Talent acquisition and recruitment market trends

A significant talent shortage and the Covid-19 pandemic have changed the tech world, leading some established recruitment practices to quickly become outdated.  According to Finances Online, 65,7% of all organizations are now focused on building talent pools of the future, while 42% are investing in tools to speed up the hiring process. Most organizations are switching their focus to talent retention, as it is nowadays harder to retain experts — the candidate-driven market has more options than ever before.

We have compiled a list of talent acquisition and HR trends that will help you find and hire the right tech talent for your organization, as well as grow retention rates to guarantee your business’s success.

US companies are struggling to retain what  has come to be known as  the “Great Resignation” — millions of people  are quitting their jobs and actively looking for new ones.  They’ve revealed that the primary factor forcing them to seek change is the desire to work remotely, which not all employers are willing to accept. This talent flux  is drastically impacting all industries, so companies need to learn how to adapt to the new reality and attract the best experts available.

Here is a list of recent trends in talent acquisition that are benefiting businesses worldwide:

• Data-driven recruitment;
• Remote talent search;
• Hiring based on Diversity and Inclusion principles;
• Focusing on internal and external talent networks;
• Talent acquisition and talent development.

What is data-driven recruitment?

Data-driven recruitment is a recruitment strategy based on utilizing facts and statistics to make talent search more efficient and productive. More and more companies are adopting this strategy to optimize their budgets and increase the number of new hires. Data-driven recruitment allows you to track the sources of hires in order to understand which recruiting channels are the most beneficial.

Basically, by adopting a data-driven recruitment strategy for your business, you can improve the following showings:

• The quality of hire;
• Candidates’ level of experience;
• Efficiency;

In-person interviews are becoming less popular. Instead, online interviewing allows recruiters to cut down on time and access a wider talent pool.

In the midst of the COVID-19 pandemic, many organizations are allowing their employees to work remotely, yet there are always some details an effective recruiter has to confirm first hand so that cooperation will be as productive as possible. In particular, they need to know whether the candidate has everything needed to efficiently carry out their duties. Stable Wi-Fi, a laptop or PC, and noise-canceling headphones are crucial elements of a proper workstation.

It’s also good practice for recruiters to be as transparent as possible with job candidates to let them know what to expect before your company reaches its decision.

People choose companies that stick to transparent diversity and inclusion principles.

This trend is partially connected with remote talent search, since it enables recruiters to look for talent worldwide. Hiring diverse individuals coming from different cultures and backgrounds will definitely benefit your business — you’ll get access to unique ideas and a variety of different perspectives. It has been demonstrated that diverse teams are more creative problem-solvers.

In the past, most companies were looking for talent by going through internal networks — current and past employees, potential candidates and alumni.

Nowadays, recruiters also use external talent networks. They visit various freelance platforms like Hirewell, Candidate Labs and Hire Digital to find experts with proven skill sets and expertise. This strategy helps businesses cut down on the time spent on pre-screening and interviewing people.

These core recruitment strategies are critical to developing a stable and effective talent pool within an organization. While talent acquisition is the process of actively searching for, recruiting, and interviewing potential candidates, talent development is the set of strategies focused on motivating, retaining and engaging employees. This approach is focused on helping people expand the following skill sets:

• Interpersonal skills;
• Professional knowledge;

As of 2022, talent development is becoming more popular as it helps save time and money. According to a recent Jefferson Wells report, it costs about 25% more to hire vs to retain current employees and help them grow professionally.

A list of recent HR trends include:

• Focus on employees’ well-being;
• Managing the risks of detachment;
• HR personalization.

Employees’ well-being and health is the primary workforce concern of 2022, due to the  COVID-19 pandemic. HR leaders should create a caring environment to ensure that all employees, regardless of their gender, age, cultural and socio-economic background feel safe and comfortable.

Employees’ mental health has also become a huge concern, leading many companies to start workplace wellness programs to help people manage stress and other issues that impact their emotional well-being. In order to ensure a holistic approach to employees’ management, HR leaders need to take these four aspects into consideration: physical, emotional, financial, and social connectivity.

Remote work is becoming a popular practice across industries. HR leaders need to learn how to manage the risk of employees feeling disconnected. People who work from homes may sometimes find it difficult to stay motivated and ensure a work-life balance. The best way to improve productivity is by creating a friendly team spirit, carrying out daily team meetings and supporting interpersonal communication.

According to Pittsburg State University, HR personalization may be a useful tool for improving employee engagement by offering more compelling experiences geared toward individual needs throughout one’s employment. A good idea is to let employees choose what they want to learn, provide them with benefits and ensure flexibility in terms of choosing between office space and working from home.

As 2022 quickly approaches, we are expecting most companies to adapt to data-driven recruitment and expand their hiring strategies to hire more diverse experts. Talent acquisition and HR practices will use a more technological approach than ever before. Employee well-being remains a major concern in most organizations, yet by adopting the above-mentioned approaches, you can greatly increase productivity, retain experts, and cut down on expenses in the long run.

FAQ

How do I retain employees in 2022?

Growth opportunities, employee benefits, HR personalization, and focus on employees’ well-being are the primary steps an organization can take to retain its employees. If they feel valued and appreciated, they are less likely to look for other job opportunities.

What employee benefits do I choose in 2022?

Physical and mental health coverage, retirement planning and educational benefits are the most important compensation packages that will make many employees choose your organization.

How do I access the top tech talent in Eastern Europe?

Eastern Europe has one of the largest talent pool of tech experts with valuable skill sets. By working with Grid Dynamics, you’ll be able to hire the best developers according to the specific needs of your project.