With the recent global pandemic now largely behind us, the dynamics of the labor market are in flux. A sudden increase in job vacancies and a corresponding significant reduction in applicants has caused employers to re-evaluate and revamp their talent acquisition strategies. This massive shift in the talent pool has largely placed the ball in the employees’ court.
Modern employees increasingly prefer flexibility and clear growth opportunities. They are no longer keen on sticking with a company that does not meet such requirements to their satisfaction. In the current labor market, finding suitable talent remains a critical challenge for many businesses. There are several trends of which organizations should take note, and be prepared to adjust their recruitment strategies and processes in order to retain top performers.
Table of Contents
As more people enter the job-hunting space, media interaction with your organization through social networks and other digital channels, emails, and web-based communication channels are expected to soar. As a result, automation of communication will become increasingly important for employers this year.
Whether it’s through automated email responses, efficient marketing efforts, chatbots for those who visit your job advertisement, or even text-based recruiting tools that provide real-time, seamless engagement with potential candidates, automated communication is the new normal. In order to satisfy the needs of potential candidates and reduce the burden on your recruiting team, communication and engagement between your organization’s representatives and candidates will have to happen quickly, more efficiently, and be delivered more effectively.
Prioritization of Hybrid and Remote Work
Flexibility in the workforce has emerged as a significant forthcoming trend in the context of skill shortages and candidate-driven labor market trends. A hybrid workplace that gives employees flexibility about when, how, and where they do their job will receive significant attention again this year.
Staffing companies need to create more efficient ways to interact with candidates, establish lasting relationships, and comprehend their needs for flexibility. This will not only attract viable candidates with the right skillsets; it will encourage a working environment that reduces the chances of insubordination at work. To keep pace with the ongoing trend of a flexible workforce, staffing organizations must concentrate on growing their talent pool as well as maintaining and refining the viability of their current workforce.
Integration of HR Automation and Artificial Intelligence
When vetting prospects, hiring managers seek to maximize their time. In reality, 67% of HR experts think AI has positively impacted the hiring process and offers several key advantages to talent identification and management. For one, it takes less time and effort to identify top prospects when the interview and the recruitment process as a whole has been streamlined. Moreover, the time to hire, once a lengthy overall process, can be slashed with the help of automated resume screening.
Finding a job outside of their present company is frequently a simpler proposition for many employees compared to finding a job within. Hidden internal job markets perpetuate difficulties with diversity, equity, and inclusion and encourage heavy turnover. Eliminating the “secret job market” and clearly posting all open positions for internal (as well as external) review is a critical and simple solution to many longer-term problems.
By being more upfront about job vacancies and making the internal recruiting process easy and transparent, businesses necessarily provide internal employees with greater opportunity and flexibility. This is now an essential step to increasing retention rates and providing growth opportunities long sought after by many employees. A recent research from the LinkedIn Global Talent Trends Report reports that employees who commit to an internal transfer are more likely to remain with their company over the long term, compared to those who stay in the same role and might otherwise remain dissatisfied with their job requirements.
To increase brand awareness in recruitment, employer branding is now essential. Technology innovation, social media, and job review websites like Glassdoor have all revolutionized how businesses find applicants and keep staff.
Companies lose out on top prospects when they don’t have a strong employer brand. The process of employer branding includes communicating the full employment experience, including a company’s reputation as a non-toxic work environment, its employee brand value, and other factors that contribute to its popularity among existing employees.