2016 was a powerful year, and this year in talent acquisition is even better. We took a deep dive into the immense volume of our data, sorted through it, selected the most impactful data points, and curated it all within our 2017 Agency Recruiting Benchmark Report.
In this hyper-competitive industry, it is critical to come to the table with the strongest offer possible. To ensure you have created the most attractive compensation package, you need to know that role, that industry, like the back of your hand. To possess that level of insight, you need data to back it up. Are your offers to candidates the strongest they can be? Arm yourself with data around salaries, fees, and benefits that the top candidates not only expect but demand.
Further, we know that sending jobs out to third-party search can be achingly tough on your talent acquisition budget, but that in some cases it's the most significant option to give you the best results. According to our survey respondents, less than 21% were tracking ROI around third-party search. Our report outlines the top metrics to track to ensure you are getting the most out of this investment. Our survey respondents identified top pain points on both sides of the table: for employers when working with agencies, as well as challenges agencies face when working with employers. We’ve outlined these issues in our report along with recommendations on ways to have the most productive partnership between employers and agencies possible.
We took a look at key trends in salaries and fees to help you get the upper hand on your competition. We compared these four competitive industries when looking at salaries and fees: Pharma & Biotech, Healthcare, Financial Services, and Information Technology. When analyzing salaries, Pharma & Biotech as well as Healthcare continue their upward trend as we see IT and Financial Services start to level out. As far as fees go, though, these industries tend to be on the upper end or even offering Premium fees.
There are three growing trends we are keeping our eye on as well as four more we are monitoring as we head toward the new year. At current, we are seeing that candidates are in the power position, dictating a candidate-driven market. As well, each industry vertical varies largely when it comes to what they consider key performance indicators. We also found that the vast majority of talent acquisition organizations are not tracking data around third-party ROI. Looking ahead, there are four areas of focus we will continue to monitor – the third-party search landscape, relocation and workshifting as the traditional job format continues to morph, the increasing competition for top talent, and changes that the new presidential administration may make impacting the workforce.
The magnitude of our data speaks volumes; with critical findings that also look at the year ahead. Our report briefs you on emerging trends in talent acquisition we will continue to follow as we move forward to the back half of the year.
Are you ahead of the curve or falling behind? See where your talent acquisition organization stacks up against your peers.