The job market is rapidly fluctuating as economic shifts and new technologies influence how people search and apply for jobs, and it is essential for both HR and talent managers to roll with these changes.
Quality of hire will remain the key metric for measuring hiring success. New challenges, however, mean that hiring professionals must adapt and look for new ways to recruit and retain the most talented job candidates.
So what does the future hold for HR and talent management?
- The Job Market Will Become Increasingly Candidate Driven
MRI Network's Recruiter Sentiment Study suggests that 90 percent of recruiters now believe that HR is facing a candidate-driven market. Job applicants often have multiple offers to select from, which can recruiting and retaining top talent that much more difficult.
Because of this growing talent scarcity, talent managers must learn to move quickly.
Time to hire has grown dramatically in recent years. According to one Glassdoor research report, the interview process alone takes an average of 23 days to complete.
In order to succeed in the increasingly competitive hiring climate, HR and talent managers must hasten the hiring process while at the same time protect hiring quality.
- There Will Be More Focus on Social Media and Mobile Technology
Mobile and social recruiting will continue to grow dramatically over the next few years, so hiring professionals must adapt quickly to avoid being left behind.
According to statistics from Kelton Research, 86 percent of people actively looking for work used their smartphone to begin their job search. A whopping 70 percent of job seekers want to apply via mobile, yet more than 25 percent of larger companies have failed to ensure that even a single part of their hiring process is mobile-optimized and accessible.
- Expect an Increased Reliance on Automating Key Aspects of the Hiring Process
In order to combat lengthening hiring times, HR and talent managers will increasingly need to rely on automating certain aspects of the hiring process.
>Automated resume screening tools can be used during the early phases of the assessment process to quickly weed out unqualified applicants.
>Automated reference checking can be implemented to dramatically speed up the often tedious reference checking process.
This approach not only leads to faster hiring, but it also frequently contributes to stronger quality of hire. Online tools such as Checkster’s automated reference checking system and interview debriefing process can help hiring professionals make faster and more accurate hiring decisions.
- (A Lot) More Millennial Workers Will Enter the Workforce
As more and more Baby Boomers exit the workplace, increasing numbers of Millennials (and Gen Z after them) are entering the market – presenting their own unique host of challenges.
The youngest generation of workers are always connected, and they expect the companies recruiting them to have a strong online presence as well. In addition to presenting challenges related to emerging technologies, younger workers also represent a shift in priorities from previous generations.
One Intelligence Group survey found that 64 percent of Millennials would rather make $40,000 at a job they loved rather than $100,000 a year at a job they thought was boring. Cultural fit, career potential and retirement benefits also rank as high concerns from younger workers. Glassdoor reports that 46 percent of these workers left their last job due to lack of career growth and 76 percent of suggest that retirement benefits were a major determining factor when accepting a new job.
HR and talent managers will always face unique challenges related to an ever-shifting job market. Sudden economic changes and the introduction of new technologies can make hiring the right people more difficult, but being aware of these major changes on the horizon and learning to adapt means that hiring professionals will be able to meet these challenges head on.