It takes a lot of effort for a company to hire a candidate and candidate evaluation plays an important role.…Read More
Recruitment Trends for 2020/2021: Latest Predictions you should be thinking about
2020 is almost half-way gone, and a lot of things have changed during these six months. A lot of industries has an impact because of COVID-19. And many businesses are on the halt which in some way is affecting the recruiting industry. Hiring trends that were relevant six months earlier have are not applicable. Recruitment is now more focused on social media and AI. And the traditional methods are long gone. Let’s check out the ‘new’ recruitment trends for upcoming years.
Trend 1: AI for Recruiting
Many companies take the help of AI in HR process in form or the other. Companies expect to leverage AI in the recruitment process. AI for recruiting means the application of artificial intelligence like problem-solving a computer can do. The technology is helping to streamline the part of the recruiting workflow, high-volume tasks.
AI helps to improve Online Applications
One of the ways that AI is helping companies with the recruitment process is via online application management. Applicant tracking from recruiter databases use lots of keywords & other data points that AI can sort & analyze with ease. AI helps recruiters sort thousands of resumes to speed up the selection process.
AI-Powered Recruiter Chatbots
Recruiters chatbots main aim is to provide real-time interactions with the candidates by asking specific questions. AI-powered chatbots improve the candidate experience to the next level. 67% of job seekers build a positive impression of a company if they get regular updates throughout the application process.
Trend 2: Increased use of Online Communication tools
During the COVID-19 this year, many companies were forced to mould their recruitment strategies. Companies are trying their best to find a way to continue with their recruitment process. It can include the traditional way of recruiting candidates that are phone calls and emails. They are still an essential part. But now, every company is dependent on video interviews to select the candidates, and the trends will remain in the highlight in the coming years. Employers are turning towards video interviews:
There are one-way & two-way video interviews. One way interviews are ideal for replacing the phone screenings that are inefficient & two-ways video interview is the key here.
Advantages of Video Interviews:
- Shorter time to hire: Video interviewing can cut your time in half. It means easier scheduling of interviews and reduces instances for phone screenings.
- Reduces the risk for bias: Having a standardized video interview process lower any risk of hiring.
- Gather qualitative data: One-way virtual interviews helps to add the qualitative element to the pre-selection process.
Trend 3: Candidate Experience now a key Recruitment Factor
Candidate experience is a new word among the HR resources because it not only limited to the recruitment process but also extends to the perception of people working in the organization. According to a study by Hay Group concludes that 70% of the candidates get turned off by someone else a bad experience with the organization.
If you as a recruiter can provide a better candidate experience during the recruitment, then 97% of candidates would love to refer to other candidates. Plus over 50% of the candidates like to share their positive experiences on social media.
Trend 4: Mobile Recruitment will Grow
Some stats on mobile recruitment to get an idea about mobile recruitment situation:
- Over 90% of the candidates use their mobile devices to look for their dream job.
- 45% of those does so daily
According to this trend, the recruiters need to create job listings and ensure that they are mobile-friendly. Mobile recruitment is hiring with the use of a mobile phone. An easy to use mobile experience helps the candidates to search and apply for jobs.
Mobile recruitment also helps you to get maximum out of social channels. 79% of job seekers use social media when they search for a job. Mobile and social media go hand in hand so, it is necessary to make social media a part of your recruitment strategy. The possibilities here are endless and go beyond the same old social media platforms like Facebook, Twitter & Linkedin.
New and innovative forms of social networks are starting to pop up. Look at Bumble for example, initially the platform for making love and friendship connections. Now they have launched Bumble Bizz, which offers networking for users and finding your next professional connections is simple with the app’s geolocation feature.
Trend 5: Use of Gamification
Gamification is a popular trend in recruitment. Some companies are adopting the values of gamification to stay relevant in the recruiting market. Here are some reasons to use gamification:
- Testing specific skill
- Saving time
- Making the recruitment process less stressful
- Keeping up with competitors
Now, how to implement gamification in your recruiting process? Take an idea of how these companies using gamification:
- Google invites the best coders to take part in
- U.K. government communication headquarters use gamification to filter out candidates
- Dominos using Pizza Mogul game
Trend 6: Predictive Analytics
Predictive analytics in recruitment is the use of data to make future predictions, hiring decisions and also helps in workforce planning. Now, predictive analytics is vital in recruiting because:
- Helps to identify strong hires for open positions
- Helps to make a better offer to candidates
- Helps to provide a better candidate experience
And predictive analytics will play a larger role in the recruiting process of many companies. Here is one example of predictive analytics that helps to predict and prevent turnover.
Employee turnover can cost businesses around 150% of the employee’s annual salary due to the time spent on hiring the replacement. You can refer to the image given below. It shows the data of employees that are at the risk of leaving their company with the help of predictive analytics.
Visier’s predictive analytics helps to evaluate which employees are ‘at risk’ of leaving based on the analysis.
Using predictive analytics, organizations can predict which employees are at the risk of resigning. By detailing the variables that can cause potential resignation, predictive analytics can help in retention.
Trend 7: Companies Hiring for Soft Skills
With the sills gap visible in the recruitment industry, candidates having skills might prove to be a dream candidate. According to experts, the current skill deficit will grow around 29 million by 2030. And at least two-thirds of jobs heavily rely on soft skills like communication & empathy. So, because of this, the recruiters are more inclined to hire for soft skills to minimize the gap. Soft skills would be considered as necessary as technical or hard skills. Organizations have been recruiting soft skills before. They might adopt new recruitment strategies based on lots of factors. According to LinkedIn, the following are the most in-demand skills in 2020-21:
- Emotional intelligence
Trend 8: Internal Recruitment will be in Trend
As COVID-19 has affected the hiring techniques, many organizations are willing to vacant new positions via internal recruitment. Internal recruitment is one of the best ways to promote the internal talent you have at your disposal. Through internal recruitment, organizations can easily close the job openings quickly as there few factors to consider. Recruiters don’t have to delve any deeper into candidates soft skill or worry about the culture fit. These get evaluated by the managers. Internal recruitment benefit is that it’s cost-efficient in general. During this COVID-19, approximately 83% of the recruiters reported experiencing difficulty in finding suitable candidates. You can always tweak your internal recruiting methods according to the current scenario.
Trend 9: Leverage Natural Language Processing (NLP)
NLP is somewhat similar to AI, brings improvement during the hiring process. NLP is a buzzword that is around for long yet many companies don’t know the full potential of NLP regarding recruitment. Here’s how NLP helps you in the recruitment process.
- NLP allows for automated resume screening and processing that reduces hiring time and hours that get spent on manual testing.
- NLP enhanced automated interviews improve the candidate’s fit in the company by analyzing their speech patterns, facial expressions and help to detect minor details one might have missed
Trend 10: No more focus on Traditional Requirements
You can take a cue from giants like Apple, Netflix & Google do not require employees to have a four-year college degree. Even Elon Musk stated that you do not need a college degree for a job in his company. The recruiting is becoming even more specialized. Recruiting is becoming more technical, concentrating more on the skills and recruiters expected to have a technical approach during the entire hiring funnel. Prominent companies are moving into this direction, allowing them to find candidates for specific positions. All it requires a tweak in your recruitment process and you are good to go.
With coronavirus being in full swing in the nation, most of the companies have allowed work from home to their…Read More