“What if I told you that the industry was now under the control of an Innovative Lord of the HRtech?”
We all love Star Wars and Count Dooku warned us of the testing times that were coming. Similarly, the Talent Leaders are sailing in choppy seas and the waves of disruption are both unpredictable and high.
While writing this case study, I went through a lot of many research studies conducted by big and small industry names. I tried drawing parallels and finding differences. While most case studies raised common concerns for employers, the stats varied. So, I shortlisted the most important metrics and compiled the statistics and projections for Human Resource Technology. A few findings are surprising, to say the least, but the rest is fascinating. I think it’s enough to say this: we are living in interesting times.
Before we dive deep into a world of parameters and metrics, here’s a quick look at the Global Talent Trends as told by Mercer.
Key trends in HRtech
According to PwC Human Resource Technology Survey 2017
The trends clearly show that technology is no more an alien terminology for human resource departments and HR Managers clearly recognize how indispensable innovative Talent Acquisition and Management technologies are. Before we draw a parallel between the need for technology adoption in HR departments, here’s a look at the global talent trends and how they are changing the landscape.
What’s in store for the Talent Leaders in the coming times, here’s what LinkedIn has to say.
83% of talent leaders feel that their importance has increased and talent is now number one priority in their organizations
There was a time when Human Resource was not considered a top-priority department in organizations as it wasn’t a direct revenue-generating wing. But now, the times are changing, Talent Acquisition and Management is being seen as a key enabler in the company success.
56% recruitment leads claim that the hiring volume will increase
Despite the global unrest in the job market, the industry pundits are expecting a growth in hiring volumes. The success rates will be measured by the tenure of employees.
Good news for HRtech tools service providers
The turbulent times will open a plethora of opportunities in the Human Resource Technology domain. Most leaders accept that if an option is offered, they will prioritize investment for the long-term and more strategically evolved recruitment systems such as employer branding, candidate experience, and upskilling tools.
When HRs were asked about their investment plans in case they had unlimited budgets
35% claim to have a limited budget, hence the need for reasonably priced tools crops up
Especially in the Indian context, experts offering HRtech tools at affordable prices will be winners. This opens up opportunities for innovators and startups who are designing cost-effective tools.
The need of automation will rise manifolds
While the industry is poised to increase its number of hires, more than 60% organizations claim that their recruitment teams will not expand. This phenomenon will increase the demand for automation. Automation will speed up the hiring processes and also reduce human errors. Automation combined with Big Data will be the biggest talent trend for the coming year.
57% Employers are facing stiff competition in Talent Acquisition
This will lead to rising in expenditure on employer branding. The budget for employer branding is small due to non-availability of a clear metric for ROI through employer branding. But the rise of social media and websites are spawning ways to measure and monetize the exercise.
30% of expenditure will still be spent on traditional recruitment processes
While we discuss the rising dominance of technology in Human Resource and Recruitment processes, recruitment agencies and job advertising will still find a place in the budgets. The trend indicates a more integrated approach by talent leaders to find the best talent.
Candidates expectation are changing
Candidates now are more focused on culture and values, perks and benefits, mission and vision than ever. They want to be a bigger purpose in the organization while making a mark in their career. Thus, the need for employer branding and marketing has increased even more. Employers opting for innovative recruitment methods will have a competitive edge over others.
When asked what made them accept the company’s job offer, here’s what candidates had to say
Automation and Diversity - The Yoda for Talent Forces
You read that right. As the industry shifts toward automation and social causes such as diversity and inclusion become important for the business, the tide will turn in favor of those who will address these issues early on.
Top industry trends for coming years
While you look at the information above and reflect upon your talent strategies, take a little help from the experts to help make the decision. Have a look at HackerEarth Recruit, which is an automated technical assessment platform which helps you assess candidates in your talent pipeline and comes at a very reasonable price. Find the best talent while you attend that important meeting in office or work from home. HackerEarth’s Innovation Management platform can also be used to organize hackathons to attract talent in cost-effective ways and build your future talent pool.
PS: For more such insights on tech recruitment, we invite you to join our LinkedIn group - "Yours Truly HR"