Did you know: 85% of the jobs that people will be working on in 2030 don’t even exist yet. (Dell Technologies & Institute For The Future Report)
Currently there are various recruiting challenges involved in attracting and retaining top talent, including:
- Adaptability & Talent Management: Moving from "command and control" to "sense and respond": According to HR Executive, companies will need to focus on employees’ AQ (adaptability quotient), which focuses on resilience and flexibility, to ensure they are ready and able to evolve no matter the conditions. Companies cannot rely on the principle of “command and control”, but need to be able to “sense and respond” early, in order to remain competitive. This is affecting the HR talent management, as HR leaders need to be able to rely on a strong talent pool once new skills are required and ideally predict required talent in advance.
- Digitization & Automation: New technologies are evolving, such as AI and automations implemented to automate operational/administrative tasks. The goal is to have more time for strategic tasks. However, many HR teams are finding it challenging to really implement these technologies. Some do track relevant data, but lack the processes to analyze it, while some have so many different tools that creating a seamless integration is a huge challenge.
- Lack of qualified talent: The “war of talents”, is no new term. It is becoming increasingly difficult to attract and hire those so-called "superstars", who have the qualifications necessary. Especially with a growing skills landscape, including technological and soft skills.
We looked at 5 top resources to identify the skills of the future:
As shown below, the skills become broader with new advancements and for many organizations, a skill gap is growing.
So how are companies solving these pressing recruiting challenges?
They are adapting their HR Management to build sustainable talent pools, focusing on the candidate & employee experience to attract and retain the best talents and finally including technology into their processes to become more agile.
Did you know: 58% of organizations are redesigning their organization to become more people-centric. (Mercer Global Talent Trends 2020)
1. Including passive talents in the talent pool:
Companies are using new methods to engage with passive candidates. They can't just wait for top candidates to apply through their career site. Tapping into the “passive candidates” market helps attract qualified talents, as these are candidates that most probably already provide a valuable asset to another company and currently do the job. Tools like Lionstep, help companies with active sourcing as a service, to build this talent pool using technology, multi-channel sourcing and recruiters who contact qualified talent.
Did you know: 78% of candidates say the overall candidate experience they receive is an indicator of how a company values its people.
2. Candidate Experience:
The candidate experiences involves the entire recruiting funnel, from employer branding up until the hire/onboarding. HR leaders are trying to understand the important data within these stages to improve their overall candidate experience. Things like sourcing channel effectiveness, career website analytics and quality of hire are being looked at.
Important factors in the candidate experience are employer reviews (as candidates research companies online), job descriptions (focusing on benefits), recruiter outreach (being personalized), feedback processes (replying to candidates and letter of rejections) and career websites to empower qualified applications. As HR is moving towards seamless digitization, things like: cvs, interviews and job boards become digital. For this, it is important to create experiences that make recruiting simple and easy, focusing on the candidate. At Lionstep, continuous feedback is gathered to improve processes, and the results show: 96% candidate happiness. To reach this result, the focus on the candidate experience is crucial.
3. Applying data for effective decision-making:
Data is not just relevant for management or product teams, but is also being applied within recruiting in order to deeply understand the processes and candidate behaviour. Some factors involved are: reducing time to hire, recruitment funnel effectiveness, visitor to applicant rate and employer branding. For this, it is important to identify what to track, know how to track this and finally develop decision-making based on that data. For example, if LinkedIn is identified as the platform delivering the best performing employees, one can focus more resources on that platform compared to Facebook. These insights help direct energy and time where it really leads to results. Also within the career site, if candidates apply who are not qualified, one can analyze the job description, or the application process to find ways to create a more qualified candidate pool.
Did you know: A study by Bersin by Deloitte states that companies using HR analytics to support business decisions see an 82% higher three-year average profit than their counterparts.
The future of recruiting
The future belongs to companies who are able to drive quality within their HR processes, while improving the “candidate experience” as means to differentiate the employer brand. Technologies chosen to support this journey should reduce costs and focus resources more effectively in order to achieve more time for strategic tasks.
