How is the Recruiting Industry Evolving?

November 14, 2022
Posted in Recruitment
November 14, 2022 Virtual Employee Services

Technology and the Recruiting Industry

If you are in the recruiting industry, you already know that in the last few years the industry has taken a lot of strength and demand, which is quite an understatement. The pressure on organizations and economies by the COVID-19 pandemic maintain longstanding challenges such as labor shortages; meanwhile, the digitalization of establishments’ hiring practices continues.

So, what will the recruitment industry look like in 2023?  Below are some essential tendencies that employers, candidates, and recruiters should note.

The Evolution of Recruiting Technology

It is not easy to imagine the origins of employee recruitment as we understand it today. It began nearly 75 years ago; as a response to World War II. It came about from the workplace holes from men joining the war efforts. Many vacancies emerged in the workplace, originating the beginning of staffing agencies.

A challenge arose along to employ men and women who did not leave for military service. There was a huge demand to replenish the vacancies the departing service people vacated. Even after the fighting ceased, professional job recruiters continued to locate employment for returning soldiers.

The technology involved with the modern printing press, telephone, and television helped recruiters’ efforts. These recruiters would even fill positions where technology was improving.

Therefore, the recruiting industry has been vital in relation to the technological sectors.

Technology has influenced the industry’s recruiting evolution, job boards, and platforms. The challenges faced in society have encouraged new solutions for the recruiting industry. So how is recruiting technology evolving to answer employment requirements?

Recruiting Evolution

Talent acquisition teams used to have little more than their good judgment and intuition to rely on when assessing methods or planning strategies. However, this is no longer the case. With the evolution of recruitment strategy and technology, modern recruiters now have huge online tools and quantities of data at their fingertips.

The improvement in technology is providing the recruiting industry to constantly make great leaps over the past couple of years.

The benefits of such data-driven decision-making have dramatically improved, and we could notice it by just taking a quick look back. Detailed dashboards allow recruiters to immediately ascertain essential information without needing to develop periodic reports, plan requirements, and proactively take action to access candidates or potential job offers.

Job Boards

The initial purpose of the job boards was to meet the demand of the recruitment agency. Before 2002, corporate employers were required to be on commission. As an effort, the focus was on obtaining major annual agreements from recruitment companies. Many locations were discretely overjoyed to witness the same employment publicized a dozen or more times by agencies.

Basic job listings, CV / Resume databases, and email recruiting were becoming common in the recruiting industry.

As economies rebounded from the impact of the dot-com crash and hiring needs to be increased, in-house recruitment groups acknowledged that filling a portion of all their positions could happen without requiring an agency expense. Employers increasingly flood job boards with a huge amount number of available employment opportunities. Exploiting the platforms without moving away from the recruitment agency market was a very smart move for job board owners.

Job boards significantly grew their number of “add-ons” to adapt to both the cost-conscious agency demand and the corporate market eager for exposure. They also increased the mainstream advertising campaigns to attract more candidates with an increasingly voracious appetite for a recruitment market. The newspaper industry’s recruitment revenue suffered another huge cut in the process.

Focus on Return on Investment

The impact of recruiting’s return on investment was now in the spotlight and was the main focus. Within the job board industry, it has come as a surprise that for years the corporate market had the apparent inability or unwillingness to accurately track the return on investment of every element of their online recruiting investment. Similarly, we can be horrified to see how the job board results were allowed to be torn down by an insistence on using unhandy online application processes to boost the efficiency of candidate screening based on the candidate’s experience.

The pressure on corporate recruiters has increased more for less. A focus on ROI became a sticking point. For the job board industry, this meant more extraordinary efforts on recruiting technologies allowing the job board to track the candidate interest generated for each client. Demonstrating the value of that spend versus competitors was key to ongoing success.

Utilizing Platforms APIs

Many of the recruiting platforms out there have APIs (Application Programming Interfaces). The APIs are a familiar feature on these sites; however, the tools are becoming more sophisticated.

Finding suitable prospects for open assignments in your business has consistently been challenging, and the pandemic has made it an even more difficult task. The APIs on these platforms help two different software’s to communicate and exchange data with each other.

Recruiting relies on technology to make connections and source suitable candidates. A solid recruiting platform helps employers find good candidates and provides resources that address recruiting challenges in the COVID-19 age.

Here are the top three platforms that you can utilize to find suitable candidates.

LinkedIn Recruiter

LinkedIn’s hiring platform, LinkedIn Recruiter, has announced that it will introduce new, innovative features to make it easier for recruiters to effect change, attract talent and build a more diverse talent pipeline.

LinkedIn Recruiter is an all-containing hiring medium for skilled experts that assists in finding, connecting, and managing the individuals you want to be on your team.

ZipRecruiter

ZipRecruiter is a platform to help employers and recruiters find the best talent to fill open positions.

