Top recruitment industry trends to watch out for in 2019
The recruitment industry is poised to grow bigger than ever, with the latest market reports forecasting the global recruitment industry to surpass a market size of USD 460 billion over the next five years. With the emergence of AI and disruptive technology, the human resource planning process is getting reshaped to take corporate recruitment and talent acquisition towards a new future. In the landscape of strategic human resource planning, the business environment is growing increasingly vibrant, with the rise in staffing index and high demand for professional recruitment. Human resource requirement is forecasted to gain a rapid momentum across the globe in the coming future and it is very critical for all organizations to follow the most efficient talent management system to gain traction over their peers. A strategic human resource planning involves important stages such as extensive job analysis, talent sourcing, and screening the talents.
Demographic trends like an abundant supply of skilled professionals are a major driving factor behind the growth of the recruitment market and an increase in corporate recruitment is highly correlated to the rise in GDP and economic expansion. Professional recruitment in India is geared to become one of the largest talent acquisition markets in the next few years as the country is home to the largest base of the youth population in the world. Corporate recruitment is expected to grow at a rapid pace in India owing to booming sectors such as IT, Energy, Healthcare, Retail, E-commerce, Automotive, and Infrastructure that will create a large number of high-skilled jobs in the country. Furthermore, the growing use of online recruitment platforms, rising number of M&As, and increased rate of industrialization will drive the adoption of talent acquisition solutions for professional recruitment. The team of data scientists at T E Infotech brings to you the top recruiting trends that are likely to make a positive impact on the human resource planning process in the near future.
Artificial Intelligence
Artificial Intelligence has become a must-have in the recruitment industry, as applications of AI in recruitment are slated to experience widespread adoption in 2019. AI in recruitment offers various advantageous executive search tools such as automated candidate searching and matching, creating employee value propositions and profiles, and also helps at hiring remote workers. Most of the large MNCs look up to recruitment companies who employ AI into their human resource planning process. No wonder, AI in recruitment with the help of chatbots and AI-powered assistants are helping reduce the time needed to hire a candidate and also augment the pool of candidates who can successfully complete the application process.
Analytics
Big Data analytics is going to play a significant role in strategic human resource planning over the course of the next few years. A vital component of an effective talent management solution is “SPEED”, as the best-suited candidates don’t hang around for a long time, and that’s why it is important to make the human resource planning process faster. Many companies are using analytics software to diversify their pool of candidates by sorting and targeting potential candidates through their smartphones. Analytics in recruitment has definitely shifted the focus from the traditional telephonic or F2F interview towards more digitalized recruitment best practices.
Attracting the Best Talent
It is essential for an employer to build an effective branding strategy to stand out from the crowd and attract the best talent on hire. It is estimated that almost 75% of potential candidates research about a company’s reputation as an employer and brand before applying to their job openings. With many industries and sectors finding it difficult to find skilled people and an increasing number of baby boomers set to reach their retirement age, corporate recruitment will need to look beyond their industry to find potential hires. A growing human resource requirement is expected to compel recruiters to focus on interchangeable skills and enlarge their pool of potential candidates.
Recruiting Talent with Future-Proof Skills
Companies are increasingly focusing on executive search and hiring for candidates who possess future-proof skills such as cognitive flexibility, complex problem-solving capabilities, and critical thinking. Soft skilled candidates are also gaining high prominence from top recruiters as there is a dearth of talent who possess good soft skills like empathy, communication, and listening. Soft skills are driven by the personality of the candidate and make a prominent difference between a good and a great candidate for the same reason. As many industries are evolving rapidly with the advancements in technology, candidates who possess strong future-proof and soft skills will witness a rise in demand in the coming future.
Diversity Hiring
The objective of diversity hiring is to identify and eliminate potential biases in sourcing, profiling, and shortlisting candidates which may accidentally result in ignorance or discrimination of qualified and diverse candidates. Usually, the social and professional networks are built with people of similar demographics, race, culture, or ethnicity, which can have an impact on the human resource planning process in such setups. However, diversity hiring is a difficult challenge to overcome for the talent acquisition team in any organization as the right metrics are not easy to determine among a large pool of candidates. There is a lot of research-backed evidence that diversity hiring has an impact on many sources of value and growth for the company that includes customer retention, productivity, risk management, and process efficiency.
Flexible Working
There has been a boom in the number of candidates who are looking roles that offer flexible working, which, in turn, is being matched by recruiters offering highly skilled job openings that are temporary to source these ideal candidates. Shortage of skills is also adding pressure on existing employees which is making them consider leaving their current jobs for better opportunities and salaries. Many recruiters are aware of this trend and taking steps to stay ahead in the game and engaging early with potential candidates with a high level of skill for openings and placements in the future. Strategic human resource planning is getting revolutionized with the advent of flexible working and the challenge of talent acquisition is expected to reach new levels of competition.
Hiring Gen Z in the Workplace
The young Gen Z is freshly off their graduation and ready to board the train to professional recruitment. It is a big task at hand in the human resource planning process to facilitate this new breed of individuals who thrive on independence and collaboration at the workplace. Gen Z has been entering the workforce globally for a few years through entry-level positions and internships. In 2019, corporate recruitment is going to accelerate rapidly for this generation of digital natives who use social media platforms more than 10 times a day on an average. Gen Z in the workplace is expected to create work evolution at a much faster rate with the emergence of flexible co-working spaces, perks such as gaming zones and gyms, and advanced working culture policy.
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