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Tag: Candidate

68% of global recruitment firms reported an increase in revenue in 2022

77% of staffing firms have implemented a digital transformation strategy

According to Bullhorn’s Global Recruitment Insights and Data (GRID) 2023 Industry Trends Report, firms with the highest revenue gains were twice as likely to have digitized their data as those with the greatest revenue losses and nearly twice as likely to use automation heavily. While 77% of staffing firms have begun implementing a digital transformation strategy, many are still in the early stages. Only 30% said they use self-service technologies such as chatbots to streamline operations and engage candidates, and only 17% heavily leverage automation throughout their business.

More than two-thirds (68%) of global recruitment firms reported an increase in revenue last year, and a similar number (67%) expect to improve performance again in 2023.

Winning new business becomes the top priority

For the first time in six years, staffing firms cite winning new clients (40%) as this year’s top priority, most likely due to continued economic uncertainty and intensifying competition. The second biggest priority is digital transformation (34%), followed closely by candidate acquisition (33%).

Despite feeling optimistic about their business growth prospects, global recruitment firms continue to face client-related challenges. The most pressing is an increase in job requisitions that are too specialized or demanding (according to 22% of respondents), followed by a reduction in overall job requisitions (17%), and a lack of communication from clients (15%).

Engaging existing talent leads to higher revenue gains

Candidate acquisition remains a challenge: 56% cite the talent shortage as a top challenge in 2023, an increase from last year. However, firms that followed certain best practices in engaging candidates were 30% or more likely to report revenue gains in 2022. These best practices include engaging with passive candidates in the firm’s database, soliciting referrals from candidates, and using candidates’ preferred methods of communication, among others.

The two practices most correlated with success were redeploying candidates and database utilization. The firms that lined up the highest proportion of workers for new roles before the end of their assignments and those that most frequently filled a position with a candidate already in their database were twice as likely to report revenue gains last year and 50% more likely to expect gains in 2023. However, fewer than 10% of firms use automation to redeploy candidates.

Gretchen Keefner, SVP, Global Enterprise Business at Bullhorn, comments:  “This year’s survey highlights a clear relationship between business performance and technology adoption. This makes a compelling case for firms to invest more in digital transformation to future-proof their businesses, despite economic challenges and uncertainty in the jobs market.”

“Acquiring new clients has once again become the top priority for recruitment firms, and it’s still crucial for firms to focus on delivering a more modern, personalized, and connected candidate experience because the talent market remains tight. Firms that use technology to increase their efficiency and provide a streamlined experience will set themselves apart from the competition.”

Read the full report here.

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Rethink recruitment in 2023

Recruitment strategies to attract the best talent

Even with the expected business slowdown in the coming months, recruiting employees with the right skills will be more challenging than ever. This is according to a new guide from global recruitment firm Monster.

Recent research from Monster has revealed that 87% of UK companies plan to hire in 2023; however, good employees are becoming harder to find.  A further 81% of organisations struggle to find candidates with the skills they need.

To overcome this, Monster suggests a policy of proactively hiring, by communicating differently, across the entire ‘candidate life cycle’.

  • General awareness
  • Passive search
  • Active search
  • Application
  • Onboarding

Employer branding helps to build a ‘good reputation’ before candidates consider changing jobs, helping to keep them front of mind when candidates are triggered to seek new work.

Organisations also need to develop and maintain a good careers site to attract candidates in the ‘active search’ phase. The career portal should include information that candidates want to know before joining, including company values and culture.

With 70% of job applications in 2021 completed on a mobile device, the application process must be straightforward and optimised for the appropriate platform.

The guide suggests a multi-channel approach to highlight the availability of jobs.  Effective use of social media is essential to the recruitment strategy, considering that 57% of job seekers use social media to research a potential employer.

Current employees should also be considered in the hiring strategy. The guide suggests that an effective candidate retention strategy will lower hiring costs. The strategy should include the following:

  • a feedback loop, providing actionable feedback to employees
  • a referral programme
  • skills analysis, including understanding current employees’ skills before recruiting externally.