ZipRecruiter is way more than just a job board. This platform allows you to post job openings, search their resume database, set up candidate screening, use AI to reach candidates, and integrates seamlessly with applicant tracking systems.

Indeed

Indeed’s API can help you sponsor your jobs directly from within your applicant tracking system or ATS. Sponsored Jobs are 4.5 times more likely to result in a hire than non-sponsored jobs. Indeed’s suite of products works seamlessly with your ATS and HR stack tools to make hiring faster and easier than ever.

Depending upon the ATS you utilize, you should be able to incorporate multiple platforms. When considering the tools, they must be able to identify duplicate resumes. Other mechanisms should help you find specific skills you are targeting for a prospective employee.

How is the Evolution of Recruiting changing?

The recruiting industry must respond to the current needs of employees. How recruiters respond is dependent upon the industry’s social behaviors. Therefore, examining how the industry has responded to the challenges faced over the past couple of years is critical.

Responding to the Great Resignation

You have probably read about the “Great Resignation.” The phenomenon of talented people leaving their positions in high numbers in search of new possibilities and the statistics indicate that it isn’t just anecdotal and has kept recruiters busy.

The tendency in the United States had a record 4.5 million people resign from their jobs in November.

Faced with more incredible difficulty in finding new staff and keeping hold of existing employees, organizations had to turn to various tactics. Such as providing higher wages and more flexible employment terms. We are even hearing rising discussions about working only a four-day week. Which could help relieve staff burnout levels.

The rise of flexible training initiatives

As mentioned above, the pandemic has certainly revealed matters with skills deficiencies in the worldwide workforces in the US and Europe. Therefore, this was a problem in the making long before the coronavirus situation. A recent New Economics Foundation (NEF) investigation discovered that only 6% of workers retrained for a new job before the pandemic.

Still, management resolution’s first step to solving a particular situation is acknowledging a problem. So, it only makes sense that upskilling will be a significant focus for employers throughout 2023. Some companies are willing to invest in training to prepare a candidate for a specific job position.

Now is definitely the time to put any professional dream into action. So, you need to start tapping into employers’ appetite for talent. Possibilities abound, whether you’re a current college graduate brushing up on your digital proficiency or a mental health professional expanding your skill sets.

Technological and data-driven recruitment

You might think there’s an awful lot of technology leading firms’ recruitment processes already – but as the pandemic has helped to show, there always seems to be further that both organizations and workers can go with digitalization.

After the past two years, we have continued observation of hybrid working‘ and the widespread utilization of video conferencing software. Therefore the software has facilitated an improved mode of virtual communication. Recruiters and employers have upgraded their networks to prepare for these strategies in 2023.

In many situations, there has been better real-time analytics to track insightful metrics such as offer acceptance rates, candidate feedback scores, and the cost of new hires.

Prospective employers use branding and SEO

With candidates now routinely considering the broader values of potential employers when deciding where to work, it couldn’t be more important today for organizations seeking talent to tell a compelling brand story.

The most talented jobseekers will expect to understand your company’s stance on topics such as the environment and corporate social responsibility and, just as importantly, what your firm is doing to support its stated priorities.

In other words, your brand can’t afford to be ‘just about making money or even delivering its core products or services to a high standard. How can you use digital marketing to spread the word across your firm’s website, blog, and social media channels about your company values and the great work your business is doing?

Place the spotlight on genuine accomplishments that offer you a positive and inclusive workplace culture. Therefore, you are providing something to support a better place in the world. You will achieve more suitable recruitment and retention outcomes in 2023. The recruitment industry is persisting in changing just as fast this next year. However, accepting and maintaining a knowledge of the trends can help ensure you assemble all the proper actions over the coming months, whether you are an employer, prospect, or recruiter.

The Bottom Line

The transformations recruiting has observed over the years have improved as technology has advanced. The challenges the economy has faced have created pressure to invest in software to increase the return on investment involved with obtaining the highest quality candidates.

Software in 2022 has dramatically added to the applicant tracking systems (ATS). The speed at which you can find a top candidate before your competition has drastically advanced. Some ATS and job boards can filter through thousands of resumes and applications with a specific scope of keywords within a couple of seconds.

That also brings us to today’s cost-saving and scalable option – RPOs. 

Recruitment Process Outsourcing providers help businesses by offering cost, time saving, and flexibility with their recruitment process. It supports the  HR department with administrative burdens and provides a flawless, good-quality experience for the clients and the job candidates.

Virtual Employee Services offers the best high-quality RPO service and helps you save costs in your recruitment process. You have the opportunity for your job offers to be exposed to more than 100 job boards, access the ATS where you can follow the process of each candidate, and have immediate communication with a team of specialized recruiters.

The symbiotic relationship between the technology sector was strong 75 years ago and is going strong today. The advancements today, however, are improving at a quicker clip. Therefore, as challenging as it has been, there is light at the end of the tunnel and great opportunities to help you save costs, and time and be more efficient.

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