate. This slowdown rate indicates the markets of Brazil, China, Australia and some markets of Europe.
Across the globe, as some countries would face slowdown, some countries would see rise in the hiring volume. We see the highest increase in hiring volume in India with 76%. Along with India, there are countries like Mexico, Germany, Southeast Asia, US, UK and France.
The importance of recruiting department translates into the measuring performance and satisfaction of the hiring manger which dominates the lists. Quality of hire and how much time it takes to hire are the true metrics of recruiting process.
The recruiting department in each and every company has the responsibility to fill the highest priority roles in the company through talent pools. Sales, operation and engineering are supposedly the most important roles to be filled. The demand for these functions so much growing that recruiting teams have to start thinking more strategically about how to find and recruit these talent pools. The most crucial step towards hiring the talent is to rely to data to pinpoint locations where the supply of talent is higher than the demand.
The top sources for quality hires are employee referrals, job boards, and social professional networks. Speaking of finding talent, almost half of recruiters say that employee referrals are their top source of quality hires. That not surprising, given that referred employees are faster to hire, perform better, and stay longer in the company. The other sources that complete the list are job boards and social professional networks, along with staffing firms and internal hires.
3. Budgets go to traditional tactics, but branding tops investment wish list
Now, having a glimpse of how much the recruiting teams spends their budget is always fun! And it turns out, compared to last year, more recruiting team’s budget will stay flat this year. Very few recruiting teams will be enjoying bigger budgets in the coming year. In fact, one of the two recruiting teams will have to deal with tight budget issues. Yes, this is another reason to think about your team’s time in initiatives and tools which will allow automation of time-consuming tasks.
Most of the teams invest their recruiting budgets in advertising and staffing agencies. Approximately, 30% of the budget goes into advertisement portals and 22% of the budget in the recruiting agencies. The bulk of the recruiting team’s budget goes into traditional tactics whereas only 17% of budget is spent on technological advancement.
If talent and HR leaders are given the opportunity of unlimited budget, they would invest in branding and tools. Most leaders would invest in long-term strategic branding, tools, candidate experience and would make their teams the best. 53% of the recruiting teams around the globe would invest in employer branding. Why? Because employer brand has a significant impact on their ability to hire great talent.
4. Effective employer brand messaging focuses on culture and career growth
The most crucial element when it comes to hiring talent for the company is – the company culture. It’s pretty clear, both candidate and recruiters are on the same page when it comes to company culture. However, the candidates are even more interested in the company by the long-term vision it has and the perks of joining the company.
Apart from this, if you want a candidate to accept your job offer, focus on his/her career growth prospect. Any person, with desired skill set would be interest in the benefits/better compensation the company offers. Desired candidate would always be interested in the reputation of the company, especially on social media. It helps them understand the effectiveness of the company and its profile.
5. Diversity, screening automation, and data are key future trends
The future calls for automation of every kind of non-humanly work. With the limitation of budgets even while hiring demands are growing, it absolutely makes sense that automation is on top of the minds of recruiters. Automation of non-humanly tasks would increase the speed of screening candidates, minimize the human biasness, and would also help in understanding their soft skills more precisely. Most of the companies are also interested in diversity and purpose initiatives as a way to boost engagement with the brand. Large companies are driving the focus on big data, listing it as their #1 trend.