Candidates: Are you interviewing and need support?
The Great Resignation. The Great Reshuffle. The Great Upgrade.
Call it what you want, but the bottom line for talent leaders is that hiring and keeping talent right now is harder than it has ever been. To find out what’s working and how companies are finding, hiring and keeping the best people, we surveyed 1,657 hiring leaders around the world to understand how they thrived in 2021.
After comparing this year’s findings to our 2021 report and sorting through the droves of responses, three themes emerged. The most successful talent leaders are:
And one thing couldn’t be more clear: the right HR technology is more important now than ever before.
After making massive changes in hiring and interviewing methods in 2020 (75% introduced virtual interviews in some capacity, and 15% automated at least part of their hiring process), respondents report enjoying greater flexibility (54%), time savings (54%), and an easier time identifying the best candidates (43%) in 2021; however, there’s a need for more — especially time savings.
Key takeaway: employers who prioritize skills over resumes are poised for success in an increasingly competitive global economy.
Whereas in 2020 many companies were navigating layoffs and furloughs, in 2021 their challenges were quite the opposite — employees started resigning at stunning rates.
In an effort to retain their talent, many organizations decided to increase compensation (54%); 44% have added learning and development allowances; 42% have added employee recognition programs, and 42% have tried to improve their employer branding in the last year. It’s worth noting that companies with higher rates of voluntary turnover were also the ones more likely to respond with increased compensation, while companies with lower turnover leaned toward adding culture events, learning and development allowances, and tuition reimbursement instead.
Key takeaway: In today’s talent world, experience and engagement are what really matter — both for employees and candidates. Conversational AI-powered recruiting assistants can engage job seekers wherever they are, whenever they want — and guide them through a set of easy next steps.
During the early months of the pandemic, organizations turned to virtual tools rapidly and out of necessity; but now, more than a quick pandemic fix, technologies like video interviewing have been fully integrated with talent teams as part of a permanent, blended approach.
Those who automated more of their hiring process also reported a significantly shorter time-to-hire. Of the group who reported filling an open position in less than four weeks, 65% had introduced technologies like AI and chatbots, 63% had implemented assessment tools, and 55% had moved to a combination of in-person and virtual interviews in the past year.
Key takeaway: Integrating technology into talent processes is strongly correlated with a shorter time-to-hire, empowering employers to win top candidates before a competitor does.
If we’ve learned one thing in the last few years, it’s that economic conditions are never fixed. Talent teams that continually look for ways to innovate will be much more equipped to meet the demands of the moment.
Stay ahead of the curve: Download the state of talent experience 2022.