If staying relevant and future-proofing your business are two of your business OKRs (Objectives and Key Results), then you’re likely to pay attention to trends that fall within the wheelhouse of your industry. The current talent acquisition industry has seen unprecedented challenges and changes affecting candidate sourcing approaches and recruitment models. Keeping up with the latest developments, emerging technologies, shifts in candidate behaviour and best practices is likely to have a direct and influential impact on your talent acquisition strategy; saving you time spent filtering through piles of CVs and resulting in you attracting and retaining top talent.
Engaging quality candidates or recruiting passive talent is largely dependent on an HR team adjusting their talent acquisition strategy and being well-versed in the latest trends shaping the industry:
#1 AI & automation: Streamlining the hiring process
No matter where you find yourself on Gartner’s Hype Cycle, the fact is that AI is not going away. And it’s not a matter of if, but when you get on the bandwagon and leverage the legitimate advantages of AI tools as part of an optimised talent acquisition strategy.
AI tools have revolutionised recruitment by automating administrative tasks, such as resumé screening, candidate sourcing, and initial assessments. This not only saves time – mitigating recruiter burnout – but also allows recruiters to focus on strategic aspects of talent acquisition, like building relationships with candidates and developing a deeper understanding of organizational needs.
Machine learning algorithms can identify patterns in candidate data, helping to predict which candidates are most likely to succeed in a role. To benefit from this trend, recruiters should investigate partnering with a talent acquisition agency that has the expertise in how to make AI-driven software work for your business.
(It is worth bearing in mind, however, that AI is not a silver bullet, and often won’t work in isolation. It needs to work in tandem with human expertise to power future hiring success).
#2 Data-driven decision making: Harnessing analytics for insights
Data is the new currency in talent acquisition. Data-driven decision-making involves using analytics to gain insights into the hiring process. Recruiters can analyze historical data to identify trends, understand the effectiveness of their hiring process, and optimize their candidate sourcing strategies accordingly. By monitoring metrics like time-to-fill, cost-per-hire, and quality-of-hire, HR teams can make better-informed decisions and allocate resources more effectively.
#3 Enhanced recruitment journey: A candidate-centric approach
In a candidate-driven job market, a positive candidate experience is not only vital but also has repercussions for your overall employer brand. By leveraging technology and the expertise of Talent Acquisition agencies, organizations can create a personalised and engaging experience for potential hires.
Chatbots and virtual assistants step in to provide real-time responses to candidate queries, schedule interviews, and guide applicants through the hiring process; reducing friction and ensuring candidates feel valued and informed throughout their journey.
#4 Skills-based hiring: More than an industry buzzword
“Despite a challenging economy, companies struggle to attract and retain highly skilled workers. That’s why being able to pivot and implement cutting-edge talent practices is more critical than ever.” –Forbes
Shifting your talent acquisition strategy to embrace the rising trend of skills-based hiring is an intentional approach that allows organizations to assess candidates’ skills, industry experience, and potential rather than the traditional approach of relying solely on degrees and job titles. (For a case study, have a look at how Automattic has curated this skills-based approach in their hiring process).
Skill-based assessments – such as coding challenges or situational judgment tests – help recruiters identify the best-fit candidates based on their ability to perform the job. This approach is more inclusive and furthers workplace diversity and equity gives access to an expanded talent pool and aligns with the reality that skills often matter more than formal qualifications.
According to TestGorilla’s The State of Skills-Based Hiring 2022 report, 76% of employers use some skills-based hiring to find new talent, with almost 55% using role-specific skills tests.
#5 Diversity, equality & inclusion: Revamping recruitment strategies
Diversity, equality, and inclusion (DE&I) have become a significant factor in recruitment with organizations revamping their recruitment strategies to attract a more diverse pool of candidates. This involves targeted outreach, unbiased screening processes, and inclusive language in job descriptions. DE&I should not be a checkbox but a core value integrated into every step of the hiring process.
But it is also associated with recent controversy in the US. The Supreme Court overruling of Harvard’s affirmative action policies has started a trend where a lot of companies are afraid to set D&I targets for risk of being considered unlawful.
The benefits of keeping your finger on the pulse of prevailing recruitment trends are numerous. Adjusting your talent acquisition strategy to embrace and implement influential industry trends and best practices positions your organisation as proficient, innovative and a key player in a competitive and candidate-saturated space.