Decision-makers love data. In fact, in the sixth annual “Big Data Executive Survey” representing senior executives from 57 large corporations, 99% of responders reported transitioning to a more data-driven culture and a full 97.2% had invested in Big Data and AI initiatives. Yet only one-third considered themselves successful in developing a data-driven organization, a disconnect that’s been apparent since the first survey in 2012. And while nearly half of 2018 respondents cited people challenges as their greatest barriers to becoming data-driven, I think there’s another factor at play here: data variety.
Candidates have the upper hand in today's job market. Unemployment under four percent means that there is a high quantity of jobs available but a lack of candidates who have the required skills. Great candidates are harder to find which increases the length of the hiring process Managers spend valuable time reviewing resumes and holding interviews—if the candidates even show up that is.
When struggling to retain employees, most HR professionals or talent managers start analyzing their company cultures, mentorship programs, onboarding efforts, and the like. But it often doesn’t occur to most of them that employee turnover issues could start long before team members even step foot inside the workplace as candidates. In their quest to address retention issues, they frequently neglect to consider the job description.
Many industries undergo transformations every few years, and talent acquisition is no exception. Rapid change followed the arrival of applicant-tracking systems in the late 1990s, and today it’s AI-enabled tools that are set to fundamentally reengineer how hiring is done. The adoption of those new tools is being driven in large part by candidates’ constantly shifting expectations. (In the 1990s, for example, companies didn’t need career sites but in the 2000s they did—and by 2012 companies that didn’t have mobile-optimized sites were in trouble.) Therefore, organizations that want to provide consistently great candidate experiences must adopt a forward-looking mindset.
In 2018, the Virginia Chamber Foundation commissioned a study titled, "Economic Impact of Amazon’s Major Corporate Headquarters in Virginia and the Washington MSA." Their findings? The total economic impact of Amazon HQ2 will be $14.2 billion in Virginia. While this is great news for the region’s economy, what does it mean to businesses already operating in the area?
The unemployment rate recently hit its lowest point since 1969, dipping to 3.7%. While that's great news for candidates, it might stir a little bit of fear in the hearts of HR professionals.
A few years ago, I went to the SourceCon conference. During the event, one of the speakers asked the crowd how many people texted candidates and quite a few people raised their hand, more than I would have suspected at that time. Since then, I have continued to hear more and more people talk about texting candidates. If you’re not texting candidates, you might be behind the curve in today’s competitive talent market.
It seems like the recruiting industry was in a constant state of change throughout 2018. In the last 12 months, we faced an historically tight labor market, the initial impacts of Google’s entry into the talent acquisition space, and the gearing up for and the introduction of GDPR. Additionally, new technology disrupted the industry daily with mobile, social, and AI leading the charge. Let’s take a look back at some of the top recruitment news of 2018 and how key trends might transition into 2019.
As we roll into the New Year, it’s a fabulous time to do a quick audit of your HR function. This will help you start the year on the right foot with a plan. Too often the day-to-day grind keeps us from planning and being strategic. This year, let’s change this!