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So, what's new in the world of talent? 2023 has been a challenge for most of the companies that we speak with. Workforce shortages, falling worker participation rates, and an ever-changing economic landscape have put the challenges of talent management top of mind for many hiring managers, recruiters, and HR teams. It also puts the best talent acquisition strategies to the test. Companies are having to get creative with their hiring methods in order to stay ahead of the competition and find the right talent for their teams.
The key to success is understanding how new trends in talent acquisition strategies can help you recruit the best people for your team. Here are a few of the most popular tactics being used by successful organizations:
- Leveraging technology - Technology can be an invaluable asset in today's fast-paced world. To stay ahead, companies are creating entire hiring "tech stacks" that allow them to quickly identify quality candidates and speed up the entire hiring process.
- Focus on candidate experience - Companies are increasingly focused on creating a positive, personalized experience for their prospective employees. CX will always win! From introducing automated forms and scheduling to processes that streamline onboarding to offering perks or benefits that benefit potential hires, companies are taking steps towards personalizing their hiring practices while automating things that don't require a personal touch.
- Use AI wherever possible - Artificial Intelligence (AI) is becoming increasingly popular in the hiring process. AI-based technologies, such as Natural Language Processing (NLP), LLMs, AI sourcing, and interview intelligence software can help streamline the job application process and better match candidates with relevant positions - AI also learns better than humans and sees things that we can't.
- Employer Branding - Companies need to be able to articulate their mission and values and truly show potential employees why they should join their team. Don't forget that the reason companies like Google, Apple, Amazon, and Facebook get their pick of top talent isn't only because they're household names - it's also because they've created a brand that people want to work for and represent.
These are just a few of the trends that companies are leveraging to get ahead in the talent acquisition game but one thing is clear: it takes more than ever before to attract and retain top talent, so those who can stay ahead of the trends will have an edge on their competitors.
So what's new for 2023 and what's coming in 2024? One of the biggest things that we saw happen at the end of last year was the release of OpenAi's ChatGPT. This was the first time the masses had access to Ai that was as easy to interact with as querying Google - and while this may not seem like a huge change it's forever revolutionized the future of talent acquisition.
Let me explain. If you had the opportunity to hire a millennial or gen-z who was so proficient with Ai that they performed the duties of their own role, but could also serve multi-functionally across several other roles, saving time and resources wouldn't you want that hire over someone who didn't know who to use the technology - especially if all things remain equal across every other hiring metric?
Plus, if you're hiring someone who knows how to use Ai well, maybe even to the point of building their own unique tools and "AutoGPTs," you know that they also know basic coding, python, first principles problem-solving, prompt engineering, and even some basic web development - all skills that can translate to nearly any high tech industry. These tools can not only make them more efficient but automate many tasks that take time, bandwidth, and resources.
Of course, when we talk about trends in talent acquisition in 2023, not every person you hire will have these proficiencies, but I believe that those who do will revolutionize how we do business - therefore it should be among our top talent acquisition priorities to have at least a handful of these people on our teams to help us excel - that's why these new Ai roles are one of the fastest growing current trends in talent acquisition.
In addition to the AI-based trends, companies are also looking for a more diverse candidate pool - especially when it comes to remote teams and employees working across multiple locations. This means that companies should pay extra attention to their outreach efforts to find a wider range of candidates with different backgrounds and experiences that they can bring into the fold.
Recruiting in 2023, especially later in the year will be rocky. As we see the first wave of the recession, companies are going to experience limitations in credit which will affect hiring toward the end of the year. But the workforce shortages the job market should still be strong even if it dips for a few months.
Here are some of the top recruitment trends for 2023 that should be at the top of every hiring manager’s mind:
- Remote hiring will become more prevalent - With many companies transitioning to hybrid in-office/work-from-home policies, remote recruiting is becoming increasingly popular and acceptable. Many countries like Denmark, Spain, and Italy are paying young talent to move and fill gaps in their employment market as well as the housing market.
- Automation of mundane tasks - AI and automation are helping streamline the recruitment process, making it more efficient for recruiters to identify correct matches for each job opening. Companies can also leverage bots to quickly answer general questions from applicants or provide feedback on their applications.
- Increased focus on diversity - To help create an equitable workplace, many companies are now increasing their focus on diversity when it comes to recruitment. Companies should not only consider the racial and ethnic backgrounds of candidates but also look for those from different educational, cultural, and socio-economic backgrounds as well.
One of the recruitment trends for 2023 that companies like BlackRock have been imposing is ESG (Environmental, Social, and Governance) recruiting. This is where companies are only willing to hire people who fit certain criteria of the ESG objectives and who have done work that is in line with the company’s mission. These and many other recruitment topics for discussion should be top priorities for any hiring manager or recruiter looking to stay ahead in an ever-changing world to understand how capitalism is being reshaped to enable a brighter future.
Current trends in talent acquisition show that those who apply themselves to the needs of the market are in high demand and can command higher salaries. The digital transformation of the workplace has opened up many doors to those who have the skills and drive to make a difference. Now is the time for companies to take advantage of this new talent pool and leverage it as an opportunity to create meaningful careers with lasting impact.
The key takeaway from all of these trends is that companies need to have a forward-thinking mindset. They should be thinking proactively about the future of their business and how to best utilize technology, automation, and diversity to ensure that they have a winning team in place in order to remain competitive in 2023!
Recruiting in 2023 (for the rest of it at least) is going to be a tumultuous time as the effects of the recession start to make their way through the economy. However, with companies turning more towards remote hiring and automating mundane tasks, there are still plenty of opportunities in recruitment for those with cutting-edge skillsets.
One of the most important future trends in recruitment for 2023 is interview trends and how they will change in the future. Companies are beginning to realize that traditional interviews don't always provide the most accurate impression of a potential candidate, so they're turning towards more creative methods like panel interviews and virtual interviews.
These interview trends in 2023 also involve utilizing technology to get the most accurate portrait of a candidate's qualifications for the job. AI-based tools like interview intelligence software that include tools to automate screening and predictive analytics are being used more and more by companies to streamline their recruitment processes, while virtual reality is a new tool in development to be utilized in interviews as well, allowing employers to evaluate candidates in their natural environment.
In addition to interview trends, employment trends in 2023 also involve a greater focus on diversity when it comes to talent acquisition. Companies are becoming increasingly aware of the importance of diversifying their workforce, so they're paying extra attention to outreach efforts to find candidates from different backgrounds and experiences who can bring something new into the fold.
Finally, when it's all said and done, people want to join a company where people genuinely love working together toward a common goal and where they can contribute to a mission that's bigger than themselves. Companies should think proactively about the future of their business and how to best use technology, automation, and diversity in order to remain competitive in 2023.
If you'd like to see how Pillar's interview intelligence software can help you create just such a team, schedule your demo today. We'd love to show you how our team has helped lower employee turnover by more than 50% while also lowering hiring costs and saving time. To see how - chat with someone from Pillar today!