03 March 2020
Are you struggling to recruit talent? Many HR teams have the same issue. Talent is becoming scarcer than ever and the war for talent is intensifying. In 2020, according to McKinsey, companies may not be able to fill one in ten roles they need.
The recruitment landscape is changing
The recruitment landscape has dramatically transformed. Today:
- Candidates have many career choices. They can choose from multiple opportunities across industries and countries.
- There are more and more passive candidates. A growing number of professionals no longer actively job seek.
- New jobs are being created, requiring a very specific set of skills. The demand for high skill workers is higher than what the market can produce.
- Millennials have different ambitions from previous generations. Recruiters must find a way to effectively pitch to these ideals while also keeping expectations realistic.
The race for talent is raging
In this context, the race for talent is raging. Some of the biggest challenges recruiters say they face include:
- Attracting quality candidates: it is getting more and more difficult to attract the right talent. Robert Walters research shows that 56% of employers have had at least some difficulty recruiting professionals. 16% are finding it extremely hard to find the right people for the majority of roles they are looking to fill.
- Assessing skills: 85% of recruiters believe candidates exaggerate skills and competencies on their resume according to the Monster 2019 State of the Recruiter survey. It can be difficult for recruiters to accurately evaluate skills and apprehend personality.
- Hiring fast: excessive time to fill open positions is a major concern for many high-growth companies. The Mercer Global Talent Trends 2019 study reveals that 52% of organizations consider that excessive time to fill is their top human capital risk.
New talent acquisition techniques are emerging
To overcome these challenges and differentiate from competitors, many companies have invested in growing their employer brand and showcasing their company culture. However, for most of them, it has not been enough to successfully attract and recruit candidates to meet their needs.
In recent years, to help bridge the gap, new talent acquisition approaches have emerged. These alternative recruitment methods are of three main types:
- Technology-based leveraging Artificial Intelligence (AI), video interviews and virtual reality,
- Game-based relying on online games or face-to-face competitions,
- Referral-based drawing upon employee networks.
Several companies are embracing such approaches to attract better candidates, assess skills more effectively and increase their efficiency. But are these alternative methods truly effective? Is the traditional recruitment process not fit for purpose anymore? Can these new approaches really help attract, recruit and retain talent? Or are they just a passing fad?
In our latest ebook, we answer these questions looking at new alternative recruitment methods, how they are being used by organizations and how they are perceived by candidates. We also share critical considerations for HR leaders contemplating new talent acquisition techniques.