The impact of the COVID-19 pandemic on the Australian labour market has been profound. At first, employees were less inclined to switch jobs due to the unstable economy, decline in advertised jobs, and the Australian government’s introduction of a job retention scheme. However, following that period of uncertainty, job mobility has increased as employees have caught-up on planned career changes or been encouraged by the robust labour market to change jobs.
According to the Australian Bureau of Statistics (ABS), the total job vacancies increased to 13.8% in the second quarter of 2022. As the demand for workers increases, some employers are struggling to find the right talent, especially for hard-to-fill roles. This staffing challenge is not exclusive to Australia. As a matter of fact, a study revealed that more than 85 million jobs could go unfilled due to a predicted global talent shortage in the coming years. With this mind-blogging increase in the global competition for talent, employers need to make sure that their recruitment tech is aligned with the hiring game.
Figures from Fortune Business Insights show that the global talent management software market size is projected to grow from USD 7.93 billion to USD 17.66 billion within the next seven years. With the recruitment tech marketplace growing at a record pace, it can be simpler than ever for organisations to find the best candidate for the job. But with so many talent management software options, it is common for recruitment leaders to feel overwhelmed when deciding what would add value to the recruitment process to remain competitive in a candidate-driven market.
Here are a few things to consider getting your recruitment tech stack talent-war-ready.
The global pandemic prompted people to re-evaluate their priorities, altering how they view their careers and plans for the future. As a result, candidates have become more selective, specific, and intentional about their career choices. In turn, this has increased job changes, with the Australian Bureau of Statistics reporting that 9.5% of employed people moved to another employer in the first quarter of 2022. (NB; this is a stark difference to the global fake-phenomena of the 45% turnover figure quoted in The Great Resignation – see my previous article HERE).
These may include a culture that facilitates employee engagement, a job they find fulfilling, and an employer that makes a positive impact on the world. While some businesses meet all these criteria, they may still lose top talent if their recruitment process and tools don’t enable them to showcase their strengths to potential applicants.
Enter, the candidate experience….
While candidate experience has been around for a while as a concept, its importance has increased, and we expect it to be crucial in the future. With recruitment technology becoming more sophisticated, savvy businesses are constantly looking for ways to enhance their employer brand as a means of competitive advantage. If this sounds like you, we recommend adopting a holistic approach.
Start with technology that allows you to communicate rich information about who you are, what you do, and what you believe in. Then, make sure you use tools that allow you to build two-way communication with prospective candidates. Lastly, talent software can also help you to streamline your process and make it fast and easy for applicants.
The pandemic has changed our ways of working, forcing most companies to go virtual. Recruiting isn’t an exception, with employers moving their process online since 2020. Now, savvy companies are looking for ways to refine their process in the new normal in a way that maintains flexibility for their candidates.
The most talented candidates may be in full-time employment combined with other personal responsibilities, so offering them flexibility can go a long way. While there are several ways you can achieve this based on your target audience, here are some examples.
Firstly, keep things virtual wherever possible. As long as you use the right recruitment tools, remote hiring won’t have an impact on your decision-making, as you will still be able to collect the required information. On a side note, this will also be more time-and-cost-efficient for your business and your busy hiring managers will appreciate it.
Also, we suggest embracing tools that make your recruitment asynchronous. From online tests and assessments that allow you to evaluate a candidate’s skills, qualifications, and organisational fit – through to asynchronous video screening and interview tools, your applicants will love being able to offer you information on their own time. At the end of the day, they do this for free as part of your hiring process, so providing them with flexibility is a great way to show them your appreciation.
A Glassdoor survey revealed that 76% of job seekers consider DEI as an important factor when looking for their next career move. So, it’s not surprising how inclusivity and belonging have evolved from merely something nice to have into becoming a key pillar in talent planning. This is evident in data from LinkedIn reflecting a continuous global growth of Diversity-related roles, with Australia consistently at the forefront.
We believe that the Recruitment function can play a central role both in enabling organisation-wide DEI and in showcasing it to talent through tech. If you are looking to up your DEI game, here is how to get started.
First, use a sophisticated and easy-to-configure Recruitment reporting solution that allows you to collect, store, and analyse key DEI data. This will allow you to identify areas for improvement and create a successful plan to address them. Then, focus on an ATS that allows you to build a recruitment process that celebrates individuality and uniqueness. For example, make sure your solution allows candidates with disabilities to apply as easily as other talent.
Visibility over the skills, interests, availability, and development goals of your workforce is hard to get. Fragmentation of various HR information and Recruitment systems makes this job even harder. Looking for hidden potential within your workforce and contractor base is made easier when you opt for systems which have all the functionality you need to identify, communicate and maintain real-time insights on your talent.
This doesn’t mean that you should necessarily opt for major changes to your stack, however, we suggest considering whether your solution is aligned with the trends we see in the new normal. Candidate experience, flexibility, and DEI may drive some changes to your process but have no fear, as there are several tools that can meet your needs. Manage your tech stack - don't let it manage you.
80% of companies who have talent tech are only using 20% of its capability? Why? Ask the salesperson who sold it you!
What does your talent tech-stack look like? Is it ready for the "new normal"? Is it strong enough to help you win in the "war-for-talent"?