Study: Shrinking talent pool has recruiters shifting strategies
- Nearly 70% of business leaders participating in a new global survey said the current talent pool is shrinking. As a result, the competition for talent has increased, forcing employers to change their recruiting strategies.
- The Cielo Talent Acquisition 360 study, which polled more than 1,100 C-Level executives, HR leaders and other high-level businesspeople, found that 54% of respondents said they now have more unfilled positions than ever before. Additionally, "[t]here appears to be a rapidly growing trend as 65 percent of companies we surveyed said they expect flexible workers, contingent workers and project-based workers will take over a significant amount of the work currently being done by full-time employees," said Marissa Geist, executive vice president and managing director of the Americas for Cielo, in a press release.
- "Total talent acquisition," which Cielo described as a consistent and comprehensive approach to recruiting and hiring, is a top priority among 90% of the survey respondents, especially those in the retail, consumer goods, healthcare and automotive industries. The approach targets full-time and contingent workers, independent contractors and temporary staff. Additionally, more than 70% of C-Suite leaders said they want to play a role in talent acquisition decisions, "a clear indication of the increasing pressure to align talent acquisition and retention with business goals," Cielo said.
Recruiting is now a top priority for the C-suite. Organizations recognize the urgent need to compete for talent to thrive in a tight labor market with record-low unemployment. And they realize that traditional hiring strategies no longer work for the more agile, on-demand labor force that has emerged. By looking to contingent workers to meet talent needs, employers aim to remain agile so they can easily adapt to market shifts.
With recruiting ranks high on business leaders' list of priorities, HR can plan, design and carry out the shift in strategy. The move will require knowledge of transformations in the labor force and strategies for attracting and engaging candidates — and personalizing their experience. For example, HR will need to ensure that job seekers have a positive candidate experience when applying to and interviewing with a company.