If you are planning for a 180-degree change in your recruitment strategy in 2016, then relax! You do not need to reinvent the wheel! Like 2015, the quality of hire will remain the most important performance KPI in 2016, according to LinkedIn's annual global recruiting trends report.
But it does not mean that this year will bode well for the global recruitment industry. Calling a spade a spade, industry veterans predict that 2016 will keep talent acquisition specialists on their toes. And the reason? The prevailing war for talent, which is being intensified day by day.
Undoubtedly, organizations-across geographies and industries-are facing multifold challenges to create multi-dimensional talent pools. The situation is being further compounded because of the advancement of technologies every year. This advancement is ultimately leading to a significant change in the job market, compelling the recruitment industry, organizations, and candidates to adopt and adapt to the evolving hiring trends.
LinkedIn's annual report has shed light on the top four global recruitment trends, which are bringing a paradigm shift to the conventional talent acquisition practices.
- Quality of hires: Getting more prominence than ever
The global recruitment industry has started facing the brunt of this war for talent. Quite obviously, talent acquisitions specialists, like warriors, are now fighting hard to ‘win’ the right people for the right positions, that too, within the stipulated time. However, for them, the war does not end just after winning the game (read talent)! Believe it or not, talent leaders have started evaluating the quality of hires on a short-term as well as long-term basis. They are now walking the extra mile for employing various methods like feedback methodology, comprising evaluating new talents, or long-term methodology like employee retention for the quality assessment.
The report states that 50% of 3,894 talent acquisition decision makers participated in its survey assess the quality of hire by evaluating the performance of new hire, while 49% assess it by using turnover/retention statistics, and 43% by giving importance to hiring manager satisfaction.
- Employee referrals: Giving a new dimension to the recruitment process
Employee referrals are no more considered as a ‘good-if-you-give’ thing. Rather, it has become an important part of the recruitment process in today's skill-hungry professional world. Jobvite Index shows referred employees generally spend a longer tenure than others. Further, it has also been found that referred employees regularly show impressive on-the-job performance. These factors are believed to give the employee referrals program a big fillip in the coming time.
While talking about employee referrals program in his company, the HR head of a leading India-based BPO said, “We strongly believe that employee referrals are a major source of quality hires. Therefore, unlike many companies, we treat these referrals with utmost importance and encourage our employees to actively contribute to our referral programs.”
So, if you are a recruiter and think recruitment websites and social networks are your major hiring sources, think again! Aren’t you overlooking another major source that is easily reachable?
- Employee retention: Solidifying the importance of people power
Thinking of putting down your paper in your present organization? Beware! Your journey will not be as smooth sailing as you think. Now, organizations are putting their best foot forward in retaining their talent. Even in 2016, employee retention will remain one of the top priorities for talent acquisition leaders.
As stated by the report, 32% of respondents revealed that employee retention would remain a main priority for them over the coming 12 months. Even in today's time, many organizations are focusing on internal hiring in order to enhance their talent retention strategy.
Talking about employee retention, the Talent Acquisition Leader of a renowned global consultancy revealed, “To retain your talents, it is important for you to pay close heed to your employees. Therefore, we always invest time and efforts to ensure proper training and development of our employees. We keep taking various initiatives to engage, nurture, and retain our talents and ensure their holistic learning and professional development.”
- Employer branding: Scripting a win-win relationship for both employees & employers
Is employer branding a part of your recruitment strategy? If not, then 2016 may play havoc with your strategy. Gone are the days when branding activities revolved around only products and services. Branding and promoting employer is now an emerging global recruitment trend to attract and retain talent. This trend will gain momentum in 2016.
Although saw a slump in 2013, the concept of employer branding has started restoring its lost glory on a year-on-year basis, with 59% of respondents in the report making more investments in their employer brand than the previous year.
With an increase in the spending on employer branding activities, organizations are now adopting various strategies and exploring more outbound networks to create their brands. Adding to this, talent acquisition specialists across the world continue sharing all their branding efforts with their cross-functional partners, more specifically with their marketing team. Therefore, a strong liaison between HR and marketing is predicted to become a key to organizations’ recruitment strategy in the coming years.
Now, to put all details in a nutshell, four major hiring trends are apparent in 2016.
- Quality of Hires
- Employee Referrals
- Employee Retention
- Employer Branding
These prevailing recruitment trends are calling for specialized knowledge and skills in the field of talent acquisition and talent retention. Even, organizations are also waking up to the need for hiring talent acquisition specialists with advanced skills set. The ‘wait-and-watch’ time is now over and it's time for talent acquisition specialists like you to brace for a whole new ball game. Good thing is that now you can opt for various certification programs and stay on the changing thresholds of talent acquisition practices. Not only these programs will update your skills set but also validate your expertise as a new-age talent acquisition specialist.
So, are you ready to ride the wave of new recruitment trends in 2016? Think fast and act faster!