Claire Barnes, Chief Human Capital Officer at Monster, commented: “Recruiters need to engage with talent whenever and wherever they can find it – online, offline, in-person or remotely.  It’s important to present a compelling proposition including consistently and constantly building brand awareness of a kind that appeals to candidates at every stage of the job seeker journey. The entire user experience from research to job offer must be a very positive one.”

Download the Always Be Recruiting guide at https://learnmore.monster.com/UK_always_be_recruiting

 

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83% of employers losing out on top talent

Delays in candidate screening are threatening TA

According to research from Access Recruitment  present delays to candidate screening are threatening talent acquisition in most UK businesses with more than eight in ten (83%) employers losing out on top talent due to the time taken to complete pre-employment screening checks.

In today’s tight candidate market, recruiters cannot afford to experience such delays. Governmental processing bottlenecks are affecting background screening for 61% of UK companies, directly prolonging organisations’ time to hire.

Businesses are increasingly introducing automated screening, especially for Right to Work (RTW) checks. In October 2022, the Home Office made digital RTW processing a permanent fixture, introducing certified Identification Document Verification Technology (IDVT) for continued worker identification checks without the need to meet in person.

Flaws within current manual screening processes affect employers and candidates alike. Employers suffer delays in accessing the talent they desperately need, and candidates are stalled in commencing their employment.

James Waby, Pre-Screening Consultant at Access Recruitment spoke exclusively to TALiNT International:“According to our new data, almost half (49%) of agency and inhouse respondents are already utilising candidate screening technology. This is promising, but there is work to be done to ensure that more companies understand how to embrace technology to automate their pre-employment screening processes for better efficiency and compliance. Moving forward, organisations have so many opportunities to move away from manual processes to help them onboard workers faster, particularly amid the challenging economic environment and talent shortages.”

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Seekout, iCIMS add new features

New, integrated job advertising allows recruiters to build and launch advertising campaigns

iCIMS, the talent cloud company, has announced new capabilities to help organizations improve talent agility and optimize hiring and engagement. The iCIMS Summer ’22 Release delivers key innovations to drive businesses forward, as the market continues to shift.

New iCIMS Talent Cloud innovations within the Summer ’22 Release help to:

  • Accelerate and automate sourcing to attract and engage diverse talent with less effort.
    • New, integrated job advertising allows recruiters to build and launch advertising campaigns to thousands of global job boards, all within the iCIMS ATS.
    • iCIMS Digital Assistantresume upload feature automates job matching directly within the AI-powered recruitment chatbot for an enhanced talent experience and quicker applicant conversion.
    • AI-led features in iCIMS CRM, including new automated job alerts, embedded analytics and more, enable faster, better targeted candidate pipelines.
  • Simplify scheduling and hiring for candidates and hiring teams.
    • Candidates can now self-schedule multi-meeting, multi-person interviews based on real-time interviewer availability.
    • New, standardized HCM integrations between iCIMS’ ATS into SAP® SuccessFactors®, ADP® Workforce Now or ADP® Next Gen HCM allow organizations to synchronize talent data between platforms to create an end-to-end experience for talent teams.
  • Strengthen talent engagement and employee retention.
    • Improved internal mobility experiences within iCIMS Opportunity Marketplacewelcome employees and make it easier to add skills, develop their profile, and explore new, personalized opportunities across the company.
    • New automation and integrations with iCIMS Video Studiomake it easier for team members and leaders to create and share dynamic video content with new hires to personalize the onboarding experience, while helping to reduce attrition.
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Sterling becomes a certified Identity Service Provider

UK government gives thumbs up to screening and identity services firm

Background screening and identity services firm, Sterling, has become the first such organisation to become a certified digital identity service provider (IDSP), under the UK Digital Identity & Attributes Trust Framework, for UK Right to Work and DBS Criminal Record checks.

