6 Key Trends in Today's Recruiting Landscape
In today’s knowledge economy, globalisation plays a pivotal role in influencing the mobility of talents. The talent war has begun and will only get more intensified with the continuous effects of globalisation and expansion of economy. This phenomenon is gradually reshaping the recruiting landscape hence we see emerging trends that will directly affect our recruiting strategies.
Below are 6 key trends in today’s recruiting landscape:
- Shorter hiring cycle. Gone are the days where a job-seeker sends in his job application and waits for 2 months for his resume to be reviewed by the recruiter, another 1 month to be called for the first interview and goes through another 2 rounds of interview over the next 2 months and finally receives a call from the recruiter on his job offer 1 month later. The whole process from initial screening to job offer easily takes up to 6 months, and such a phenomenon is no longer observed in today’s recruiting landscape. Pointing back to the conventional sources, the job board for instance, when a job-seeker deposits his resume, he gets a call from the recruiter within seconds. This is the current situation where most recruiters are facing – the “fastest finger wins” game. This forces recruiters to relook and streamline their internal hiring processes and systems, to shorten the hiring cycle and improve on candidates' experiences.
- Shift from conventional sourcing platforms. In this digital age, we are becoming more reliant on technology and this has gradually reshaped our lifestyle in many aspects; the way we access information, how we stay connected with each other etc. Nevertheless this can also be seen in the behaviour of job-seekers, as they prefer to access information on job openings via social media, such as LinkedIn, Glassdoor and Facebook. The evolution of mobile platforms has also created ease of job applications within few clicks. This has caused the conventional platforms such as job boards, advertisements and collaterals, to lose their “charm” and phase out gradually. Recruiters are now facing the challenge of thinking “out-of-box” and be more creative in their sourcing methods.
- Application of technologies in recruitment process. As talent war intensifies, recruiters are looking beyond their territorial landscape to source for suitable candidates to fill critical roles. Interviews must no longer be encumbered by geographical boundaries hence the need to embark on technologies such as Skype to conduct live interview. Usage of video interviews and online psychometric assessments are also becoming endemic in the recruiting landscape as recruiters perceive high returns on investments on these tools. They act as a safety net to sieve out potential candidates based on data analytics, which helps to facilitate the screening process, hence improves overall efficiency of the interview process.
- Increasing emphasis on Employee Referral Programs. Especially for advanced economies such as Singapore, where unemployment rate is hovering at a low 2% for the past decades, the hunt for talent is becoming insurmountable. This calls for recruiters to look internally, tapping on employees’ network to source for potential hires. Research studies have also proven that employee referral programs yield tumultuous benefits as compared to other recruiting sources; such as better organization fit, higher retention rates, better performing employees etc. To build an effective Employee Referral Program, organizations must first inculcate a healthy and strong corporate culture for the employees to be proud ambassadors, hence in return, they will be willing to spread the word in their network.
- Connect with alumni for boomerang rehires. Having exhausted both internal and external hiring sources, recruiters are also relooking into the past talent pool who had left the organization and reconnecting with them. They are supposedly the best hires who already possess the required skillset and knowledge for the role, and a deep-seated understanding of the organization and environment, hence they are able to assimilate into the culture and role much faster as compared to the other hires. Organizations can embark on a 2-prong approach to build a healthy and connected alumni pool. Firstly, conduct an effective off-boarding process for the departing employees. HR should take a conscientious effort to understand their reasons for leaving, especially if the departing employee is a high-performer or long-term serving staff. Having insights into such data, it will help recruiters to better articulate and engage them for future roles. Secondly, connect with alumni regularly through activities and updates. This will help to strengthen rapport between the organization and alumni as they stay engaged and abreast of the happenings in the organization, hence increase the probability of them returning to the organization.
- Hire for the future. There is a 2-prong approach to this. Firstly, with the ever-changing market conditions and economic landscape, recruiters are expected to fulfil vacancies with quality hires at a much faster rate, to meet the business demands. Therefore, recruiters are no longer deploying passive sourcing methods, but taking on an active stand to source and connect with potential talents outside the organization. It takes time and conscious effort to build relationships and rapport with people, however the long-term benefits it yields are copious and palpable to make significant differences to the recruiting strategies. Secondly, recruiters are straying away from hiring the “perfect candidate” based on the painstakingly-detailed job description mainly because perhaps only one such candidate exits in this universe. Recruiters are instead hiring candidates who display the desired attributes and qualities that are aligned to the organization’s core values and vision, as they believe that skillset and competencies can be developed later through trainings and mentoring.