Doom and gloom sells papers. Here’s what the headlines are missing when it comes to Talent Aquisition:
Geopolitical challenges. Inflation. Recession. “The Great Hesitation”. “The Great Resignation”. If you’ve been living anywhere except under a rock, you will have seen these buzzwords abound. One might be forgiven for thinking that the #WarOnTalent is over. Don’t be mistaken. More than 75% of recruitment agencies in the UK are forecasting growth in 2023, and 60% are planning to increase their recruiter headcount according to this in-depth report from BCG (Boston Consulting Group). Competition for candidates is set to become tougher, not easier, in the year ahead! A hotter talent market 2023 sounds paradoxical. But it makes perfect sense. While businesses may be hesitant to scale up, the “Great Attrition” of talent continues apace across industries, with no sign of slowing down. If anything, global financial caution seems to have strengthened existing trends. Candidates are more open to new opportunities than ever before, and less willing to compromise on key demands: Compensation and work-life balance. The good news is, we have all grown wiser in the wake of Covid-19. We all know we can’t afford to scale back down, only to find ourselves unable to scale back up. Nobody wants to dismantle the key business factors needed to survive and thrive. Talent acquisition is one such success factor – and smart businesses know it. So, what will the European talent market look like in 2023? Here is what we see ahead:
The Great Hesitation + The Great Attrition = The Great Opportunity Employers will be hesitant to invest, and that extends to recruitment needs. Yet at the same time, they continue to lose talent at an unprecedented pace - creating a challenging situation for talent acquisition teams that will need to do more with less. A continued strong trend for talent to job hop is exacerbated by the fact “natural” attrition is increasing with an ageing workforce, while a need for novel roles to meet a rapidly shifting technical landscape, growth targets, and increased competition is demanding high agility from talent acquisition teams. Adway’s fully automated social recruitment software can help with both these challenges, as it targets the right passive candidates, without the typical overhead.
Talent will keep looking for the next opportunity Candidates are becoming more likely to change jobs in 2023. A third of European respondents in this McKinsey survey in September state that they plan on changing jobs within the next 3-6 months, and 40% of the global workforce expects to do so in the coming year.
4 Strategic Actions you can take today to outsmart your competition:
Promote your job listings on social media, strategically.
79% of agencies plan to utilise a social sourcing strategy for candidate attraction according to this Recruitment Industry Report. The hesitation is that it can be a costly and cumbersome exercise. Through automation, Adway’s software connects you to targeted talent through platforms like Facebook, LinkedIn, Instagram, and even Snap Chat to find the perfect candidates at speed, scale and a fraction of the costs.
Speed up your Time-To-Hire
The average time-to-hire in the European market increased by almost a whole week in 2022.Globally the average role took 41 days to fill. Yet top candidates are only on the market for 10 days. Long processes and laborious recruitment strategies mean organizations are missing out on top talent.
As we saw in our Candidate Experience Guide, each day a vacancy is unfilled costs businesses money - a lot of it. Gen Z are again leading the charge, so to speak: 75% will jump out of a recruitment process if they find it slow and cumbersome and, of course, if you’re dragging your feet, someone else is making them an offer. Stay in touch and top of mind. How?
Simplified, candidate centric application software that plugs into your ATS (Applicant Tracking System) to seamlessly automate conversions through easy-to-use landing pages.
Invest in your Employer Brand
And get it in front of the eyeballs that matter. You could be ticking all the boxes in terms of your B2C marketing, but don’t skimp on promoting your organization as one that values people too.
It’s key to reaching talent pools at scale, it also becomes a pathway to lock in top candidates where monetary compensation can’t be competitive. PLUS, it has a positive halo effect on your B2C marketing as clients and consumers continue to take a passionate interest in the ethics of the organisation’s they support.
Our latest ENGAGE product is the perfect solution for delivering engaging content about your company or job opportunity, and targeting your ideal talent when, where and how they are hanging out online.
Include the pay range in your Job Listings
So simple, yet so effective. Wage transparency in job ads drove75% more clicks in 2022 and 70% of candidates were more amenable to apply to a job if compensation range was clear up front.
With wage transparency on its way to become legally mandated in the EU, here’s an easy win to get ahead.
What are your thoughts? Most importantly, what are your needs?
As the only fully automated solution for reaching passive candidates at scale with vacancy campaigns and employer brand activation, Adway can help you get much better results at a fraction of the overhead. Talk to us!