Your company may have been holding off on recruitment for some time. However, the climate is changing, and the job market is heating up. According to the US Bureau of Labor Statistics, employment rose by 217,000 in May, which exceeds the peak of January 2008. The economy lost 8.7 million jobs between January 2008 and February 2010. Since then, 8.8 million jobs have been recovered.
These statistics will encourage companies to staff up ahead of their competitors, and to examine hiring techniques to ensure they can snag the best candidates. Dr. John Sullivan of Ere.net has identified specific corporate recruitment trends that he believes will be evident in 2014 and beyond.
Aggressive tactics. Sullivan anticipates tough competition among companies and recruiters manifesting in counteroffers and high rejection rates from candidates. HR staff will feel pressure to provide a talent advantage; talented individuals in a company act as a magnet for similar quality hires.
An employee referral program that is quantitatively measured. Hiring by referral provides high performers and high retention rates. According to Sullivan, social media has caused referrals to be the source of approximately 50 percent of new hires. Employees can act as scouts and be rewarded for finding new hires.
Big Data will be used to identify “passive” potential candidates that recruiters can target; to predict hiring shortages in the future, or potential opportunities. Such services, if not available in-house, will be provided by recruitment and staffing companies.
Employers will continue to brand themselves as long-term, dynamic employers. Reputations have become increasingly important as social media facilitates word-of-mouth and information dissemination. Think of Glassdoor, LinkedIn, and Universum. Employers will take care to impress external candidates throughout the search, screen, and hiring process.
Companies are realizing that HR activities are a direct contributor to the bottom line, rather than simply a function that should align with overall management strategy. Partnering with a company such as Staffing Services USA will ensure that you are aware of industry trends, that your hiring process is professional, that your brand is presented appropriately. Contact one of our professionals to stay one step ahead of your competitors.