This week we launched our new Global Talent Acquisition Research (all about finding, recruiting and attracting people) and the results are stunning. While almost every company is trying to hire (the unemployment rate is below 3.6% and the economy is creating more than 400,000 new jobs every month), recruiting teams are do not follow.
In fact, our extensive research shows that only one in four companies recruit today in an optimized way.
Yes, companies are comfortable with the “post and pray” model: buy a job posting, place your positions on Indeed, LinkedIn, or another job board, and advertise salary, benefits, and of your company’s fantastic work experience. Our research shows, however, that this is no longer enough. In a diverse world of workers, companies need to diversify their sourcing, create a holistic employer brand, prioritize internal mobility, simplify the candidate experience, and use AI and technology strategically.
And guess what else we found. Recruiters, the human part of the process, have become more important than ever. Let’s face it: recruiting is a people-centric process. No software tool can adequately assess an individual’s fit for your job, team, or business. Thus, recruiters, one of the most important positions in HR, become critical to success. That’s why our maturity model names “human-centric recruiting” as the most advanced of all.
That’s not to say, as the template points out, that you don’t need processes, technology, and tools. Rather the opposite. The proliferation of sourcing intelligence, interview intelligence, assessment and mobile recruiting tools is massive. But as our research points out, it’s not just important to “arm yourself” with technology – you need to use technology to identify your hire, create creative campaigns to attract people, and train and empower recruiters to that they do their job well.
I remember sitting on a plane watching a software company recruiter use LinkedIn to frantically send InMails to hundreds of candidates for hours. She told me it was one of the most frustrating things she did. Today, I hope she uses a smarter, automated process and spends her precious time talking with people on the phone (or carefully watching their video interviews, reviews, or job previews. )
Recruitment, by its very nature, is the most important thing HR organizations do. If you can’t find the best, brightest, most aligned people to join your business, all other management and business process work will fail. So recruiters, basically, do one of the most strategic jobs in the business.
I interviewed the talent acquisition manager at a major oil company years ago and he told me a funny story. They tried to correlate dozens of factors to figure out which candidates became their top petroleum engineers. They looked at college degree, GPA, previous work experience, salaries, location, and more. In the end, he told me that none of these factors seemed to matter. After months of analysis, he concluded that the most predictive factor of all, in hiring a great engineer, was the recruiter. As he told me, “good recruiters find the right people.”
And that’s the whole point of research. We are in a world where every candidate has options. If you’re not focused on building a holistic job brand, making your company an amazing place to work, and using that information to find great candidates (both inside and outside of company, by the way), no amount of process or technology will work. It’s time to use technology to create a “human-centered creative process”.
This research took over a year and our research director, Janet Mertens, has detailed some of the findings in this article. Let me point out some resources you can use.
First, the full search (and the tools to use in your HR organization) is available to our search members. We encourage you to register for full details.
Second, if you are looking for high-level information, you can download the Executive Summary, Maturity Model, and Results Overview.
Third, if you’re looking to improve your recruiting capabilities and empower your HR team, join our Josh Bersin Academy Crossroads Talent Acquisition course. You’ll hear from senior talent acquisition experts at Bayer, L’Oreal, Encompass Health and others – and we’ll teach you all about “total employer branding” and how to create a seamless candidate experience.
Finally, I invite you to join us at the Irresistible conference, May 23-25 in Los Angeles. We have an entire track dedicated to talent acquisition, with workshops, research presentations and case studies from companies like Microsoft, IBM, Lego Group, Walmart, L’Oréal and many more.
If you think it’s time to transform or fix your tech stack or your overall talent acquisition process, we’re here to help. We offer a range of consulting services and our team knows this market well.
Conclusion: In this period of labor shortages, job changes and rising wage inflation, it is essential for the company to have this process in place. Talent acquisition has become one of the most important priorities in companies.
PS. If you don’t think recruiting is difficult, consider this new data. The “fill rate”, the percentage of jobs filled compared to jobs posted in the United States, is at a level historically low. For every ten new jobs created, only six are filled. Businesses are falling behind – this research will help you keep up.
From the great resignation to the great inflation. It’s time to get creative.
The marriage of talent acquisition with talent mobility
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