HR Leaders Fear Shortage of Talent, Work Visas Will Plague Hiring and Are Turning to Technology, Finds Talent Tech Labs Survey
Nearly seven in ten (69 percent) businesses reveal their greatest recruiting concern is the skills shortage, and that number rises to 80 percent for those that fill more than 2,500 roles per year, according to Talent Tech Labs’ 2017 State of Talent Acquisition Technology report. In the current political environment, 80 percent of HR and talent acquisition leaders voiced concern that a shortage of work visas will make talent acquisition more difficult.
This heightened awareness has led many leaders to reconsider their HR strategies to create better business outcomes. Utilization of the independent workforce continues to rise, and 79 percent of talent acquisition leaders expect their role in securing non-employee talent to increase over the next 1-2 years, historically a role filled by corporate procurement.
The widening skills gap and the increased reliance on contract workers is driving demand for technology investment to address these market shifts which portend the future of work in America. A total of 45 percent of survey respondents confirmed candidate sourcing technology as the area most likely to see rapid investment and development, almost twice as high as the next area for growth.
“Throughout history, innovative technology has proven itself to be the greatest enabler of change, and this is certainly the case in the talent acquisition space,” said Brian Delle Donne, President of Talent Tech Labs. “It comes as no surprise to us that leading businesses are relying on the latest technology to develop creative workforce solutions meant to bridge the gap between today’s challenges and the future of work.”
Company Alignment is Top Priority
Respondents report their top priority is to better align talent acquisition efforts with the wider business strategy of their corporations. Elevating talent acquisition to meet larger company goals is a trend that will continue to grow, and respondents are solving this by investing in an array of talent acquisition technologies to secure talent, manage the independent workforce and improve efficiencies throughout the process.
In implementing new solutions, 58 percent say lack of budget is the biggest barrier. Developing a business case and justifying ROI comes in a close second at 51 percent, signifying the need for solution providers to help HR leaders with educating internal stakeholders.
Employer Branding No. 1 in Technology Innovation, Artificial Intelligence Comes in Last
Employer branding tools ranked highest for delivering on innovation (33 percent of total respondents and 39 percent of those with large firms). This speaks to their current technology’s ability to deliver on the promise of helping companies strengthen their brands to prospective new hires: a key strategy in light of the business climate.
Chat bots and artificial intelligence tools however only impressed 11 percent of respondents as highly innovative. While there is certainly no lack of conversation and news reporting about these tools, they are still in their infancy stage and here-to-fore not wowing the larger buying community yet.
About the Survey
Talent Tech Labs’ 2017 State of Talent Acquisition Technology report utilizes proprietary data from an online survey of senior talent acquisition and HR leaders. The respondent pool was resoundingly senior, with most identifying as C-level, VP or Director. The survey was conducted between April 11, 2017 and May 5, 2017.
About Talent Tech Labs
Located in the heart of Manhattan, Talent Tech Labs engages in investigation, research, validation, and acceleration of talent acquisition technology by fostering and connecting early-stage companies with forward thinkers in the industry. As companies battle to attract and hire the talent they need to grow, the use of advanced technologies is transforming how recruitment is done. Since 2012, TTL has tracked over 1,500 technology companies, exposing the market to trends and the direction of cutting-edge innovation in talent acquisition. Visit www.talenttechlabs.com to learn more.