For business leaders, 2014 proved to be the year of learnings and findings with respect to their respective industries and their growth. 2015 will be the year of implementation. Organizations will face an extremely dynamic business environment, developed by technological innovations, blurring boundaries among industries, shifts in customer behavior, availability of a big pool of talent, and huge variations in growth across regions. With human resources being the key for the development of any organization, the existing HR practices would need a complete revamp and if you are setting up a new one, LinkedIn’s Report on 2015 Global Recruiting Trends has a lot of takeaways for you.
The right HR processes help organizations meet challenges as true strategic partners. To fulfill this objective, HR leaders now will have to shift the focus from traditional HR practices to innovative social processes, being adopted worldwide. The need of the hour is for them to gauge a clear view of the current capabilities, their priorities over the next three to five years, and find the best way to tailor efforts to improve them.
1. Rise in Hiring Volumes and Budgets
According to LinkedIn, 2015 will see a growth in hiring numbers and bigger chunk of investments in recruitment budgets.
Takeaway – In 2015, the competition will not be “of” the talent but “for” the talent. As the global economy picks up speed and strengthen itself, the demand and supply of the talent pool might not be in equilibrium. The talent to be taken on-board will now come at a cost. The budgets for the same needs to be pumped up, to match the industry competition. The hiring spree is set to rise across all sectors and that’s where HR team, will have to be very active, to avoid slipping away of any prospective talent for the organization.
2. New Sources of Quality Hires
The report says that career centered online media will play a key role in recruitment function.
Takeaway – Career centric online media, including online job boards/communities, and professional social media networks will play a key role in hiring quality talent for any organization. The practice of deploying recruitment outsourcing agencies and using referral programs for making new hires is declining and will continue to do so in 2015.
While social networks are gaining traction as the destination for finding the right talent, job boards have as of now given the most ROI in comparison with other sources recruitment in terms of quantity of applications. However what is needed is for the HR personnels to find a balance between quantity and quality. As per the report, the quality of hire is the most important metric, that is a measure of performance, retention with the company, cultural fit and time to productivity.
A company’s career page could become a key filter for the quality applications. Whether a candidate is discovering your job openings via search or coming through other sources like social media or job communities, a great career page will give that person an idea into your company’s culture, the job profile and whether they will be a right fit for your company. Think of it as an online sales pitch for your job openings to get the right set of people on board.
To attract maximum talent, the HR team now will have shift its focus from traditional advertising and engage career centric online sources for recruitment. It will have to consistently measure the ROI of each recruitment source deployed. The team needs to train itself on both inbound and outbound job application management.
3. Brand Encashment
According to LinkedIn, the brand of the organization will play a major role in attracting the best talent in the industry. Employers will have to increasing their branding budgets in line with the employment priorities.
Takeaway – The biggest roadblocks to finding talent in 2015 would be competition and compensation. While the compensation can be evaluated and controlled depending upon a company’s budget, rising above the competition would involve becoming a bigger brand as one of the key points. HR managers will not only have to be just HR managers but will also play a role in marketing the brand to get the best talent onboard. A part of the responsibilities will shift from the marketing team to the HR team, for building up a brand for the organization.
2015 will now see the branding and marketing budget of a company getting influenced by the HR domain as well. Employers should focus heavily on the retention of the existing employees, and should be treated brand ambassadors for the organization. They create the brand with word of mouth. Especially while working on job postings for social media, the marketing and HR teams should go hand in hand to create great content that will help in creating a brand recall in the minds of the professionals if and when they go out applying for jobs.
4. Job Matching and Candidate
According to LinkedIn, an improved job mapping will reshape the entire recruitment process. While taking any recruitment, 61% of the organizations consider passive candidates, whereas the entire passive candidates pool account for about 75% of the potential workforce.
Takeaway – As shown in the chart above, the rising trends in hiring differs slightly with respect to different countries. However in a majority of regions including US, improved candidate and job matching will be the key to a successful recruitment process. The HR team needs to prioritize in advance its requirements and the matching skill set. Priorities needs to be designed keeping in mind similarities to the existing employees, so that a new recruit becomes a cultural fit. In order to do so, the employers should identify the attributes in the top employees in order to replicate those in job postings and in turn hire people with those qualities. And also follow industry standards while using keywords in job postings to increase the efficiency of candidate matching.
Implementing these strategies will become essential in 2015 to stay ahead of the competition and most will become easier to develop and process with the help of technology. New-age recruitment tools and softwares are available to make these processes time and cost efficient. If you need any assistance in identifying the right software, we at Recruiterbox would be happy to help.