The Josh Bersin Company’s latest in-depth research into the wondrous world of talent acquisition paints a stark picture. The study, entitled The Definitive Guide to Recruiting: Human-Centered Talent Acquisition, surfaces that competition for talent has never been more fierce, with 1 in 5 corporations surveyed having an average of over a thousand open job requisitions right now.
The research found that only only 1 in 4 employers design jobs with clear opportunities for skill development and variety, to attract and retain talent.
Despite the urgency on every recruiter’s part, something’s still amiss in the way businesses act on worker shortages. The research found that only only 1 in 4 employers design jobs with clear opportunities for skill development and variety, to attract and retain talent. Meanwhile, only 11% of companies promote a culture of internal mobility. Finally, only 8% actively recruit from under-represented groups.
The end of ‘post and pray’
Based on dozens of interviews and following over 600 responses from HR professionals around the world, the research found that over-reliance on old-style job posting, advertising, and traditional interviewing are among the least impactful recruitment practices in today’s competitive labor market.
“In industries like healthcare, retail, hospitality, and distribution, hiring has almost become a source of operational crisis.”
“This research shows that traditional ‘post and pray’ recruitment simply no longer works”, Bersin added in a press statement. “Job seekers are very discriminating, forcing employers to totally rethink their game. And in industries like healthcare, retail, hospitality, and distribution, hiring has almost become a source of operational crisis.”
‘For every ten new jobs created, only six are getting filled’
The study is naturally centred around the United States — who seem to be the frontrunners when it comes to a widespread scarcity of talent. The ‘Fill Rate’, as calculated by the U.S. Bureau of Labor Statistics, illustrates the percentage of jobs filled versus the total amount of jobs posted. That number is at an all-time low. “For every ten new jobs created, only six are getting filled”, Bersin adds.
Five practical solutions for TA success
When things go wrong, there’s also usually a right to delve into. The report found that companies that have pivoted their recruitment strategies to a ‘total employment value proposition’, subsequently become high-performing. “It’s based on support for better internal mobility, training and supporting recruiters, and use of the most modern HR technology to hire and grow”, the report states. In total, the research identified five practical solutions for TA success.
#1: A holistic, appealing, and authentic employer brand
“A complete and integrated EVP (Employee Value Proposition) should be the number one area of focus for TA success”, the research states. “When the company’s employment brand is strong, candidates feel a sense of purpose, and the organisation listens to its workforce, companies are: 5.4 times more likely to exceed financial targets, 6.1 times more likely to delight customers, and 7.4 times more likely to innovate effectively.”
#2: Focus on the expertise of recruiters.
“The second secret of effective TA today is to focus on recruiters”, it adds. “Companies must find and support expert recruiters, train the recruiting team, and connect the recruiters to the entire HR strategy. Companies that invest in their recruiting team are 3.9 times more likely to be leaders in innovation, and 4.5 times more likely to achieve high levels of customer retention. Recruiters are now among the most valued roles in business.
#3: Recruit internally as well as externally
“Internal mobility strategies, including temporary roles, project work, rotational assignments, and mentoring should all be included within the recruitment process”, the research states. “When companies encourage a culture of movement and growth, they are 3.7 times more likely to see innovation rise. And nearly 5 times more likely to be recognised as a great place to work.”
#4: Focus on a wide range of capabilities, not just technical skills
“The data shows that companies need to put skills and capabilities at the absolute center of their talent acquisition strategy. Technical skills are not enough. The study shows that when companies hire for behavioural skills in addition to technical expertise, there’s a notable performance improvement. Companies bringing these capabilities into their workforce are 5.7 times more likely to be innovation leaders.”
#5: Invest in modern recruiting technology
“Technology is key to recruiting success. Companies that employ AI throughout their recruitment processes are 4 times more likely to boast a strong candidate pipeline. Those who leverage a variety of digital-hiring solutions, such as online assessments, virtual interview platforms, and pre-hire chatbots, are twice as likely to attract and recruit the right talent.”
- The three steps to make learning part of a recruitment strategy
- The state of internal hiring: why talent leaders must prioritise internal mobility