Talent Acquisition

Recruiting in 2023

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In the last 20 years, technologies such as applicant tracking systems, social media and mobile apps all became useful tools for recruiters. One thing that didn’t change substantially during that time, however, was the median number of reqs a recruiter filled annually. That figured remained at 134 a year, according to the PWC 2016 Human Capital Effectiveness Report (p. 562).

While these tools changed how people applied for jobs, they didn’t change the paradigm of recruiting.

The next generation of technology, including blockchain, Internet of Things (IOT) and artificial intelligence (AI), will change the talent acquisition paradigm. Because these technologies will deliver similar value that a human recruiter delivers today, the role of the recruiter will fundamentally change, and candidates will increasingly connect directly with hiring managers without a recruiter’s hands-on involvement.

Download the Global C-suite Study to find out how CHROs plan to secure the necessary data science, machine learning and AI skills they need for the future.

Harvesting data from next-gen technologies

The rise and convergence of next-gen technologies will spark an explosion of new, more complex data points that will have a far greater impact on TA than tech tools of the past.

Blockchain captures an immutable record of transactions and other data. It could speed up hiring with a record of pre-approvals for reqs, eliminate the need for redundant requests for background checks and references, and speed up onboarding by providing the data for forms such as the I-9, W4 and confidentiality agreements.

IOT devices have drastically changed our culture’s view of privacy. By using virtual assistant devices like Alexa from Amazon, society has traded privacy for automation. That tradeoff has given third-party companies more and more data about us.

It’s a matter of time before this data is used for TA. Imagine a job seeker saying, “Alexa, find me a new job,” or a hiring manager requesting, “Alexa, find me a full stack developer.” When you consider how much our smart devices know about us, and when you realize that by 2020 there will be 20.8 billion smart devices in use, it’s clear that we are close to this capability.

5G networks contribute to the data pool with pinpoint location tracking due to the use of smaller but additional cell towers. Much as online ads can follow you around the Internet because of cookies, aggregated data will be used in a highly personalized way to interact with the different generations in the workforce.

AI and cognitive tools are already impacting the TA function. IBM Watson Recruitment, for example, uses profiles of successful employees to help predict candidate success on the job. You will soon see AI and cognitive tools calling candidates, listening in on interviews to help eliminate inherent human biases and validating candidate selection criteria.

Quantum computing will process massive data sets generated by these new technologies. This technology could simulate a candidate’s first five years at a company based on data from both the candidate and current employees.

 

How to prepare

By 2030, 85% of the jobs that will exist don’t exist now, the Institute for the Future predicts. As certain skills become obsolete, organizations will prize candidates who have the ability to learn new skills rapidly.

To prepare for the new-wave workforce, TA practitioners must take the lead in the conversation about next-gen technologies and how they will impact recruiting for their organizations. The race for top talent, fueled by new data, will only become more competitive. Make sure that if you partner with an RPO provider, that vendor offers the technology that can propel your recruiting, or can design a tech roadmap and steer you to the right partners.

In addition, organizations must align their TA strategy based on one or more of three different goals:

  1. Reducing costs, where TA emphasizes low cost, automation and high speed to hire, especially for low-impact employees.
  2. ROI, where TA invests more resources in positions where the cost and performance benefit of a high-quality hire (such as with sales people) are clear.
  3. Hiring rock stars, where quality of hire is a competitive advantage and high-skilled employees, such as engineers, are worth higher costs and time to hire.

For most companies all three approaches are in play, and success will come to those who choose the right blend of TA strategies and the next-gen technologies to execute those strategies.

CHRO Study

Business Development Executive - Financial Services and Communication

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