We know, we know...not another webinar about trends and topics to watch. But, we promise this webinar was different! For our first webinar of 2023, we sat down with Matt Charney, Talent Acquisition Practice Leader at HR.com where he presented a bunch of primary research data he's used to forecast the trends you actually need to care about this year.
Check out the full 1-hour webinar below or read on for a brief synopsis of the five trends Matt presented.
Before we hop into the trends, all of the stats presented can be found in HR.com’s “The Future of Recruitment Technologies 2023” report here.
1.) Quality of Hire
Many talent acquisition departments have a quality-of-hire problem. In fact, only 26% of teams would rehire 80-100% of the employees they hired in the past 12 months. Matt mentions that the biggest issue teams face with quality of hire is lack of standardization. Internal mobility is also key. It’s not only the most cost effective way to hire, but it also increases retention and employee satisfaction and generates more referrals, which is the best source of external hires.
2.) Time to Fill
Throughout the HR.com report, speed seems to be prioritized. No matter the size of the organization, entry-level positions (1-2 years experience) close quickly…in about 15-20 days. Positions that are at the executive level (10+years) take much longer to fill…in most cases, 120 days. Matt points out that the speed in which organizations recruit entry-level roles is definitely hurting both retention and quality of hire. This is why Matt emphasizes that more attention needs to be given to entry-level hires rather than rushing them through the process.
3.) Artificial Intelligence
Artificial intelligence (AI) has been embedded in many recruitment technologies. 48% of talent acquisition teams are actually using AI to a large extent with the top use case being to create more personalized experiences for candidates. When it comes to purchasing AI tools, Matt suggests focusing on the user experience it provides and how they fit into your “hub” technology (ATS, CRM, etc.). Matt also mentions something that’s top of mind for a lot of recruiters when it comes to AI, and that’s how AI tools are not a threat to their jobs!
4.) TA Technologies
Much is expected of recruitment technologies in the near future, specifically when it comes to speed of recruitment, skills/capability matching, identification of best candidates, and candidate experience. Surprisingly, talent acquisition teams aren’t as concerned with integrations, passive candidate sourcing, or pre-interview assessments. Matt stated that one of his biggest and most surprising takeaways from the HR.com report is that teams are actually quite satisfied with their ATS platforms.
5.) People Analytics
Almost 9 in 10 recruitment tech leaders say they are above average or excellent in their ability to measure cost per hire, which was identified as the easiest people analytics metric to measure. This is also another surprising metric as most teams associate time to fill as being the easiest. When it comes to people analytics, Matt highly suggests calculating your stats on your own versus relying on an agency of record.
Matt ended the webinar with the five key differences between organizations that excel at recruitment technology usage and those that do not.
- Focus on TA technologies and tools over the next two years and look at more vendors through an RFP process
- Use a variety of such technologies and don’t make purchase decisions in a bubble - involve procurement, IT, security, etc.
- Use AI to enhance the TA function
- Balance quality of hire with time to fill
- Make sure that the metrics you’re looking at are ones that you are generating and that you’re able to tell a story with because that’s how you get executive buy-in
Thanks to Matt for joining us, and see you on February 15th for our next monthly webinar: William Tincup “Unleashed”...All Your Toughest TA/HR Questions Answered! Register here.