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The recruitment industry is an ever-evolving one, and employers are constantly looking for new ways to attract and hire the best talent. At the same time, new grads and employees are realizing that workforce shortages and rapid technological advancement give them an edge in the workplace today.
To give you context to how recruiting is changing, let me show you how this shift is affecting both companies and employees in real-time.
Just a few weeks ago, I took my car to the dealership to have a regular service completed. The service manager told me it would be over a week before they would be able to work on it, and probably 10 days before I'd be able to pick it up. Thinking the long wait time was simply due to a supply chain issue, I shrugged my shoulders and said, "supply chain issues, huh?" His eyes widened for a second and he said, "nope, most of my mechanics have left to become coders..."
What's interesting is that this scenario illustrates the shift in the recruitment industry happening right now. Companies are having to rethink their recruitment process to accommodate new skills, new certificates, methods of education, competencies, and experiences needed for the modern workplace. Ai (artificial intelligence) is shifting how we all work, and it's only going to speed up as adoption continues.
All of this means that modern recruitment methods have to keep up with the lightning speed of technology as well as economic factors, industry changes, and workforce trends - which is no small feat. That said, we still need to find top talent who can perform at the highest levels while they're in our employ.
According to a survey by CareerBuilder, the average millennial only stayed at a job for 2.75 (2 years and 9 months) years, which is half the length of time Gen X'ers, and one-quarter of the time Baby Boomers stayed in a job. So what does this mean for recruitment practices? In general, it means we need to spend less on recruitment, cut the time-to-hire in half, onboard new employees as fast as they can absorb and learn, and provide a clear career path with mentorships and training opportunities that keep them engaged and growing.
Apart from this, recruitment trends suggest that employers need to become more creative in their recruitment process and look for new ways to source top talent. This could include utilizing social media networks, virtual reality (VR), augmented reality (AR), video interviewing platforms and interview intelligence tools, as well as investing in employer brand, company culture, and reputation building.
Best practices of recruitment and selection in 2023 are also shifting. To ensure that the right employees are hired, companies must focus on sourcing diverse candidates, creating job postings with inclusive language and terms, and ensuring that their hiring process is free of discrimination.
To stay ahead of the curve in 2023, employers should look to implement a recruitment process that is constantly evolving and agile enough to adapt to the fast-paced world we live in.
If you think back to recruiting practices before the COVID-19 pandemic, you've probably seen a dramatic shift in the way companies are hiring talent. With the emergence of technology and social media, recruitment has become much more streamlined, efficient, and cost-effective.
Organizations now have access to a much wider pool of talent than ever before due to the power of social networks and diverse job boards, better assessment tools like interview intelligence, artificial intelligence (AI), and machine learning, and of course, the rise in remote working.
But, if you're still asking, "How has recruitment changed in the modern era?" Think back to just 5 or 6 years ago. If you weren't interviewing for a role in Big Tech, there was a good chance you were going into an office building, "dressed for success," with your resume in hand.
As a matter of fact, in the last decade, the whole recruitment industry has changed - and changed dramatically. But what specific changes have affected employment interviews during the past five years? Digital assistants, video interviews, interview intelligence software, virtual reality (VR) and augmented reality (AR), assessment software, and Ai-driven job board searches are commonplace in the interview process - only one of those tools was used in the recruitment process just five years ago.
Also, the days of long and drawn-out job application processes are gradually coming to an end. The average time-to-hire has been cut in half as new tools and technologies are being used to better connect employers with potential employees. In the modern recruitment landscape, candidates expect a quick but thorough interview process and companies need to be prepared to meet those demands or lose top candidates.
As of November 2022, a BLS (Bureau of Labor Statistics) study showed that there were between 5.7 and 6 Million people unemployed in the US. Around that same time, they reported 10.3 Million open roles that companies were actively trying to fill. Even when you take into account Q4 2022 layoffs, there are still plenty of opportunities for those looking for jobs.
This is a testament to how recruitment has changed in the modern era and also serves as a reminder of the importance of staying ahead of trends when it comes to hiring talent. To compete, organizations need to be agile, actively seek out diverse candidates, onboard new employees quickly, and provide them with clear expectations and career paths to win.
So, you've read the first two sections and you're thinking, "how can I reverse engineer my company's recruitment and selection process to compete in the future?"
The best way to begin re-engineering your recruitment process is to identify where it's falling short and why. Now, none of us like to admit that the systems we've so painstakingly built aren't working, but as we head into 2023, it's essential for companies to make sure their recruitment process is up to par so they can win top talent.
Start by setting a goal: what do you want your recruitment process to look like in 6-12 months? Then assess how technology, the current landscape, and economic conditions could disrupt that goal and anticipate as many of the challenges you'll face as possible. Once you have a realistic goal, set milestones, measure progress, and tweak the path where needed.
A best practice recruitment process is to expect change and be prepared for it. Think about what technologies you could invest in to create a more powerful workflow, or to simplify your tech stack. Then analyze how each tool can benefit your overall recruitment goals, both short- and long-term.
Finally, find ways to measure and analyze the success of your current process so you can identify issues early on and make changes where necessary. As technology gets better, cost-to-hire and time-to-hire will greatly decrease - and those that stay on top of their recruitment process will be the winners.
By re-engineering your recruitment process, you can ensure that when it's time to find talent in 2023, you'll have a competitive advantage over the competition. It may take some effort and investment today, but if you plan ahead and stay ahead of trends you'll win tomorrow.
As we discussed in the previous sections, we'll probably face some challenges in recruitment over the next few years. This can be attributed to Ai and machine learning, the speed of adoption of new technologies, and many other things. However, there is always an opportunity to stay ahead of the trends by recognizing and adapting to the changes that occur. Here are five recruitment trends we think will play a key role in 2023:
1. Automation and AI - As automation and AI become more mainstream, companies can expect to see an increase in efficiency when it comes to candidate selection and placement. AI will allow recruiters to find the right candidate faster, and with more accuracy than ever before.
2. Social media recruitment - With more people relying on social media for job searches, employers should be utilizing this platform when looking for talent. This could include creating targeted ads, engaging with potential applicants via direct messages, and leveraging existing channels to get the word out about job openings. This will also mean many new integrations for platforms like LinkedIn.
3. Diverse and industry-specific job boards. Breezy. hr has a list of the Top 28 job boards for diversity hiring. These along with job boards like ExitFive (marketing specific), and PowderKeg (tech specific) will make it easier for recruiters to find qualified candidates more quickly.
4. Employee referral programs - Employee referral programs can be a great way to find quality candidates quickly. By incentivizing current employees to share job postings with their networks, employers can tap into a larger pool of potential candidates.
5. Video interviewing - With virtual interviews on the rise, employers should ensure they're well-prepared for this type of interaction with potential candidates. Video interview platforms like Pillar offer a suite of tools powered by Ai to help SaaS companies make better hires by "seeing" the things that the human eye can miss.
By staying ahead of these recruitment trends in 2023, employers can set themselves up to compete and win top talent. Pillar is an interview intelligence software with a focus on DEI impact. If you're currently analyzing your hiring process and would like to see how it can be more efficient and effective, schedule a demo with our team today. We look forward to helping you achieve your recruitment goals!