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4 Job Market Trends Impacting Recruitment
December 29, 2022
Over the last three years, the job market has experienced unprecedented disruptions and volatility. As the global economy continues to stagnate and job markets around the world tighten, modern recruiters face numerous obstacles to finding the right candidates and developing a proactive pipeline strategy. At the same time, many employees are reevaluating their priorities, work habits, and current positions, with only 14% finding their jobs fulfilling, according to PwC. From shifting work arrangements and flexibility to compensation packages and company culture, these evolving employee demands are reshaping the way we work and, thus, the way recruiters attract and retain talent. To help you stay ahead of the latest job market challenges, here are the top four trends and innovations happening in the current hiring landscape. 1. Tech Layoffs Still Spell Trouble for Recruiters With experts warning of a global recession in 2023, many business leaders are being forced to rethink and restructure their workforces. Even massive tech giants like Meta, Twitter, Amazon, and more have been in the news for laying off thousands of employees. While it might seem like these furloughs will add more fuel to the tech talent pool, it seems like many employees are burned out. A recent TechCrunch article interviewed numerous tech workers who all had one thing in common: multiple lay-offs in the last few years. As a result, tech workers have become far more cautious about accepting new positions, favoring companies that offer stability and security over fancy benefit packages or new and exciting startups. 2. Remote Working is on the Rise In the early days of the pandemic, work-from-home models became the default for nearly every industry. Eventually, this became a preference for many people seeking a better work-life balance, and now, almost three years later, remote and hybrid working arrangements are here to stay. According to a McKinsey survey, nearly 35% of respondents are able to work from home full-time. As candidates come to expect more flexibility in where and when they work, companies will have to adapt and accommodate these demands to maintain their workforces. While not every position can or should be fully remote, offering hybrid and work-from-home options can be an excellent way to boost recruitment and retention. Plus, full-time remote positions have the added benefit of expanding your geographic search area and, therefore, your talent pool. 3. Diversity Adds Value to Your Team Another dramatic change impacting recruitment in the last few years has been the massive surge in awareness around social justice issues, particularly regarding diversity, equity, and inclusion (DEI). Employees want to feel represented by their company leaders, and employers want the diverse perspectives, strengths, and values that come with different lived experiences. That’s why 71% of HR professionals say their companies are creating and committing to plans that improve DEI metrics, Paychex reports. There’s no question that DEI is a vitally important aspect of recruitment, from both an ethical and strategic standpoint. However, these initiatives are meant for HR, not PR — that means candidates are looking for actions rather than words. To truly have an impact and gain candidates’ trust, you must clearly outline your DEI plans and demonstrate real progress toward your goals. 4. Automating Tasks With Artificial Intelligence The final trend making big waves in the job market is artificial intelligence (AI) or, more specifically, the automation capabilities AI brings. While this technology is in the early stages of development, recruiters are already using innovative tools to streamline and automate much of the recruitment process. For instance, some companies use AI for sourcing and matching talent, resume screening, and candidate engagement. By automating these previously manual processes, AI can be a great advantage to recruiters, streamlining their workflows while identifying the best candidates for any position. However, it’s important to note that human bias and rigid frameworks can influence the behavior of AI systems. This can result in missed opportunities from candidates that fell through the cracks. Elevate Your Recruitment Process With Envision Are you looking to create an effective talent acquisition strategy that can survive today’s hiring climate? Envision has the full-lifecycle recruitment solutions you need to adapt to any challenge. Our flexible services accommodate your current processes, developing a proactive talent pipeline that fully aligns with your business. Want to learn more? Contact the Envision team today to elevate your recruitment process.
