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For most roles, it is a candidate’s market out there. This makes the role of recruiters even more vital. Why so? Because recruiters often give off the first impression about the employer’s brand. How they portray and put forth the company’s image about why it is a good place to work for them plays a significant role in their decision making.
Having said that, the recruiting process is not easy. With new, fresh hiring trends emerging every few months it is of utmost importance for HR (Human Resources) professionals to keep themselves informed about these changing trends to stay ahead of the competition.
It is imperative for recruiters and talent leaders to stay on top of news, predictions, best practices, hiring rules and employer branding to improve the hiring process as well as recruit and hire efficiently in 2024.
Mike Cooke, CEO of Brandon Hall Group said “The strategies deployed [by talent acquisition and human resources] could impact critical business outcomes for the rest of the decade” and we could not agree more. The adaptation of companies to the ongoing business climate may certainly change, but if talent acquisition teams monitor recruiting trends and be better prepared to meet their organization’s changing talent needs, it could be a game changer.
Source: LinkedIn
Hiring statistics of 2023
Naukri.com’s recent survey on hiring trends revealed an encouraging perspective among recruiters for the latter half of 2023. The report revealed that a staggering 92 per cent of surveyed recruiters anticipated upcoming hiring activities, encompassing new roles, replacements, or a combination of both.
The comprehensive report details the breakdown of expectations: 47 per cent of recruiters foresee a blend of new and replacement hirings, 26 per cent anticipate new job openings exclusively, while 20 per cent plan to maintain their current workforce composition over the next six months.
What is the hiring process?
The hiring process is a critical function within any organization. A well-executed hiring process not only attracts top talent but also ensures that the right individuals are placed in roles that match their skills and the company’s culture.
Before we get into the best practices for recruiting and hiring in 2023 and the coming years, let us give you a brief about what exactly the hiring process constitutes of.
From defining clear job requirements and creating engaging job descriptions to streamlining the application process, conducting structured interviews, and promoting diversity and inclusion, the hiring process encompasses a comprehensive roadmap for improvement.
How to improve the hiring process?
It is a challenging time to be a successful recruiting leader. But if they play their cards right, they can be a true change maker at your organization. As mentioned before, a strategic approach is the key to improve a company’s hiring process.
While new trends have been emerging every year with the changing needs of businesses let us talk specifically about what has worked in Favor of recruiters so far in the year 2023 and will work in the coming year.
Make Pay transparency a priority
The rising inflation, stagnating real wages and a stubbornly competitive labour market made compensation as the #1 top priority for candidates globally.
This one is for the HR leaders specifically. As someone with the clearest view of candidate priorities, labour market dynamics, and real-time recruiting performance at your company, you are in the best position to lead the conversation about pay and its business impact. It is up to you to retain your top talent by pushing for pay increases that keep pace with inflation.
Double down on employer branding
The hiring may have slowed down, but the competition for talent has not reduced. While one may think that this puts candidates in a less advantageous position, over time recruiters have noticed the dynamic swinging back in the opposite direction. 64% predict the future of hiring will be more favourable to candidates and employees and not the employers.
There is no better time than now to bring in a refinement in employer branding and create a compelling value proposition. With the shrinking and stagnating budgets making rounds, a good employer branding is the only avenue wherein TA pros are hoping to bag in some investment.
Higher collaboration with learning and development
Three out of five (62%) TA pros say they are already working closely with L&D and a larger portion of say they still need grow further closer to the same in the future. As recruiting leaders strongly take to skills first hiring, internal mobility and employee retention, their constant stress on L&D comes as no surprise. According to a LinkedIn’s workplace learning report, 47% of L&D professionals said they were working more closely with TA teams. They also mentioned their area of focus will be to align the programs with business goals.
Let generative AI (Artificial Intelligence) do the important but repetitive tasks in recruiting
We live in a fascinating world where tools like ChatGPT that can easily generate intelligent content and make life easier for talent professionals. Whether it is drafting job descriptions or personalized message to candidates, the new tech can do it all without your intervention.
HR professionals should take advantage of this and start concentrating on the part of the recruitment process that requires a more human touch like “listening to candidates, understanding their desires, and helping them find a new job they feel good about.” GAI may be able to draft the right content, but without the human touch it will certainly fall short, which is why recruiters need to know how to carefully review and fine tune generated content but need to keep their hands on the wheel.
Source: LinkedIn
Commit to building a diverse workforce
The uncertain economy may have nudged employers to cut back on their efforts to diversify workforces but fortunately they have not. In fact, nearly 20% of them said that DEI (Diversity, Equality, and Inclusions) is a higher priority now and rightfully so. DEI will remain a priority for the next generation of employees as they look forward to seeing leaders who look like them and believe that organizations are committed to DEI in the long term and not just in times of social crisis. In addition to this GenZ openly admits that they will be happy to reward employers who value and commit to development and diversity.
Keep a close eye on Candidates needs
Candidates will have the upper hand over the next 5 years. Employers need to reimagine their employer branding and ensure that it aligns with what candidates are looking for today. Having surveyed over 20,000 LinkedIn members it was found that the top priority for candidates today is excellent compensation and benefits, by a fairly wide margin, followed by work-life balance and flexible working arrangements.
Of course, there is a lot more than just attractive pay and flexibility but keep in mind that if these needs are not met employees will start to take notice.
Embrace a skills-first strategy
Skills-first hiring is poised to be the way of the future. Three-fourths of recruiting pros say it will be a priority at their company.
By being more open to candidates who do not have college degrees, you will be taking a big step forward in diversifying your workforce.
Members of underrepresented groups are far less likely to have attended college — but that does not mean they do not have the skills and potential to succeed. Research shows that workers who did not go to college but have experience perform almost as well as college graduates on critical measures like productivity.
Focus on internal mobility
75% of recruiting pros say internal recruiting will be a crucial factor shaping the future recruiting over the next five years. Internal mobility provides big payoffs, starting with higher employee retention. LinkedIn data shows that employees stay at companies almost 2x longer if the employer is highly committed to internal hiring.
There is also a growing probability that you will be adding internal mobility to your responsibilities. As someone who understands your company’s talent needs and is skilled at sourcing, assessing, and engaging with candidates, you are uniquely positioned to take on internal mobility.
It is Time to Level Up
If the last few years have taught us anything, it’s to expect the unexpected. Change is coming to the world of recruiting, and you need to an active leader and not just a passive observer. You’re in a position to reshape the way the world works, and ensure it works for everyone.
As a leading staffing and recruitment agency, at Alp Consulting we understand the importance of embracing digital transformation, adopting data-driven decision-making, and fostering a diverse and inclusive workplace. Owing to the advancements we have efficiently positioned ourselves at the forefront of industry innovation to meet the evolving needs of both clients and candidates.
Our creative solutions and an unwavering commitment to matching the right talent with the right opportunities helps set a course for the future that leads to success and growth for our clients. We ensure that our unique recruitment solutions can efficiently steer our client’s business towards the right path and equip them with the best talent in the industry.
