You may have experienced the recruitment industry in your life already, whether you have worked in it or been approached/used a recruiter for your job search. No matter what your impression is of the industry or whether the rumours of a horrible ‘sales’ environment and drunken nights remind you of the wolf of wall street – it works. Something must be said for the certainty that recruitment is a required service in any industry.
(By Tessa Fyson - Marketing Executive)
I think we can safely agree that 2018 was a year like no other. There was rapid expansion in technologies capability and requirement in our lives. We witnessed unparalleled change in international relations and the balance of power which, has delivered an uncertain and questionable world. However, becoming a professional that looks to the future enables you to be one step ahead of your colleagues as the recruitment market shifts. Finding new talent across multiple industries is a continuous challenge amid the backdrop of record unemployment and a skills shortage.
The average number of vacancies in the UK rises year upon year, with April – June 2017 boasting 785,000 and April – June 2018 was a record breaking 817,000 (+4.1%). It is an unwanted struggle trying to find skilled candidates when companies are on a mission to keep up with their pace of growth.
Before we carry on, lets explore this further …
Why is the UK compromising on candidate quality?
Would you be surprised to know that 1 in 3 candidates are described as less than ideal. Plus, the number of hours wasted on hiring unsuitable candidates is 1.3m hours a year. Think of the time and energy spent to go through the interview process, set up a new employee on your systems and train them into your company – for them to just leave or prove not suitable! Hiring the wrong candidate for the job is a costly mistake a business cannot afford to make, especially in a time of uncertainty in the UK.
It will always be a catch-22 scenario for businesses that already do not have extra time to waste hire a candidate they then have to spend more precious time replacing when, they could dedicate more time and money to doing it right the first time. ‘It’s at best ineffective, and at worst a huge drain on resources.’
It may seem like I am becoming the bearer of bad news, but sometimes it must be said. So, around 700,000 vacancies are filled in the UK each year, that’s an average of 6 candidates interviewed, each interview amounting to an hour. That means companies/brands will spend 4.2 million hours recruiting within 12 months. BUT, they then compromise on unsuitable candidates 30% of the time.
Adding up the figures means a lot of man hours wasted that could be used on creating additional campaigns, recognising employees hard work with more incentives or spending money on adding additional products / services.
Back to 2019
With Brexit around the corner, (well, for the time being, who knows what will happen between today and tomorrow), recruitment services are becoming staggered and uncertain as many companies, especially global, are holding off bringing on new professionals.
Recruiting exceptional candidates is not getting any easier, do not be fooled as much as an argument in the public is that jobs are hard to come by, there is a candidate shortage. This shortage is pushing salaries northwards, particularly in IT companies where now, there is a particularly high skill shortage. Across all industries the rapidly evolving technological advances that are coming into play at a faster rate than expected, means school leavers and graduates are having to ensure their skillset covers new programmes. It is not an easy system to navigate for hiring managers or job-seeking candidates. (There are so many moving parts we could talk about it for days, and by that point there will be another change in the recruitment industry!)
What can we see happening in the recruitment industry?
It needs to be mentioned – artificial intelligence
Of any new technology or ‘industry phase’, artificial intelligence is the clearest prediction that can be made. Whether it be marketing, the stock market or recruitment, the integration of AI into working everyday life will revolutionise the way we work, operate and how much time is wasted on menial tasks. The potential for the use of AI to clean up and analyse a company’s entire database and chatbots that can communicate and organise interviews is right there for the taking. An AI system could manage that early screening process of candidates when it is inputted by the company what they are looking for.
You will read many more articles by myself and online about AI, but it is important to remember that the human experience within the recruitment process is extremely vital.
Employer value Proposition ‘EVP’
To some of you this may be a brand-new concept, if you are a candidate then you can be excused for now, but if you are an employer or hiring manager, you may need to invest your time in developing and implementing your companies EVP strategy.
For the newbies, an EVP is all things that make your company/brand attractive to potential candidates. Everything including your companies’ values, culture, benefits, and approach to work/life balance is your Employer Value Proposition. It is rapidly becoming a ‘must have’ instead of a ‘what would be nice’.
The growth and trend of video
The biggest mistake to make in 2019 would be to let your imagination run straight to AI technology and miss out on all the new advances in between. For those who have purchased a BMW or MINI in the past year you may have received a video from the salesman / saleswoman, describing your chosen car and what the next stages of the buying will include. Video has started to show off its potential across various industries and especially in recruitment. It is all about the lengths a recruiter will stretch to when catering for a client or candidate.
Video has the potential to put a face to the name when a lot of recruiting is done on email and over the phone. (How else do you except to stand out in the race to beat a competing recruiter?) It has the potential to save time by eliminating the pre-screening interviews with candidates and can also make your bond with the client stronger by sending a video to describe the candidates you are sending.
Think of it this way, your candidates want to know what it is like to work for a company/brand. Why not send them a short video with the job description on the company, the offices and who they will be working? Just an idea!
Everything suggested above reflects the recent trends currently in the industry. But given the fact that 2018 and 2019 has already been prone to change, these trends may vary given the industry, recruitment process and the hiring company itself. These trends are primarily powered by the technical innovation and where our progression with this knowledge takes us. Also, the continuous shortage of supply in candidates, especially candidates with the skills needed to be a successful hire the first-time round.
Now I know this is a lot of information to take and it is clear to me, so it must be to you, that recruitment this year is taking a turn in the way it operates, is regarded and how it will succeed or fail in years to come. Keep a look out for part 2 to find out other changes / new developments we can expect from recruitment in 2019.