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Employers increase tech budgets to improve hiring efficiencies

48% of respondents adopt a skills-first approach to talent acquisition

According to a recent global trends survey by HireVue, some employers are increasing their technology budgets to improve the efficiency of their hiring processes due to ongoing talent shortages. The survey discovered that 30% of employers have increased their hiring budgets, while 50% have placed a greater emphasis on internal mobility, especially in sectors that have experienced hiring freezes or layoffs.

Anthony Reynolds, CEO of HireVue, said: “This year’s survey confirms that we are at a turning point in global workforce trends, where demand for new skills is colliding with changing candidate demographics and expectations.” Many job seekers are now pausing their searches to focus on long-term careers at companies that will assist them in upskilling, reskilling, and expanding their knowledge. Employers are also willing to fill new positions by retaining and investing in their existing team members.”

The survey also found that employers are exploring alternative hiring methods, with 48% of respondents adopting a skills-first approach to talent acquisition, prioritizing skill sets over education requirements and prior work experience. Additionally, organizations are focusing on hiring technology to efficiently validate candidate skills amid changing requirements. Of those surveyed, 58% used standardized assessments, 32% implemented game-based assessments, and 40% added chatbots or text recruiting to their hiring processes.

HireVue surveyed over 4,000 talent leaders across the software, finance, and retail industries for the report. They also surveyed 1,000 US candidates about how the current economic state affects their job search.

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