Recruitment has been one of the majorly transforming industries in recent years. It has become difficult for companies and recruiters to keep up with the fast-changing trends in the industry. Although the recruitment industry is significantly influenced by technology, there are ways to successfully stay up with the trends.
Without a doubt, recruitment is a complex domain. As it is a core part of a business, doing it wrongly can negatively impact your business. A company can only prepare for this by predicting future trends and being proactive in leading them. In this article, let’s look at the critical recruitment trends for 2023 that you want to know.
Before that, let’s look into some key recruitment trends that happened in the past and how companies tackled them.
Flexible Working
Covid-19 hit was a major setback that shook up the entire world, including the business world. With the outbreak of the fast-spreading virus, companies shut down for a few days and then operated from remote and offered flexibility to their employees. A majority of companies are still operating by offering work flexibility. Companies that couldn’t adapt to this change experienced a great loss.
The Great Resignation
According to a study, in 2021, more than 47 million employees resigned from their jobs in the US. Millennials and Gen Z Employees reconsidering their career options is the cause for the great resignation.
That was just a glimpse of what happened in the last two years. Without further ado, let’s jump into the recruitment trends of 2023.
HR Recruitment Trends You Should Know for 2023
Remote/Hybrid Work Model
Studies show that 82% of employees prefer working from home. While 44% of survey respondents say remote work has improved their mental health, it is found that there is a 47% increase in productivity due to working from home.
While we all thought work from home to be the future of work, new studies found that hybrid work is the one. Nearly 74% of US companies are planning to implement a permanent hybrid model. Although companies chose to work from home only during the pandemic (as it was the only option), employees are still not ready to return to offices. Two days of work-from-home is the new requirement for employees. Thus hybrid work model is not going to fade anytime soon.
Shortage of Talent
This is definitely not good news for employers. The major struggle companies are facing lately is the shortage of talent. As per a recent study, 75% of companies worldwide report talent shortages, which is the highest in sixteen years. A report also found that by 2030, over 85 million jobs will be unfilled due to the current talent shortage. One of the ways companies can overcome this is by creating their own talent pipelines. The current job seekers also lack soft skills, which is quite crucial for getting a job. Recruiters look for social skills more than hard skills, which is an essential component impacting their work culture.
So, if you have poor soft skills, you lose your job.
Branding & Reputation
Today, recruitment is more like marketing. If you can’t market your company well, you’ll lose potential talent to your competitors. A strong brand and reputation are cutting-edge advantages for your recruitment and business. Because job seekers want to apply for a company that is well-reputed and that, aligns well with its core values and offers many benefits.
The current workforce and job seekers also pay attention to if the company prioritizes their employees’ work-life balance and mental health. Therefore, companies should focus on employer branding by showcasing their culture and benefits on social media. Candidate relationship strategies play a crucial role in building employer branding and reputation.
Diversity & Inclusion
Diversity and inclusion are real concerns for job seekers. A Forbes study found that 80% of professionals reported diversity as the most crucial trend in 2022. Companies with diverse workforces performed financially better than other companies. It is because employees perform better when they feel included and valued. Furthermore, diversity & inclusion strategies play a significant role in attracting top talent.
Recruitment Automation
Did you know? Nearly 78% of HR teams have found great talent using an ATS. Many companies and recruiting agencies use artificial intelligence in recruitment, digital tools, or an applicant tracking system to find and hire talent.
While this trend is not going anywhere, employees and employers have to face a few challenges that AI introduces. Recruitment bias and lack of human touch make the recruitment process less effective. Finding the right ATS is the only way you can overcome these challenges. Vultus is the best and most-loved ATS that empowers you to hire great talent.
External Referrals
You all know the power of referrals. It is the easiest, most cost-effective, and smart way to find candidates. So, companies are investing in hiring through external referrals by offering some money or gift cards to the middle-man. A win-win-win program, isn’t it?
Rapid Shift in Recruitment – Stay on Top of these Trends
Global employment, wider job opportunities, and fast change in the recruitment landscape are common elements companies will have to face in the upcoming year. If recruiters don’t keep track of the evolving hiring trends, companies simply end up struggling with the same old problems. Knowing the future trends, listening to candidate/recruiter challenges, and taking proactive action is the only way companies can survive and lead the industry.
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