Top 5 challenges in the current recruitment industry
The recruitment ecosystem has changed drastically over the course of few years. The traditional paper resumes are slowly being replaced by digital applications and all recruiters are working towards developing digital hiring models.
As technology continues to evolve, recruiters have to keep up with trends and re-design their hiring process. But most recruiters would agree that the major challenges they face while recruiting is sourcing and retaining talent.
From the everyday conversations we have with the recruiters, here’s our take on the top 5 challenges that the current recruitment industry is facing:
Needle in a haystack – 48 per cent of small businesses reported “few or no qualified applicants for the positions they were trying to fill”. The situation is no different for larger organizations. Talented hires are getting difficult to come by and with hordes of applications, most recruiters find the search for the right candidate equivalent to looking for a needle in a haystack. Quality of hire continues to be the most important metric for performance. It is also difficult for recruiters to assess a candidate’s skills in short duration. With quality of hire being the most important metric for performance, interview processes are being stretched across days, increasing costs and time to hire.
Shrinking Budgets – Job portals, social media and effective referral programs have reduced the dependency of a recruiter or a head hunter. Employers have significantly reduced their hiring budgets over the past couple of years. In addition, conducting background checks on every individual is challenging for organizations with limited hiring budget. The gap between the volume of hiring and hiring budgets is widening every year; a continuous struggle that recruiters face.
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