From Search to Hire: Why Recruitment is Changing and How to Keep Ahead of the Curve

We’ve all felt it, a seismic shift in recruitment is finally upon us. The pandemic four years ago left us in a state of turmoil wondering where everything is headed. Now these changes are apparent more than ever. Is there something behind the curtain that we’ve been missing? We have asked ourselves the very same question and have stumbled upon some interesting findings. For example: Do you know the actual opportunity cost of hiring an employee??

In this article we will answer this question and take you through the changing dynamics of the workforce and see what problems HR departments are really facing. Wouldn’t it be amazing if there were a clear, concise, and cost effective solution to recruitment?

A Changing Workforce

No matter how you look at it, recruitment is changing. Take freelance work for example: In the 2023 Freelance Forward survey conducted by Upwork Research Institute , researchers found that “38% of the U.S. workforce, or 64 million Americans, performed freelance work in the past year, an increase of four million total professionals from the previous year.” Gen Z are also the most likely generation to explore freelancing, with 52% of the generation’s workers performing freelance work. With Gen Z expected to account for 27% of the workforce by 2025 , it seems working rogue may be a new norm. While these are foreign studies, these trends and statistics can definitely be applied closer to home in the UK and EU. How does that famous saying go again?

“If America sneezes, everyone catches a cold.” - Someone, at some point.

Aside from an uptick in freelancers, a new professional trend is catching on: quiet hiring. You may have heard of the catchy post-COVID trend of “quiet quitting” online, well this is the opposite. Quiet hiring isn’t actually a form of hiring, it is the practice of reworking an existing pool of employees (or hiring from inside) to meet temporary needs. Ian Nicholas from UK specialist recruitment firm Reed has said : “By investing in upskilling existing employees or hiring temporary workers with the pre-existing skillset, businesses can better shape the skills of their workforce around the roles they need.” In the case of Australian airline Qantas, those temporary workers were needed in the baggage handling department due to labour shortages in peak seasons. Where did they supply their personnel? Their executives, of course! ?

A Struggling System

Why are these changes seeming to happen so suddenly? Was it COVID? New tech? Well yes, but these are extrinsic in nature. To be blunt, companies are finding it increasingly difficult to hire full time employees due to a multitude of intrinsic factors. Here are just a few reasons why HR departments around the globe are struggling:

Time Constraints: The hiring process can be lengthy, often taking weeks or even months to identify suitable candidates, conduct interviews, and finalise offers. In fact according to Total Jobs’ Hiring Index it takes on average 6.2 weeks or about 43 days to hire in the UK. In today's competitive job market, skilled professionals are in high demand, leading to prolonged recruitment cycles as companies compete for top talent.

Cost of Recruitment: Recruiting and onboarding a new employee can be costly, encompassing expenses such as job postings, background checks, and training programs. According to British Business Bank , if you use a recruiter in the UK you can expect to pay at least ￡3,000 per hire. However, this is just a recruitment fee and there are many additional expenses to consider which add up quickly when magnified further. Here’s a Cost Breakdown:

Risk of Misalignment: Despite thorough screening and interviewing processes, there's always a risk that a new hire may not be the right fit for the role or the company culture. If an employee fails to meet performance expectations or lacks compatibility with their team members, it can lead to decreased productivity, morale issues, and ultimately, increased turnover rates.

A Balancing Act

Consider this scenario: A company decides to expand its workforce to meet growing demand for a new product. It needs to act swiftly to fully capitalise on such an opportunity. While hiring new employees can help alleviate workload pressures in the short term, the time and resources invested in recruitment could have been allocated to R&D efforts, product development, or marketing campaigns aimed at driving growth and innovation. Thus, the opportunity cost of hiring a new worker extends beyond the immediate financial implications, impacting the company's long-term competitiveness.

A New Solution: Staff Sharing

In light of these challenges, HR departments must adopt strategic approaches to streamline the hiring process and mitigate risks associated with talent acquisition. This is where the solution of staff sharing comes in. Staff sharing is the process of lending and borrowing employees between businesses. It is facilitated by B2B staffing marketplaces like HYVER here in the UK.

With the genius solution that is staff sharing, businesses are able to avoid the long hiring times and costs associated with recruitment. All employees are also vetted and assessed by their parent company ensuring their performance. The opportunity given to their employees is the ability to gain valuable experience from working on other companies’ projects, bringing it back to their employer. It’s a win-win for everyone involved, and there’s no catch! By facilitating staff sharing between businesses, HYVER is able to provide job security for employees through ensuring there will always be a place for them; even if work slows.?

Staying Ahead of the Curve with HYVER

The year 2024 presents both a multitude of opportunities and challenges for HR departments. With HYVER, companies can embrace the future of work with confidence, knowing they have a partner that understands the evolving needs of the modern workforce. Whether it's gaining new skills, exploring different career paths, or ensuring continuity in times of uncertainty, HYVER offers a flexible and cost-effective solution that empowers both employers and employees alike.?

So, if you're ready to revolutionise your approach to staffing and unlock new opportunities for your business, it's time to join HYVER. Visit our website to see how you can stay ahead of the curve.