The Fourth Industrial Revolution (4IR) is transforming all aspects of our lives and businesses. On the other hand is the growing skills shortage and increasing competition for talent. According to the European Commission, 756,000 could be unfilled in 2020, while competition for talent is the key challenge for recruiters in India and MENA regions.
The intensifying war for talent along with a fusion of technological advances and preference for contract work/gig economy are shaping recruitment trends for 2020 and beyond.
Here are the 3 key recruiting trends :
1. AI in recruiting
AI has applications in multiple areas of hiring, starting from potential candidate screening to ongoing communications. Productive machine learning and real-time data analytics improves candidate-job matching efficiency. More than 90 percent of Fortune 500 companies are already using AI powered Applicant Tracking System (ATS) to shortlist top talent.
2. Proactive hiring
Although this is not a new concept, an increasing number of recruiters and hiring managers are recognizing the importance of proactively searching for talent. Recruitment marketing is the key strategy used for proactive hiring (outbound hiring) that helps employers communicate the brand value.
Social media is increasingly becoming a relevant outbound hiring platform. HR professionals not only use it for sourcing and hiring new talent but also for engaging with potential candidates.
3. Priority to candidate experience
Creating a seamless candidate experience throughout the hiring journey is a top priority. Candidate engagement refers to how well potential candidates feel they have been treated during the entire screening and hiring process. A survey indicates when candidates have a poor experience, 42 percent would not apply again to the firm while 22 percent said they would discourage other candidates from applying.
To ensure every touch-point with the candidate is mapped and monitored, recruiters are using CRM (candidate relationship management) technology.