23 November 2022
By – Collin Cornelio
Assistant General Manager, Cosmos-Maya
As technology continues to rapidly change the corporate landscape, the recruitment landscape is evolving in tandem. An expanding gig economy, a demand for creative employees who can keep their skills updated and adapt to changes, and a digitally savvy workforce are all driving an evolution of the recruitment system. Skills are in short supply, and the market for good talent is more competitive than ever. In such a situation, it is important to keep abreast of the latest recruiting trends. Here’s what to watch out for in the coming year.
Earlier, employers had the upper hand in recruitment. Today, even as unemployment rises, there is a parallel dearth of talent being seen, too. A report by Deloitte predicts that the skills deficit, which is numbered at around 23 million now, will grow to 29 million by 2030.
Evidently, this means genuinely talented job seekers have the upper hand in the recruitment process. This means that along with ensuring the candidate is the right fit for the job, recruiters also need to provide a great experience to the candidates. This can be done using tech to make the process easier, and a personal touch to candidates throughout their recruitment journey. Recruiters can stand out by giving constructive feedback to candidates at each step, rather than “ghosting” them. Job seekers also give importance to knowing how their work environment will be before they join, so “day in the life of an employee” videos on the website which provide genuine behind-the-scenes glimpses into life in the company can also help enhance the candidate experience.
In the increasingly competitive hiring market of today, it is essential that recruiters know what the candidates desire. While 9-5 jobs were the trend up till a few years ago, flexibility is now highly prioritized by job seekers. According to a survey by the International Workplace Group, 80% of the respondents reported a higher preference for a job offer that came with flexibility. Further, 85% of businesses said that productivity increased with higher flexibility. Of course, flexibility depends on the nature of the job and is not suitable for every kind of work. However, an offer of flexible work schedules whenever possible certainly increases the chances of a candidate accepting the job offer.
Building a business through networking and the connections of current employees is a great way to bring quality talent to the organisation. An employee referral program which incentivizes current employees to refer people they know for recruitment can benefit the employer as well as the employee. The highly competitive recruitment market calls for creative measures to cut hiring costs and get the best talent, and connections are far more viable and compelling than job boards in such a situation.
To attract talent, it is crucial for employers to shape their brand reputation. Job seekers now prefer to look up employers’ brands before applying, so companies boasting of a superior brand image are more likely to find perfect candidates. Unlike earlier, when all employees cared about were monetary incentives and perks, they now also look at culture, values and ethics alignment. The newer, more “woke” generation prefers to work for organisations that have a positive impact on the world.
Making your brand attractive, therefore, would require more than just corporate marketing campaigns. People now expect more a personal look at what to expect. Great employee reviews on Glassdoor and other social media sites, a professional website clearly stating the vision and mission of the company and an active social media presence are all important to build your organisation’s brand.
One of the most popular emerging technologies, AI has been portrayed equally as the answer to recruiters’ problems as well as the biggest challenge they would have to face. The reality, of course, lies somewhere in between. AI is being used to enhance the role of recruiters, but not replace them entirely. Artificial Intelligence brings less biases to the candidate selection process than humans do, though it does not make completely unbiased decisions. AI can be leveraged during the recruitment process to free recruiters from tedious manual process like paperwork. Chatbots, which use AI technology, can engage candidates throughout their journey.
AI would, in other words, do the heavy-lifting when it comes to screening candidates without bias and creating a seamless experience for them. Human recruiters would, of course, still be required for the parts that need creativity and intuition, like designing the recruiting process, interviewing the candidates, etc.
In an industry environment that is continuously changing, it is easy to worry about the uncertain future and the role technology would play in it. However, one thing is for sure – the role of human beings will not diminish, although it will definitely change. The above trends show technology playing a supporting role in recruitment, rather than taking centre stage. This is because even as tools become more sophisticated and automation pervades every field, the end goal remains – to attract the right candidates by creating a great experience with a human touch. The target audience, after all, is human.