The company, which meets the requirements of the trust framework, can employ in-session biometric and document verification to confirm a job candidate’s identity. This fulfils the standards to digitally process DBS Criminal Record and UK Right to Work (RTW) checks. In addition, the company can provide employers with a statutory excuse for UK Right to Work.

The digital nature of these checks is set to reduce turnaround times, improve accuracy, and reduce the chance of identity fraud.

Steve Smith, President International at Sterling, commented: “We are delighted to announce that Sterling is the first identity and background screening service provider to become a certified digital identity service provider (IDSP). IDSP’s can carry out digital identity verification to a range of standards or levels of confidence, and this development will improve the experience for both the job candidate and the employer.”

“In addition, Sterling’s certification as an IDSP is well timed, particularly as the competition for talent intensifies and with growing concerns around identity fraud. While some businesses may not immediately recognise the advantage of using an IDSP, the introduction of digital identity should be viewed by employers as a positive change: Working with a registered IDSP will allow firms to benefit from technology that can significantly improve the candidate experience, as well as the speed and accuracy of their background checks.”

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Dan Hammond-Smith, Divisional Director, Oakstone Interrnational

Challenging times ahead for software recruitment market

Rapid growth in demand and shortage of talent creates tricky situation

Industry specialists continue to warn of challenges in finding the right candidates in the current buoyant software recruitment market.

The rapid upturn in demand and a talent shortage is creating a difficult situation for businesses that wish to expand. Specialists warn that companies need to invest sufficient time, money, and expertise in the employment process if they wish to succeed.

Experts say that one of the reasons for the current challenging situation is an increasing number of recruiters in the technology industry, resulting in candidates receiving significantly more cold approaches than before.

Additionally, remote recruiting has sped up recruitment procedures, even though companies have added layers and touchpoints to ensure that they’re hiring the right talent.

Tristan Heywood, Divisional Director at Oakstone International, commented: “I’m 21 years at Oakstone and I can’t remember a time when we have been busier. Literally every tech company is hiring at scale, which is not only driving salaries up, but also challenging candidates to make the right decision – and that situation is unlikely to change in the near future.”

“There are simply not enough qualified/experienced resources to deliver against the demand across every function – whether that’s technical, marketing, consulting or sales – the average candidate is overwhelmed with offers and for many, the primary metric for measuring an opportunity is on the salary rather than a holistic focus on earnings, culture and genuine career prospects.”

“Software is now driving everything – new banks are essentially technology platforms – and traditional industries are being fully automated by tech and therefore the demand for staff is constant and is only getting bigger and greater and more difficult.

“Companies will also have to think about how to sell their brand to attract the right people. Packaging your opportunity based on earning scope, leadership, personal development and culture will be critical. Otherwise you are in a straight salary shoot-out and if you don’t sell a vision then the risk is that highest payer will win”

Dan Hammond-Smith, Divisional Director at Oakstone International, added: “As we continue to move towards a hybrid working model, most clients who we partner with have adapted and adjusted.

“Those that haven’t – and those that aren’t willing to – will lose candidates because employees are more than ever calling the shots about when they want to be in the office. People’s priorities have changed.”

“There is probably a 20 per cent increase in terms of base salaries within senior technology roles from even where we were last year – coupled expectations of bonus, decent pensions, investment in people’s betterment, learning and well-being – and you have a pretty competitive landscape.

“At the start of 2021, the standard interview process within technology was 27.5 days – now, for most of my clients, it’s 14 days. That’s because they have now got to be even more competitive in the market to succeed.”

All indications are that UK businesses need to continue adjusting and extending sufficient resources in the recruitment process to thrive in the current challenging business climate.

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London financial services recruitment rebounds from COVID-19 lows

Despite global political concerns, financial services are in a significant growth period

Morgan McKinley’s latest recruitment monitor for Q1 2022 shows that recruitment numbers in the financial services industry are rising following pandemic lows and global political and economic concerns. 

