Although the core process of talent acquisition has stayed the same for years now, how we recruit and what we look for has hugely shifted in the last decade. Particularly in the last year many old recruitment practices have started looking awfully outdated. Organisations have had to come to the realisation that the recruitment landscape will never be quite the same. It is high time to adapt.
Some of these strategies have been at least somewhat adopted by many organisations but their importance weighs heavier than ever. Employers should be prepared to put those lessons learnt in 2021 to good use now and buckle up for a ride, as 2022 is shaping up to be even more competitive.
Here are some of the key things companies any size, with or without an established talent acquisition team, should include in their talent strategies this year.
You can read part 2 here, and more in depth reports added weekly by clicking the links on the topics.
Focus on retention & internal mobility
Refining internal talent acquisition strategies should be top of mind for any employer in 2022. It will be one of the biggest and most urgent tasks for many. We have already seen many companies ramp up their employer branding. Still, many are only now waking up to the fact they’re lacking the strategy to properly look after their current employees.
On average the exit and replacement of an employee costs 50% of their salary. Not only is employee turnover expensive, it’s time consuming and hinders growth. Culture plays a huge part in this and it’s down to every organisation to define what culture means to them. However, one of the most important things an employer can do is supporting employee growth, upskilling and encouraging opportunities to move up within. Companies with high internal mobility have significantly better employee retention rates. This takes unnecessary pressure off the talent acquisition team that can shift their focus on other hiring goals.
Clear Employer Value Propositions
Most organisations already know employer branding and company culture are key to attract and retain the right talent for them. If they don't they will struggle extremely hard to find the talent they need, at a price they want and willing to stay as long as required. All organisations should take time to develop strong employer value propositions and define tailored messaging which resonates with the right people. Some of the best companies really integrate their product or an aspect of their product into their EVP. Meal service companies offer employees a chance to taste the new menus. Crypto companies provide early access to private sales of their tokens. Businesses need to have a thematic element tieing everyone together so it's no longer just about the money.
It’s not only important to make sure to have a company culture to be proud of. Companies will also need to figure out what makes it unique and what kind of candidates will thrive in it. The mission, culture, messaging and the ultimate “why us” of a company must be clear. If that’s the case they are much more likely to leave a positive impression on candidates and increase applications.
Diversity, equity and inclusion are key in talent acquisition
Organisations have become more conscious about their diversity issues. Many have even loudly committed to improving their D&I policies and plans. Still overall progress has been slow and candidates often find there are more nice words than real action. Companies that have a solid, transparent plan and offer truly welcoming and inclusive workplaces will stand out. 49% of the recruiters surveyed by JobVite in 2021 experienced candidates turning down an interview or a job offer because of the lack of diversity in the workplace.
Statistics also show that businesses with a diverse workforce and inclusive workplace have better productivity and profitability; According to McKinsey companies that are more diverse and inclusive are 35% more likely to outperform their competitors. Furthermore according to Harvard Business Review diverse companies are 70% more likely to capture new markets.
However, diversity does not guarantee inclusivity. An active effort to create inclusive workplaces is needed to avoid completely missing out on the benefits of diversity.
Embrace and streamline the remote hiring processes
Remote recruitment is here to stay regardless of the remote/in-office status of the employee. The virtual process is time-efficient, equitable and what candidates expect at least in the first interview stages. It will also allow easier sourcing and interviewing from a much larger talent pool. Organisations should embrace and spend time streamlining the remote hiring process. Making it a smooth experience for all parties will help any company stay relevant in the market. Even without a successful a hire, employer brand will get a boost, help reach more talent by word-of-mouth and improve Glassdoor ratings.
Employers should include feedback and rejections in the process as much as possible to make sure no one is left in the dark and ghosted like it was modern day dating. Making it quick enough to keep the candidate engaged and interested will maximise chances against other companies. Thinking a candidate will wait around for weeks to receive feedback or an offer will cost employers many good people.
Last but not least streamlining the application process should be a top priority as well. Having to manually fill out all the information found on their CV – after already submitting a CV - is a typical example of a bad application experience, and one of the biggest pet peeves for candidates. This can even stop people from finishing the application in the first place. With all the exciting opportunities available to job seekers right now it would be silly to assume most of them would be willing to fill in many laborious applications. Or that most of them would be passionate enough about a company at such an early stage to not mind the process. The easier it is to apply, the more applications received – it’s a no-brainer.
Talent acquisition in 2022 - Conclusion
Many companies have learnt that it's a candidate driven market thanks to a great resignation which has now evolved into a great reshuffle. With more opportunities than ever job seekers can afford to wait for roles that excite them, at companies with a culture that resonates with them.
In 2022, acquiring talent isn't enough; acquisition, culture, strategy and retention are now inseparable. Leading with perks to make the office a home away from home is long forgotten. Candidates expect it to be replaced with human focused wellbeing and work-life balance strategies. Understanding which trends are getting stronger and being inquisitive about new ones is crucial to maintaining a competitive edge. It’ll help avoiding the mistakes many employers are still making – such as considering flexible work an attractive benefit candidates should be grateful for, rather than the new norm.
Join us next week for part 2 where we’ll focus on data driven talent strategies, automation and omni-channel recruitment.