Top Stories & Industry Insights For Staffing Leaders This Week
Get an inside scoop on what's happening in the staffing and recruiting world with this roundup of the top news stories, industry trends, and blog posts from around the web from this week.
Employers are facing significant challenges in online recruiting, including receiving too many unqualified applicants (63%) and too few applicants overall (39%), while also struggling with candidate responsiveness. Despite cost concerns, job boards remain a crucial hiring tool, with 68% of companies using them for most or all of their hiring and 67% of candidates applying through job boards in the past year.
In the contemporary workforce landscape, the notion of a “war for talent” often dominates discussions in boardrooms and HR departments. However, this term may be more misleading than helpful. The real issue isn’t a lack of talent; rather, it’s about finding and recognizing the talent that already exists. The concept of a “talent shortage” implies that there is a deficit of skilled and capable individuals available for employment.
For all the progress made in rebuilding the labor force since the pandemic, the numbers still are alarming. The US has 8.2 million job openings but only 6.8 million unemployed workers. By any measure, a 1.4 million worker deficit - spanning all industries and impacting businesses of all types and sizes - constitutes a labor crisis.
The US online recruitment market is poised for significant growth, with Technavio predicting a jump of USD 4.21 billion between 2024 and 2028. This translates to a healthy Compound Annual Growth Rate (CAGR) of 7.44%. However, the market faces a challenge in the form of declining profitability due to intense competition among players. Major participants in this space include established names like Adecco, Randstad, and Recruit Holdings, alongside innovative tech companies like Microsoft.
“I have a lot of experience doing things in a different time zone,” says Matthews, who became chief people officer last year at Remote, an HR tech platform designed to help businesses manage and pay global workforces. Remote’s mission and its culture collide intentionally, Matthews says—as the company prioritizes the flexibility and work/life balance that its globally distributed employees need.
According to the report, education emerged as the leading industry for hiring, followed by travel and hospitality, as well as construction. Despite the spike in job openings, there was an 18% decrease in turnover among organisations and a 15% decline in new hires compared to a year ago. Wende Smith, head of HR operations at BambooHR, said the gap between job openings and actual hires can be attributed to employers being "cautious" amid economic uncertainties.
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HireVue surveyed 6,000 talent leaders from the U.S., United Kingdom, and Australia from a variety of industries and company sizes. Among the findings: 50% of those surveyed are targeting internal candidates in response to talent shortages. Also, 47% of those surveyed experienced reduced companywide budgets. But despite that, 30% increased their technology budget.
“Each company can design a fit-for-purpose approach tailored to the needs of its organization, ensuring core elements are well connected and articulated to employees,” according to the report. Goal setting, for instance, is critical for improving performance. In a survey of more than 1,000 employees, 72% said it was a strong motivator, though the “what” and “how” of goal setting was less clear.
As some companies roll back DE&I efforts in response to pressure from conservative activists, a vital part of DE&I programming is also changing: employee resource groups (ERGs). While DE&I skeptics may see this as a victory, one expert believes the change shows diversity and inclusion progress.
According to a survey of more than 2700 jobseekers by Flat Fee Recruiter, 37% of candidates are routinely applying for more than 20 roles as part of an average job search. This is a dramatic increase compared to the period immediately post-Covid, when most typically applied to just 1-5 roles at a time.
This week's industry insights are brought to you by the team at the KTRIAN. Weekly digest for staffing leaders to gain a better understanding of the economic trends influencing their business, as well as the human capital issues affecting staffing and recruiting to make more informed decisions.
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KTRIAN Solutions, an offshore recruitment process outsourcing solutions provider for staffing firms based in the U.S. and EU region offering a spectrum of services - full life cycle recruitment, sourcing and screening, MSP/VMS support, and executive search.