According to the report, there were 11 008 jobs available in the first quarter of 2022, over 73% more than the same period in 2021. There was also an increase of 35% quarter-on-quarter from Q4 2021 to Q1 2022.

The continued increase in available jobs clearly shows that business intends to grow, even with global instability.

Another key finding was that 51% more people actively sought new job opportunities in Q1 2022. There was also an average salary change of 22% when changing jobs. This number is significant, indicating a shortage of candidates in the city’s financial services market.

The data shows that businesses are bidding with higher salaries to attract the best talent, as the numbers of job seekers have not proportionally increased in line with the volume of new jobs available. Companies are also taking steps to retain existing staff, often by offering larger bonus payouts.

Hakan Enver, Managing Director at Morgan McKinley, commented:  “Once again, the city’s recruitment has shown stubborn resilience in the face of adversity. The first three months of this year saw companies hiring in their droves and professionals with renewed confidence to move. It’s safe to say that firms have been desperate to hire.”

“This growth is even more momentous when considering the various global issues that have come to the fore. The start of 2022 has been a tale of two opposites for London. On one hand, the Omicron variant, the ongoing invasion of Ukraine and its subsequent energy crisis, 30 year high inflation and rising interest rates have been the talk of the tabloids.”

Despite all the year-on-year increases, the month-on-month growth for 2022 is significantly slower – with a 2% increase comparing March to February and 12% when comparing February against January. The escalating global issues may still impact the London bubble and recruitment numbers for the remainder of the year.

Enver went on to add, “Despite not many knock-on effects being seen in London’s Financial Services hiring thus far, the ongoing invasion of Ukraine and the global economical fallout could yet play a huge role in our market. Further escalations and sanctions would see more companies removing themselves from interactions with Russia, and who knows what might happen here as a result. It will be interesting to see what the figures of jobs and job seekers over the next three months pan out to be.”

 

 

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Toxic work culture biggest reason for “Great Resignation”

Employees ten times more likely to leave due to toxicity than compensation

With record numbers of resignations in the UK in 2021, new research has found that toxic workplace culture is the most significant reason employees leave their roles.

MIT Sloan Management Review analysed over 1.4 million anonymous employee reviews on the careers website Glassdoor to understand why people left their jobs. According to the research, employees in the US were ten times more likely to leave due to toxicity as opposed to compensation.

The research found that toxic work culture was described as:

  • Non-inclusive
  • Disrespectful
  • Unethical
  • Cut-throat
  • Abusive

According to Glassdoor, a toxic workplace is described as a hostile culture where the offence and intimidation of employees is almost normalised. This hostile environment negatively impacts employee engagement, productivity, and job satisfaction throughout the business and, ultimately, the company’s bottom line.

Glassdoor provides the following suggestions for employees dealing with a toxic work culture:

  • To not stoop to low levels of behaviour – employees should focus on neutrality and completing their work responsibilities.
  • Connect with colleagues who share similar feelings for support while avoiding gossip.
  • Not to allow stress at work to overtake their home life.
  • Protect mental health by taking time outside of work to focus on wellbeing.
  • Create an escape plan for removing themselves from toxic work situations responsibly.
  • Analyse what they don’t like about the role to ensure they do not find themselves in the same situation in their next role.
  • Read reviews of any potential companies to find out what it’s like to work there.

Glassdoor economist, Lauren Thomas, commented: “If 2021 was the Year of Quits for employees, 2022 needs to be the Year of Hires for companies. To do this, employers need to understand why workers are leaving. Toxic workplace culture is a major factor in the record number of resignations – but job seekers are also enjoying more choices than ever when it comes to selecting their next role. Putting employee engagement at the heart of the business is vital to retain staff and maximise productivity.”

With the market still seeing high levels of staff turnover coupled with the lack of skills, employers’ focus should turn to talent retention and internal mobility in order to prevent employees leaving.

