Talent acquisition is a vital function of any company’s HR department. A truly great talent acquisition strategy can help you acquire the people and skills you need to set up your business for the future. This is particularly crucial if you are going through a period of change or need to expand your talent pool to take on new projects.
It’s therefore important to keep up with the latest trends in talent acquisition, to ensure you aren’t falling behind competitors and missing out on vital skills. Here are five of the key themes in this space:
1. evolving AI and automation
Artificial intelligence and automation are no longer considered new concepts in business and the world of work, but they are evolving at a rapid rate, meaning companies need to move swiftly to keep up.
These technologies hold a lot of potential for talent acquisition, giving you more power to conduct in-depth assessments of candidates’ abilities, predict their performance and maintain engagement with them throughout the recruitment process.
Exploring the potential of AI-driven tools, Deloitte highlighted Pymetrics, a firm supported by the Randstad Innovation Fund, which helps employers identify suitable candidates by mapping a range of human characteristics against the traits of the highest-performing people in specific roles.
This technology can help you go beyond traditional assessment methods and find talented individuals whose potential might otherwise go unnoticed.
2. leveraging data
Effectively managing large amounts of data and gaining relevant, actionable insights from the information at your disposal has never been more important. The recent explosion of digital technologies and channels where employers can engage with candidates means there is an unprecedented amount of data on offer.
If you’re able to utilize this data and analyze it effectively, you can build up a clearer idea of several key concepts related to talent acquisition, such as time to hire, quality of hire and the most common reasons why people leave your organization.
Kadidja Sow, current head of talent at Cubyn and former senior recruiter at Uber, said people analytics is “impacting the overall talent acquisition function”. She added: “There is an increasing drive towards harnessing data in order to do and deliver better.”
If your business wants to acquire the most valuable and in-demand talent, you should be prepared to make offers that suit the unique demands, goals and expectations of the individual in question. A generic proposition that isn’t specifically tailored to the candidate might not have the powerful appeal needed to set you apart from other employers.
Older generations who have spent the most time in the workforce might be accustomed to standard pay and benefits packages, but younger candidates are more likely to expect offers that reflect their needs.
According to consulting firm Korn Ferry, the most innovative employers are using methods such as social listening, focus groups and surveys to get a clearer idea of what is really important to certain demographics.
“With that information, they are able to tailor rewards packages, offering different mixes of pay, flextime, paid time off, international assignments, student loan repayment and other benefits,” the company said.
Expectations of flexibility in the workplace are becoming increasingly common year after year. This is no longer viewed as a ‘nice to have’ and is swiftly becoming the norm, according to Jason Phillips, vice president of digital HR and global chief of staff at networking technology firm Cisco.
“The challenge is, how fast can organizations provide it? Those that can [do it quickly] are going to be in a far better position to [attract] and retain top talent over the next three to five years,” he said.
Embracing flexible practices and policies such as adaptable hours and remote working can help to boost your appeal to talented candidates, as well as strengthening engagement in your existing workforce.
5. employer branding
Employer branding is another concept that has been steadily gaining importance in recent years and is likely to be more significant than ever.
Candidates looking to make a positive step in their career that leads to fulfilling experiences and gives them pride in their work will place a lot of emphasis on the brand reputation of any prospective employer.
Denis Dinkevich, sourcing recruiter at Preply, an online educational technology firm, said: “Employer branding has now become a crucial part of engagement; so much so that you now cannot operate a successful business if you don’t incorporate a social media presence and marketing into your candidate funnel.”
If you have a strong brand, as well as the latest recruitment technologies and innovative practices in the workplace, you have the best chance of acquiring the talent you need to grow and thrive as a business.