Recruitment is a highly dynamic industry, in every aspect.
The paradigm shift putting talent back in the center of human resources and the different needs of Millennials and GenZ compared to GenX and Baby Boomers are one aspect.
On top of it, add the different approaches based on industry, company size and any other factors that make talent management highly versatile, and you’ve got a very competitive domain.
To address your talent the right way, you have to take a closer look at the overall statistics first. It might appear like a boring start, but it’s necessary and it helps you ground our strategy in facts.
The Recruitment Landscape
- What’s the endgame?
The main difference between classic HR and talent centricity is understanding human motivators, how they work, and how to build a framework that is truly people centric.
Talent is the number one business critical resource that’s not only scarce, but also increasingly demanding.
Early adopting companies of this new talent paradigm are the ones that secure their competitive advantages in the long run. The others are on their way to irrelevance.
Turn your talent lifecycle from a transactional process that’s focused on quantity and luck into a job-ready pipeline of professionals aligned with your goals and values.
One of the key differences between successful and unmotivated professionals is the level of engagement. Work is no longer just about financial benefits. It is also about meaning, impact or purpose.
- Are there any numbers to support this?
- at least 80 million workers in Europe are mismatched in terms of qualifications, according to the OECD
- the workers who perform tasks they are not qualified for tend to earn up to 24% less than those properly qualified
- in 2021, 69% of companies have reported talent shortages and hiring difficulty
- on average, midsize enterprises spend approximately 4.5% of their annual revenue on IT. In absolute terms, this usually equates to IT budgets between $5 million – $25 million
- considering the pace of disruption indicated by the World Economic Forum, close to 30% of current jobs will disappear by 2030; but even more jobs will be created due to technical advancements
Currently, this paradigm shift results in long-time unfilled positions, which leads to delays in the production process. Through a digital recruitment solution, you can reduce the skills gap, consider both your and your candidates’ needs, create more efficient and engaging recruitment and people processes using the latest technologies and human-focused design.
The costs of an automation solution? Objectively lower than manually reaching out for talent and trying to create an in-house lifecycle through spreadsheets and job postings on recruitment websites
The Business Case
- Motivate & engage throughout the entire talent lifecycle
Remember how you were recruited? There’s no coffee shop near a mid to large company that hasn’t heard hundreds of horror stories about the recruitment process - ranging from stiff, bureaucratic approaches to straight up dismissive and impersonal people management.
It’s time we did better.
Talent acquisition is not without its challenges. However, we found that there are some commonalities spanning all industries.
Moving on to engagement and retention, the numbers look even worse.
A digital solution that’s all encompassing and provides the answers to your short and long term needs is the healthier approach because:
- It improves time to hire & lowers overall costs
- It increases retention by nurturing talent based on their growth plans
- It increases engagement by creating an environment of trust
- It improves management through open communication channels
- It actively helps upskilling and growth through a dedicated platform
- It makes the whole workplace experience more pleasant and human
- Grow a sustainable candidate pipeline
A candidate pipeline is a pool of qualified people interested in learning about job opportunities as they become available at your company. You “pipeline” candidates because their skills, experience, and traits match a particular role for which there is no immediate hiring need.
After you’ve made sure that there are actual benefits linked to digitizing your talent related efforts, it’s time to address that funnel.
Creating a sustainable and active pipeline of potential future employees allows you to become future facing and it keeps you prepared for growth scenarios.
Additionally, it allows you to work with the best there is in your industry and to be as picky as it takes to ensure performance and a higher level of preparedness.
- Empower your team to achieve MORE with LESS
Embracing a digital solution means putting your HR team first. It means allowing the core of your business - the talent managers - to focus on what actually makes a difference.
In reality, 49% of candidates have refused a job because of a poor hiring experience. A healthy hiring process means allowing your team to focus on what really matters.
From culture fits to team cohesion and compatibility, your HR department should focus on building a qualitative process, instead of the existing quantitative one.
It’s hard to focus on quality when you have hundreds of CVs to go through.
This results in lower quality hires, which impacts both business numbers and the overall costs associated with talent in your company.
Not to mention that it’s 3 times cheaper to keep your existing talent engaged than it is to hire someone from scratch. Here’s this article in the form of a presentation, so that you can really pitch it to your board.