What a year 2017 has been in talent acquisition! From the lowest unemployment rate in over a decade to the adoption of predictive analytics … or just the recognition of data capture and analytics as a whole, the industry has seen ample change and growth.
In this piece, we cover:
- Influential Trends that had an Impact
- Challenges Presented
- Key Learnings
- A Look Ahead to 2018
While hiring is on the rise, the size of talent acquisition teams is not scaling along. Doing more with less will continue to be a theme for many organizations. As such, organizations are looking at utilizing predictive analytics and elements of artificial intelligence to help their load. Predicting hiring needs, boosting employee retention and developing an effective hiring blueprint are three top uses for analyzing and making data work for recruiting teams.
When selecting which data points to track and which data to utilize for key decisions impacting their overall strategy, many organizations don’t know where to turn first. Some notable metrics to analyze? Time to fill, cost of hire, return on investment, and time to hire are a few to start out with. Once tracking these, look at how they align with current goals and course correct as needed.
The tight labor market is settling in for the long haul. This candidate-driven market presents its own set of opportunities as well as challenges for the recruiting pro. To stay competitive, salaries may continue to climb and added incentives such as relocation and the ability to work-shift may be offered to entice that perfect candidate. Recruiters will need to ensure they are always well-versed in the industry where hiring … it’s almost a guarantee that competitors will be.
The embracing of data analytics and technology will continue to be a major topic in the new year. Social media, SEO and recruiting tools will be further explored in order to give talent acquisition teams more bang for their buck. From technology forward sourcing systems to tools with semantic search capabilities, today’s talent acquisition professional is expected to leverage these technological advances to make substantial progress from sourcing and hiring the best candidates before the competition gets there first, all the way to managing these employees ensuring a quality hire and long-term retention.
Check out this report to help ensure your organization is set up for success.
Cheers to a strong 2018 in talent acquisition!