4 Key Benefits of Recruitment Process Outsourcing (RPO)
January 12, 2023
Outsourcing within the recruitment industry is typically know as recruitment process outsourcing. RPO solutions can complement or even completely substitute an organization’s internal recruitment function. There are many benefits to outsourcing the management of the recruitment function to an external recruitment expert. We have identified the top four: Improved Quality of Hire The right candidate is more than just a combination of experience and education. Numerous factors go into identifying the best person for a position. RPO providers have the resources necessary to source, screen, and hire the candidate who is the right fit for your organization not only in terms of experience and skill, but also in terms of personality and previous accomplishments. Additionally, RPO providers maintain a constant stream of candidates, which results in better options and a better new hire. Reduced Cost per Hire One of the greatest benefits of RPO is significant cost reduction. Companies often face hiring budget overruns as a result of steep recruitment agency fees that often exceed 30%, high job board subscription costs, and substantial turnover. RPO solutions provide an integrated recruitment solution that reduces your dependency on employment agencies while still maintaining fast time to hire and excellent quality of hire. Greater Flexibility and Scalability An RPO solution allows your organization to adjust your talent acquisition capabilities as your hiring needs change and fluctuate. Arrangements like project RPO are especially popular with organizations that find it difficult to forecast their needs or are experiencing rapid growth. Ultimately, RPO offers the option to scale up and down recruitment activity and resources to meet your current hiring needs. Enhanced Speed of Hire According to SHRM’s most recent Talent Acquisition Benchmarking Report, the average time to fill a single vacancy is 36 days. This represents a long delay in acquiring urgently needed candidates and results in lost productivity and revenue as your organization is less equipped to execute your business objectives. RPO providers solve this challenge by working closely with hiring managers to understand specific job requirements, completing rigorous screening and assessment, and streamlining the offer presentation and onboarding process in order to create a quick and efficient hiring process for your organization.
5 Recruiting Mistakes to Avoid in Today’s Hiring Climate
February 26, 2023
People are the engine of any organization; they can either drive it forward to success or cause you to break down on the side of the road. To get the right people on your team, you need an effective and efficient recruitment process that attracts top talent while mitigating costs. Of course, this is easier said than done, and it’s all too common that employers make a mistake along the way — especially in today’s challenging hiring climate. While a clerical error likely won’t have devastating consequences, a bad hiring decision certainly can. According to Northwestern University, a single bad hire costs an organization at least 30% of that person’s first-year expected earnings. But these decisions are often just a symptom of a larger, more systemic issue. As the competition heats up and challenges increase in complexity, it’s time to rethink your recruiting strategy. To help you make the right decisions, here are the top five hiring mistakes you need to avoid: 1. Delivering a Poor Candidate Experience Candidates are assessing your brand as much as you’re assessing their skills and culture fit. Something as simple as a missed email or late reply can leave a bad taste in their mouth, causing them to look elsewhere or lose interest. In fact, 58% of jobseekers declined an offer due to a poor experience during the hiring process. Companies simply can’t afford the consequences of a poor candidate engagement. When your recruitment strategy emphasizes the importance of a positive hiring experience, you’ll not only attract more applicants but keep them interested throughout the hiring process. 2. Rushing the Recruiting Process Hiring managers often feel pressured to expedite the hiring process, especially when vital positions are left unfilled. However, finding the right placement in a short turnaround can lead to immense workloads that overburden your team. This can cause high turnover in and of itself, but even worse, the time crunch can result in an unsuccessful hire that ends up costing you more in the long run. Instead of rushing to secure the first qualified candidate, take the time to discuss the qualities you’re looking for with your team and company leaders. Make sure you’re not overlooking any red flags and pay close attention to soft skills and culture fit. 3. Ignoring Culture Fit A candidate’s personality and ability to fit in with your work culture is vital to their success in your company. Without the right match, even top talent could end up causing conflict or leaving the organization altogether. On top of culture fit, many recruiters overlook an applicant’s ability to add to company culture. It’s essential to not just consider how a candidate will fit in and align with your company’s values, but how they will add unique value through their skills, perspectives, and experiences. 4. Confusing Job Descriptions Ambiguous or inaccurate job descriptions can quickly lead to confusion about a role’s responsibilities and requirements, not to mention your company as a whole. Without setting realistic expectations, you may end up hiring someone that leaves immediately once they realize the misrepresentation. When drafting your job descriptions, clear communication is essential. You’ll need to outline the exact primary job functions, showcase your company culture, and explain any professional development or growth opportunities. 5. Relying too Heavily on External or Active Recruiting If your recruiting strategy focuses solely on external candidates that are in the job market, you’re likely missing valuable opportunities. Look within your company and identify potential internal candidates. These employees already have the advantage of knowing your company and how it works, all you need to do is provide training to up- or re-skill them for a new position. Additionally, you can expand your talent pool by going after external passive candidates. These are people that are not actively job seeking, but effective outreach and an enticing offer can go a long way in persuading them to change employers. Revamp Your Recruitment Process With Envision Whether you want to attract high-quality passive candidates or you need help enhancing your strategy, Envision has the talent acquisition solutions for your business. As the leading provider of recruitment process outsourcing (RPO) services, our recruiters are experts in the industry, ready to support your success. Interested in learning more? Contact us today to see how RPO can help your team navigate today’s hiring climate.
