Hiring is critical to every company’s future and with 73% of CEOs citing skills shortages at crisis levels, organisations can no longer expect talent to come to them.
Gone are the days of simply posting a job advert and waiting for the right candidates to find you.
Recruitment has changed; the way candidates look for jobs has changed. Consequently, finding and hiring the ideal candidate has become increasingly hard, expensive and time-consuming.
The job of building and delivering an effective talent strategy does not lie purely in the hands of the Talent Acquisition Team; far from it. It is down to every individual in the organisation to be involved in some way – viewing talent acquisition as the lifeblood of the business in order to build an employer brand that is so powerful, every potential new employee that engages with the business is biting their right arm off to be a part of it.
How confident are you that your recruitment strategy is up to scratch?
How much do you know about the top recruitment trends currently hitting the market ?
What can you be doing to contribute to this business-critical function?
If you’re feeling somewhat out of the loop with this, take a look at some of the latest trends within Treasury Recruitment.
1. Collaborative Hiring
Collaborative Hiring, or ‘Team-Based Hiring’ as it is sometimes known, is one of the key trends hitting the world of recruitment. Historically, hiring decisions have fallen in the hands of managers; however, the idea behind this approach is that teams work together to find and hire talent.
Typical teams will include people in different positions – hiring managers, HR managers and recruiters as well as people at different levels within the specific team – so employees that will be both above and below the level of the candidate in your organisation chart.
- Better quality of hire as more people are involved in the process
- Promotes positive team culture and strong company values
- Reduces the risk of ‘things not working out’ or feelings of the ‘job being mis-sold’
- Provides a more diverse assessment of each candidate, helping to eliminate any biases
- Improves retention rates as existing employees feel they have a voice and are valued
2. Proactive Sourcing
Proactive Sourcing is the ‘skill of identifying, pipelining and engaging with potential candidates before a job is even available’.
This approach is all about building ‘talent pools’ which you can tap into when the need arises. It is centred on the passive candidate market which in Treasury equates to a rather large pool – well, more of an ocean really.
We have discovered through our Salary Surveys that 80% of respondents, yep 4 out of 5 treasury professionals stated that they were not actively seeking a new role BUT that they would be open to hearing about new opportunities.
This is a ‘long-game’ approach, requiring a strategy centred around effectively nurturing relationships over time – through understanding key shifts and movements in the market as well as providing valuable content through blogs, videos and social media.
- Reduces time to hire as you will already have an immediate pool of talent to tap into
- Improves the quality of talent as culture fit and skills assessments will already have been carried out
- Drives competitive advantage as you will have greater access to top talent
- Promotes diversity as you have time to use more creative methods to attract candidates
3. Inbound Recruiting
Inbound Recruiting uses on and offline marketing strategies to engage targeted groups of passive and active job seekers in different phases of the recruitment cycle.
The power of this method has been driven by the shifts in the way candidates now search for and make decisions about job opportunities. Simply advertising an open position and hoping the right candidate will come along is not the way to attract candidates anymore.
Employer brand and the candidate experience is paramount. As such, recruiters and hiring managers need to think like marketers to engage and delight candidates throughout the process.
- You will attract people who actually want to work for YOU, not those just looking for a job
- Leads to higher success rates as candidates have already bought into the business/opportunity
- Reduces advertising costs and reliance on generic job boards for candidate attraction
4. Candidate Experience
Candidate Experience centres on candidates’ overall perceptions of a company’s recruiting process –from sourcing and screening through to hiring and onboarding.
The emphasis of this concept is on ‘communication’, whether that be through online activities (job postings, careers sites, social media interactions) or more personal offline interactions (interviews, inductions).
The key thing to remember is that every candidate is important, not just those that you may want to hire.
- Leads to higher success rates as candidates have a positive view of the business
- Increases the number of candidate referrals as candidates will recommend to their friends
- Encourages candidates to re-apply for other positions in the future
5. Social Recruiting
Social Recruiting is the method of using social media networks – Facebook, Twitter, LinkedIn, etc to find, attract and hire talent.
This has been one of the biggest trends to hit the world of recruitment in recent years; but with Millennials beginning to transition into leadership roles and Gen Z’s starting to enter the workforce, it has never been more important to build an effective Social Recruiting strategy.
- More cost effective than traditional advertising methods via job boards
- Increases job visibility as offers a wider candidate reach
- Allows more accurate candidate screening to assess culture fit
- Higher success rates as you are able to target specific candidate groups
- Reduces time to hire as methods of communication are a lot faster compared to traditional advertising methods
There you have it, 5 Top Recruitment Trends which have hopefully given you some food for thought.
Mastering these approaches will not happen overnight though and it very much needs to be a team effort. So get your marketing hats on and start planning which strategy will work best for you – there’s a battle for talent out there and you need to be in it to win it.