There has been substantial growth in competition for talent due to record high job openings, with an estimated 528000 new jobs added to the labor market in July 2022, and this tight labor market is said to continue through 2030. This article will bring forth a new study’s research data to improve the hiring process of organizations.
This data includes features based on a survey given to recruiters about their experiences with the current recruiting climate:
- 85% of recruiters say they hire candidates within four weeks or less, and 32% reckon they do this in less than two weeks.
- 81% of recruiters believe it has become harder to recruit top talent in the past year.
- 61% of recruiters believe their job has become more stressful over the past year, and 51% of them believe that this is due to a lack of talent in the labor market and a lack of competition from other employers.
- 63% of HR decision-makers believe their current volume of hiring has grown considerably over the past year.
- 69% of recruiters believe it will remain challenging for the balance of 2022 and 58% of them blame lack of talent.
- 62% of recruiters have set a goal of increasing their quality of hire.
There seem to be considerable roadblocks in the recruiting process due to a tight labor market. One of the biggest roadblocks being the lack of talent available in the job market, and therefore, recruiters should consider improving their hiring speed to fend off any competition for the talent that there is. It is thus not surprising that 80% of recruiters usually expect a posted position to be filled within 30 days. They have increased hiring speed by reducing the time for interviews and encouraging quicker feedback from internal hiring. Other recruiters have considered taking a long-term approach by focusing on the quality of their recruits. This long-term approach avoids the pitfall of following economic trends and instead aims to hire on the bases of everything that will benefit the company in the long term.
Businesses can take this long-term approach by optimizing their recruiting process through data-driven insights that bring to light possible roadblocks in the process and find solutions to these problems, the idea being that if you can identify where the problem is, you can find ways to improve the whole system. Businesses can also invest in the needs of those involved in the recruiting process, such as the HR, the recruiters, and the candidates, to improve the conditions which the hiring process requires to thrive.
In addition, businesses can optimize the use of technological advances in the hiring process that improves the system by ranking the best candidates for your company according to cultural fit or any other element that your company requires. This ensures that the business remains competitive in finding the best recruits regardless of difficult economic periods. Employ data suggests that leveraging specialized recruitment technology can increase hiring speed by 27%, increase referral hiring by 18% and decrease candidate acquisition costs by 30%.
In today’s market, the strain on recruiters is getting worse due to various contributing factors; therefore, companies need to improve the process of hiring by any means necessary. The alternative is losing out on the best recruits to companies who did whatever they could to remain competitive.