5 Signs You Might Need an RPO Partner
February 2, 2023
Amid concerns about a looming recession, supply chain challenges, and rising inflation, organizations are continuing to face significant talent shortages. At the same time, recruiters are facing mounting pressure to cut costs and deliver better results. So, how can you stay ahead in an increasingly competitive labor market? While leaders can take many avenues to meet hiring objectives, they often end up with a patchwork of solutions that only address the symptoms of a broken process or strategy. Recruitment process outsourcing (RPO) providers take a holistic approach, partnering with your business to understand and overcome both the daily and long-term challenges you face. But how do you know if your business could benefit from this form of business process outsourcing? Here are five signs you might need an RPO partner: 1. Fluctuating Hiring Demands Cause Disruptions Whether your organization experiences seasonal hiring challenges, or your demand for talent has varied widely recently, it can be difficult to find the right talent when you need it most. This volatility and the resulting time crunches leads to reactive hiring strategies that cost you more while delivering less. Oftentimes, reactive recruiters end up with low-quality hires that drag down retention rates. An RPO partner can adapt to your unique hiring needs with on-demand and project-based services for whatever situation you find yourself in. They’ll help you develop a long-term, proactive talent pipeline that delivers highly skilled candidates before your needs become dire. 2. Recruiters Are Overworked With High Turnover Recruiters play a vital role in selling your business to potential candidates, but they’re increasingly forced to do more with less. As a result, they often turn to external agencies that get paid per hire, incentivizing quick turnarounds over quality talent. This adds to the already growing workloads recruiters must bear, which can lead to high turnover rates for the people you need to build your organization. When you work with an RPO partner, you won’t have to worry about micromanaging or recruiter churn. RPO is designed to be an extension of your business, consistently supporting your recruitment function wherever you need it most. 3. Your Organization is Expanding to New Regions If your organization is expanding its global footprint with a new branch or office, you’ll need to secure the top talent in the local region. This requires expertise in things like language, regulations, cultural differences, and the other nuances that go into hiring people abroad. RPO experts provide you with deep multiregional knowledge to expand your global reach and recruiting efforts. They’ll help you understand all the norms, practices, and traditions of the local area to help your employee brand stand out in a new labor market. 4. Niche Skill Gaps Are Hard to Fill As the talent shortage continues, organizations across all industries are facing difficulties finding qualified candidates with specialized skills. This is especially true when it comes to filling niche skill gaps for highly competitive positions, such as data scientists or IT engineers. Not only do RPO partners connect you to a network of skilled professionals, but they also provide industry-specific knowledge that will help you attract and retain top talent for any position or skill set. 5. You Need to Cut Costs While Staying Agile and Competitive As agency and recruitment costs add up, companies are continually looking for ways to reduce spending while maximizing efficiency. However, they often still rely on reactive recruiting, which can become a costly cycle of poor hiring decisions, followed by low retention and a sudden demand. RPO reduces the need for external agencies, delivering high-quality talent that lasts. With a keen understanding of your company culture and values, RPO providers ensure that every candidate is a perfect match for your organization. On top of that, they’ll help you assess the competition, current market, recruitment costs, and much more to help you make the best decisions for long-term growth. Are You Considering an RPO Partner? Envision is a global leader in RPO solutions, providing flexible talent acquisition services for all manner of industry-specific hiring needs. Whether you need end-to-end support or a trusted consultant, we can help you elevate your strategy and build a proactive pipeline for top candidates. Interested in learning more? Contact our team today to see how Envision can exceed your hiring expectations.
Envision RPOは、2021年TALiNT International Annual Recruitment Awardsにおいて、The Best Workforce Solution Recruitment Company of the Yearに選ばれました。この賞はRPO業界で最も優れた企業に贈られるもので、当社のクライアントに対するコミットメントと、その成功に向けた献身的な取り組みを表しています。
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