Future of Talent Acquisition: Insights from HireRight’s 2020 Global Benchmark Report
2020 was certainly a watershed year for humanity, in both life and work, with its true impact still to be seen over years to come. Millions of individuals around the world who lost their jobs during the pandemic are now searching for employment, and many companies globally are, or will soon be, looking to rebuild and grow.
But how do businesses who need new talent find it with such a potentially wide candidate pool available, and how can you, as HR professionals, help to attract the best talent to join your organisation when many other companies are also hiring?
To help answer these questions, we can look to HireRight’s 2020 Global Benchmark Report to provide some data points to measure your company against when considering your talent acquisition strategy for 2021:
Finding qualified job candidates was ranked the number one global talent acquisition challenge in 2020, but will this still be the case in 2021 when many countries are reporting extremely high unemployment figures? With more qualified candidates available for work, employers should have a wider talent pool available to them; however, as some companies are now taking on permanent remote hires from across the world, businesses may have new competition in the ongoing search for talent. You may wish to revisit your employee value proposition (EVP) to ensure that your compensation and benefits are in line with those of your new competitors.
Referrals and online job boards were ranked the most effective recruitment channels in 2020, but are employers looking to new channels to fill their talent gaps this year and beyond? How have companies that traditionally relied on in-person recruitment events, such as job fairs, adapted to a digital-only recruitment model? Using a variety of recruitment channels as part of your talent acquisition strategy will help to minimise the effect.
Respondents from APAC reported the highest rate of effectiveness for recruitment via their social channels. 54% said it was one of their most effective hiring channels, compared to just 33% of respondents from North America and 44% of those from Europe. Did social recruitment remain strong in APAC throughout 2020, and are the other regions expecting more success in social recruiting in 2021? If you’re not using social channels for recruitment, this year may be a good one to try dipping your toe in the water.
Over half the respondents from APAC said that creating an employment brand that attracts talent was a major talent acquisition challenge at the start of 2020. With many office-based roles becoming remote during the pandemic, in some cases permanently, will this have made it more difficult to portray a positive company culture? Alternatively, will the option of homeworking make the employment brand less significant for some candidates who may be looking to cut out the commute and actually prefer working from home to being in an office environment?
Based on the theme “Back to The Future of Work”, this year’s global survey from HireRight focuses on three key areas of HR – talent acquisition, talent management, and background screening – to see what impact the pandemic has had in the HR landscape. Has it changed the ways we work forever, or simply sped up a transition to a more mobile and agile workforce that was already taking place?
Would you like to share your experience and become a part of the bigger picture around the future of HR? After completing the survey, respondents can opt to receive an advance copy of the 2021 Report and enter a free prize draw to win one of 10 $100 gift cards.