2023 trends that will shape today's recruitment industry
By Sean Behr, CEO of Fountain
February 9 2023 - The hiring market has thus far remained resilient to the economic uncertainty unleashed across the UK economy by global and local events. However, questions remain as to how it will hold up in the short- and medium-term future. This lack of certainty means that talent acquisition teams are going to have to be even more flexible in the way they approach hiring whilst also refocusing their efforts on reengaging current employees.
These shifting sands are only compounded by the tight hiring market at the moment, which means that many organisations are finding that the talent pool from which they are hiring does not have all of the requisite skills they need. Today's complex labour market means that tried and trusted hiring processes need improving in order to keep up with organisational needs.
Diversity and inclusion
Diversity, equity, and inclusion initiatives continue to be critical for employers who want to attract and retain the best talent. According to Indeed & Glassdoor's Hiring and Workplace Trends Report 2023, organisation's DE+I initiatives are not just important for attracting the best talent, but also for retaining them once they are part of the organisation.
Companies need to make sure that DE+I is woven into everything that they are doing, whether that is on their website or social media or in the way that people interact with one another on a day-to-day basis. Inclusive external communications are key to showing equal opportunity for all applicants, and talent acquisition teams can go further by eliminating resume requirements from job postings, using skill requirements instead of educational qualifications, and posting job openings to non-traditional job websites.
The issues surrounding retention are unlikely to disappear in 2023, that is unless talent acquisition teams put as much time and effort into post-hire initiatives as recruiting activities.
The aforementioned report from Indeed and Glassdoor reveals that in order to ensure employees are satisfied, and thus more likely to stay at an organisation, there needs to be a better focus on their well-being and happiness. To increase retention, there needs to be a system in place that gauges workers' real sentiments about their roles and the organisation. This could mean administering Employee Resource Groups (ERGs), organising open forums for discussion, or implementing a DE+I lead to the People team.
Workers want to feel like their voices are being heard, therefore, by providing several streams of avenues for feedback, both privately and in shared spaces, it not only helps employees feel acknowledged but also helps the organisation thrive.
The role of 'recruiter' will change to 'talent strategist'
The role of the recruiter is evolving from being mere people finders to talent strategists. Hiring is no longer a one-size-fits-all process, and thus recruiters need to improve their "people analytics" skills and build on the strategies they use to evaluate the effectiveness of their hiring processes.
Once a new employee is hired, the post-hire journey starts. This is where a recruiter's duty is now extending, taking on more responsibility for ensuring a new worker has the required paperwork, payroll, and other administrative tasks. Recruiters are also now responsible for making new hires feel welcome within the culture of the organisation. This is very important, as integrating new hires and giving them a sense of belonging is the first step to making them more likely to stay on board in the long run.
A new generation of job seekers
The risk of an impending recession may interrupt developments in unpredictable ways. For example, business closures and layoffs can spark worker mobility, forcing workers to explore new career fields. Also, people who survive layoffs may be required to fill in the gaps, requiring upskilling and new job roles.
Moreover, the number of working-age people (15 to 65 years old) is predicted to decline in the next 10 years, bringing in a new demographic workforce trend: unretirement.
Older generation to rejoin the job market
Some people who have retired may consider returning to work in 2023 and the early indications are that this is already beginning to happen. Outside of the obvious reasons such as receiving an extra income in uncertain economic times, it also serves as a sense of purpose, one that may have been lost during the transition from employment to retirement.
As employees, returners to the workforce hold decades of knowledge and experience which can be brought to their jobs but they will have very different expectations to younger colleagues. Hiring teams will need to strike a balance between using conventional hiring practices to attract older workers while exploring new technologies and best practices to engage the next generation of workers: Gen Z.
Keeping Gen Z engaged
Gen Zers are considered as a tech-savvy and highly visual generation, which means they won't settle for an outdated candidate experience. Old recruitment styles simply won't cut it. They want fast communication, mobile-friendly functions, and transparency when it comes to benefits and salary. Recruiters need to have the latest technology available that uses automation, machine learning, and analytics, and need to know how to communicate with the younger generation using new platforms and processes.
Thriving in the face of uncertainty
Remaining optimistic in the face of an economic downturn may seem challenging. However it is possible to prepare for economic volatility by putting effective, data-driven systems in place that help to stay ahead of shifting trends in the hiring market. Organisations that want to stay ahead of the game and find the best candidates, will need to take the necessary steps to ensure the security of their own processes, and how they can affect their recruiters, employees, and impact the workforce as a whole. With the current state of the hiring pool, talent acquisition teams will benefit from using unconventional methods to ensure that both recruiters and workers find the hiring process favourable to their needs.
Fountain is a world leading applicant tracking system (ATS) for high volume hiring.
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