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Candidate shortages slow down hiring

Starting salaries show a record rise

According to the latest KPMG and REC, UK Report on Jobs survey, candidate shortages have slowed down hiring in both permanent and temporary recruitment. Even though expansions are high based on previous records, the increase rates hit 11- and 12-month lows, respectively.

The report, compiled by S&P Global, is based on responses to questionnaires from around 400 UK recruitment and employee consultancies.

The survey found that overall staff supply had the steepest drop in four months. Those surveyed attributed the candidate shortages to the low unemployment rate and uncertainty related to the pandemic and the war in Ukraine. Other reasons included fewer EU workers and robust demand for staff.

The candidate shortage has led to significant increases in starting salaries – the salaries for new permanent employees rose at the quickest rate in 24 and a half years. In addition, the average wages for temporary workers also increased at the fastest pace in three months.

Although all UK regions showed increases, there were variations in the various English regions. The Midlands showed the steepest increase in permanent placements, while the lowest increase was in the South of England.

Further variations were noted between the private and public sectors, with the largest expansion in demand being in the private sector.

The IT and computing industry continues to show the steepest increase in demand. Conversely, the softest increase was in the retail sector.

Neil Carberry, Chief Executive of the REC, commented: “We can clearly see that labour and skills shortages are driving inflation in these latest figures. Starting salaries for permanent staff are growing at a new record pace, partially due to demand for staff accelerating and partially as firms increase pay for all staff in the face of rising prices. Record COVID infection levels are also pushing up demand for temporary workers, particularly in blue collar and hospitality sectors, underpinning the ability of temps to seek higher rates.

“However, the overall number of placements being made is starting to stabilise. This is no surprise after a period of historically high growth, and in the face of more economic uncertainty. Even so, the jobs market is very tight. Businesses will need to broaden their searches and be creative in making their offer to candidates more attractive, in consultation with recruitment experts. But government can help by incentivising investment in skills and people during the inflation crisis.”

Claire Warnes, Head of Education, Skills and Productivity at KPMG UK, said: “There’s no end in sight to the deep-seated workforce challenges facing the UK economy. Once again this month, job vacancies are increasing while there are simply not enough candidates in all sectors to fill them. With fewer EU workers, the ongoing effects of the pandemic, the economic impacts of the war in Ukraine and cost of living pressures, many employers will continue to struggle to hire the talent and access the skills they need. With unemployment staying low, there are many great opportunities for job-seekers to join or rejoin the workforce in all sectors.”

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TA teams can gain access to 4.6 billion candidates!

The Social Media Recruiting Guide

According to talent attraction experts at Adway, they’ve cracked the code to simpler, smarter recruiting that gets you way more candidates and it’s a lot simpler than you think. In a talent-scarce market, isn’t that what recruiters are looking for?

It’s all about automated social recruitment marketing.

As the number of job vacancies in the U.K. continue to reach record highs each month (1.3 million) there’s never been a better time to test out recruitment strategies that truly work. 

Well-executed social media recruiting allows modern recruiters to dive into a talent pool of 4.6 billion+ candidates who are active users on social media. It elevates their employer brand so they can stand out against their competitors, it allows them to tell the story of what it’s like to work at their company! Recruiters can now reach their dream talent on any device.

Automated social recruiting marketing creates a candidate experience that draws from best-in-class e-commerce advertising tactics — with highly-intelligent, targeted ad campaigns that compel candidates to explore the employer’s potential, review job listings and apply on the spot.

Adway’s Ultimate Guide to Social Media Recruiting is a must-read tool for busy TA professionals who want to spend less time hunting for candidates and more time meeting them.

Get the tips and tricks to:

  • Pinpoint where you are in the social media recruiting process
  • Determine the right metrics to track your strategic success
  • Measure your efforts so you can reach your goals faster

If you’re ready to benefit from one of TA’s best-kept secrets — and you need actionable steps to get started — download the Ultimate Guide to Social Media Recruiting today.

https://lp.adway.ai/guide-social-media-recruiting-campaign

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