Hiring volumes and hiring budgets have seen an increase for the first time in 3 years. With the widening gap between budget and hiring volumes talent acquisition leaders must be poised to scale their operations, doing more with less is more important now than it has been ever before, but competition and compensation continue to be the one of the top obstacles for attracting talent. Companies, small and large face their own unique challenges in recruiting and therefore must play to their own competitive advantages. Broader technology advancements have also begun to disrupt the talent industry which is setting the stage for a dynamic and exciting future for recruiting.
UK and global talent acquisition leaders agree that sourcing skilled talent is the lynch-pin of any successful recruiting organisation. Pipe-lining talent is the second highest priority of UK companies under the number 1 most important priority to UK companies which is recruiting/sourcing highly skilled talent. Small companies consider improving the quality of hire a greater priority than larger companies do. Also recruiting passive talent is more of an important area for smaller companies.
Competition is one of the top obstacles UK companies face in attracting top talent, followed closely by compensation. Companies must plan ahead to overcome competition and compensation when hiring top talent in 2015, the lack of awareness or interest in a brand is more of a threat to UK companies than to global companies. UK companies should consider enhancing their brand awareness through social media channels in order to counteract the obstacle.
In 2015 sourcing is not what it used to be, recruiters use social professional networks which has sky rocketed to become the number 3 top source of quality hires. Passive candidate recruiting is popular not only in the UK but also in economic powerhouse countries like China and India, as candidates become increasingly mobile companies are also embracing mobile recruiting. The mobile revolution is in full swing in the talent industry and will continue to be a big theme in 2015.
Social professional networks are becoming an extremely important source of quality hires in the UK, increasing by 36% over the past 4 years. The UK is heavily reliant on search and staffing agencies compared to global counterparts, compared to other countries such as the US, Spain and Mexico the UK tends to have a significantly larger reliance on search and staffing agencies.
Company career sites currently produce the highest quantity of hires in the UK companies however quantity doesn’t always equal quality. Recruiting leaders need to manage the application process to ensure they get both quantity and quality. There are a handful of sources that provide both quantity and quality, in fact 52% of UK talent leaders believe they are doing a good job tracking return on investment on sources of hire. As the gap between hiring and budget volume increases its time to invest and optimise the sources that return both the best quality and quantity of candidates.
Today, UK and global recruiting leaders agree on the top 3 ways to measure quality of hire. UK leaders lean towards retention, new hire performance evaluation and hiring manager satisfaction which is similar to global companies.
As recruiting evolves to become more like a marketing, recruiting leaders are embracing the idea of talent bond (What talent thinks, feels and shares about your company as a place of work). UK recruiting leaders agree that talent brand is a priority that impacts their ability to hire top talent. Their actions are now beginning to come into alignment with its level of importance. 72% of UK acquisition leaders say talent brand has a significant impact on their ability to hire great talent. UK companies are average when it comes to prioritising and pro actively managing their talent brand. South African, Indian and South-east Asian companies are particularly advanced in their prioritising and action on talent brand.
In the future of recruiting, UK talent acquisitions believe that better matching of candidates with jobs and recruiting is important to becoming more like marketing, it will be the norm in 5-10 years to perfectly match candidates and jobs. Global and UK recruiting leaders agree that social and professional networks are the most essential and long lasting trend in recruiting. On the other hand candidate job matching and recruiting are becoming more like a market which could reshape the recruiting industry in the next 5-10 years.