Changing Business Needs
Skills-Based Hiring
- Rapid Technological Progress: Traditional credential-based approaches to recruitment are becoming obsolete.
- Skills Gap: Organizations are shifting focus to skills and core competencies to bridge the skills gap.
- Increased Talent Pool: Skills-based hiring can increase the talent pool by a factor of 10 (Source: LinkedIn).
- Talent Intelligence: Utilizing talent intelligence to benchmark offers and improve the candidate experience.
Candidate Experience
- High Competition for Talent: The candidate experience is crucial for securing the best hires.
- Candidate Abandonment Rates: Up to 65% of candidates abandon the process due to poor communication, mismatched expectations, and long wait times.
- Candidate Feedback Loop: Implementing a candidate feedback loop to identify areas of improvement and ensure candidate value is maintained.
Diversity and Inclusion
- Business Priorities: Diversity and inclusion are major business priorities.
- Transparency: Increasing transparency on diversity is essential.
- Blind or Anonymized CVs: Using inclusive language and skills-based hiring to reduce bias.
- Recruitment Practices: Ensuring recruitment practices are fair and equitable.
Employer Brand and Employee Value Proposition (EVP)
- Communication Gap: The TA role traditionally ends at the point of offer, leading to potential post-offer dropouts.
- Employer Brand: Crafting a strong employer brand that outlines purpose, values, and what the organization offers.
- Employee Value Proposition: Aligning claims with actual deliverables to avoid issues with retention and protect the employer’s reputation.
AI and Automation
- Skills Gap: Only a small subset of workers have the skills to utilize AI and automation fully.
- Opportunities: Leaders have a huge opportunity to guide organizations through the transition.
- Time-Saving Use Cases: Beyond screening, AI can be used for scheduling interviews, providing reports, and automated updates.
- Human Connection: Ensuring that time is reinvested into the human connection, preserving face-to-face engagement.
These changes highlight the evolving nature of talent acquisition and the need for strategic adaptation to meet the demands of a rapidly changing business landscape.