Before 2020 comes and gives us a perfect insights, it is time to start looking ahead to what will be happening during the coming years. As the economy continues to recover, the hiring process is expected to become increasingly competitive. Fortunately, there are plenty of strategies that hiring managers can utilize to ensure that they continue to attract high performing job candidates.
Here are just a few of the top hiring trends we expect to see:
1. Quality of Hire Will Remain a Top Performance MetricAccording to a Linkedin survey, 39% of employers felt that quality of hire was the most important performance metric for monitoring HR success. Many of those surveyed utilize employee retention to gauge the overall quality of hire. Strong performers remain on the job longer while rapid job turnover is a key sign of poor quality of hire. In addition to tracking retention, 50% of those surveyed also reported using other methods to assess quality of hire including performance evaluations of new hires and hiring manager satisfaction reports.
2. Competition for Top Talent Will Present ChallengesWhen it comes to filling key positions, many companies report struggling to find candidates in high demand areas. In many cases, there is a gap between what HR can afford to spend sourcing new talent and the demand for finding qualified candidates. In 2016 and the coming years, hiring managers will need to become more adept at utilizing technology and networking as part of their talent acquisition arsenal.
3. Millennials Will Step Into Leadership RolesIn 2016, more than 3.6 million baby boomers are expected to retire. To fill the gap created by older employees leaving the workforce, millennial workers will begin to step into managerial roles. Businesses need to be prepared to seek out the best and brightest as they fill job vacancies left by retiring workers. New strategies for sourcing the best talent, particularly approaches that take advantage of networking, social media and other tech tools, will become increasingly vital.
4. Technology Will Continue to Influence the Hiring ProcessIn line with keeping quality of hire as a top performance metric, hiring managers will continue to incorporate new technology in their search for new talent. By combining new methods of obtaining talent with data collection strategies, HR will be better equipped to find the best possible candidates and evaluate each applicant thoroughly. Automated reference checking, for example, now allows hiring managers to spend just minutes collecting feedback from reference. Managers can then look at data-rich reports that offer an in-depth look at each applicant’s job performance ratings.
5. Data-Driven Recruiting Will Grow In the Coming YearsWhile traditional candidate evaluations often relied on casual interviews and gut feelings, hiring managers are increasingly turning to data when it comes to recruiting and evaluating candidates. For example, managers might utilize benchmarking data to look at how their organization compares to others in their industry regarding hiring times, employee retention, interview timelines and reference checking. By analyzing such data, HR will be better equipped to optimize their hiring strategies. Internal data collection can also help HR assess everything from their job descriptions to their reference checking processes. The more data managers can access, the more thoroughly they can evaluate and improve their hiring approach.
Are there any new hiring trends that you expect to see before 2020?