What does the future hold for recruitment? A recently released report by LinkedIn, based on a survey of 4,000 talent acquisition decision makers, reveals some of the key focuses for recruiters in 2016.
Quality of Hire
Quality of Hire is considered to be the most important measure of performance for a talent acquisition team, even more valuable than time-to-fill or hiring manager satisfaction. Many organizations are measuring quality of hire with employee turnover, while others measure quality of hire through new hire performance evaluation.
However, talent leaders lack confidence in measuring quality, with only 33 percent of survey respondents believing that their methodologies are strong.
Closing the Gap Between Hiring Volume and Budget
The gap between hiring volume and budget continued to be a struggle for talent acquisition organizations in 2015, and LinkedIn’s survey indicates that this is not changing in 2016. This imbalance is impeding an organization’s efforts to overcome obstacles, such as finding candidates in high demand talent pools, or transforming talent strategies.
Hiring Volume vs. Budget
Referrals as Key Source of Quality Hires
Overall, social professional networks are considered to be the number one source of quality hires, but employee referrals are starting to emerge as a long-lasting trend. More leaders are starting to consider employee referrals to be an essential trend in recruiting.
Referrals Considered an Essential and Long-Lasting Trend
In 2014, talent brand slightly decreased in importance, but in 2015 it re-emerged as a top priority. Spending on employer brand has increased over the past two years, and organizations are creating proactive strategies and relying on more outbound channels, like online professional networks and social media.
Organizational Investment in Employer Brand, by Country
As organizations invest more in their talent brand, talent acquisition teams are partnering with cross-functional partners, especially marketing departments. LinkedIn considers a strong relationship with marketing to be a key to talent brand excellence.
While employee retention is high on the priority list of talent acquisition leaders, internal hiring is significantly lower even though it helps to address retention. Of the survey respondents, less than one-third say that internal hiring is central to their strategy. Currently, most internal hiring is occurring on a case-to-case basis with very few defined programs in place.