Is your business ready for the ever-evolving recruitment sector? The tech world has seen a significant shift in recruitment approaches over the years. Now, more than ever, it’s vital to remain current on recruitment trends to draw in and retain top-tier talent. A recent McKinsey report reveals that open tech positions have surged by nearly 77,000 month-over-month, representing the highest level of employer hiring in seven months.

Technology’s Impact on Recruitment

Technology isn’t just a tool; it’s become a core element of the recruitment process. Artificial Intelligence (AI), data analytics, and other tech tools have altered how organisations attract, assess, and hire candidates. These tools help make the recruitment process more streamlined, efficient, and effective. For example, AI can automate tasks such as screening resumes, scheduling interviews, and even answering candidate queries, freeing up valuable time for recruiters.

Data analytics contribute significantly to making informed recruitment decisions. It can help spot patterns and trends, forecast hiring outcomes, and provide insights into the recruitment process, assisting organisations in refining their strategies and making improved decisions.

The growing use of technology in recruitment is reflected in the increase in tech positions. According to the McKinsey report, the demand for tech positions has seen a sharp increase, reinforcing the importance of technology in the recruitment process.

The Growing Relevance of Psychometric Tests

Psychometric tests are becoming more common in the recruitment process. These tests are a standard and scientific method to measure individuals’ mental capabilities and behavioural style, designed to assess the complexities of the human mind – its thinking, perception, and decision-making processes.

In recruitment, psychometric tests provide insights into a candidate’s potential, offering a highly accurate prediction of their suitability for a role. As Carl Heinz Paulsen says in a LinkedIn article, “When recruiting new employees, psychometric tests provide the ultimate insight into a candidate’s potential, offering a highly valid prediction of their suitability for a role.“

Essentially, psychometric tests help recruiters look beyond a candidate’s qualifications and experience to understand their personality, cognitive abilities, and potential fit within the company culture.

Crucial Recruitment KPIs to Monitor

In 2024, organisations should concentrate on monitoring crucial recruitment KPIs such as:

• Time to fill: The average number of days from a job being posted to a candidate accepting the offer.
• Cost per hire: The total cost involved in attracting, recruiting, and hiring a new employee.
• Candidate Experience: The overall perception and feelings of a candidate about the recruitment process.

These KPIs offer valuable insights into the recruitment process and help identify areas for improvement. According to a Starred.com blog post, these are among the top six recruitment KPIs that were monitored in 2023. Tracking these KPIs can help refine recruitment strategies, improving effectiveness and efficiency.

The recruitment sector is continuously changing, and it’s vital for businesses to keep up with these trends. The rising use of technology, the increasing relevance of psychometric tests, and the need to monitor key recruitment KPIs are shaping the future of recruitment. By embracing these trends, businesses can ensure they are ready for the future and attract the best talent to their teams.

Moving towards a Candidate-Centric Approach

In recent years, the focus of recruitment has been shifting towards enhancing the candidate’s experience. Candidate experience is the perception a candidate has about an organisation’s recruitment process, from application to onboarding. It’s about making the entire process simple, engaging, and applicant friendly. An impressive candidate experience can significantly influence employer branding and attract top talent. According to a Starred blog post, it was one of the critical recruitment KPIs to keep an eye on in 2023 and is a continuing trend in 2024.

A positive candidate experience helps build a robust employer brand and can turn even rejected candidates into advocates for your organisation. Conversely, a negative experience can discourage potential candidates from applying, damaging the company’s reputation in the job market. Hence, businesses should put resources into improving their candidate experience – from simplifying the application process to providing prompt feedback and maintaining clear lines of communication.

Emphasising on ‘Quality of Hire’

Another significant trend shaping the future of recruitment is the emphasis on the ‘Quality of Hire.’ It refers to the value a new hire brings to the organisation in terms of productivity, cultural fit, and longevity. Rather than merely filling positions quickly, organisations are now looking at the bigger picture – the long-term impact of their hiring decisions.

As per the Starred blog post, the quality of hire was one of the top six recruitment KPIs to track in 2023. Another trend that is continuing into 2024. Essentially, a high-quality hire is someone who performs well, fits into the company culture, and stays with the organisation for a long time. By focusing on the quality of hire, organisations can improve their retention rates and overall company performance.

To measure the quality of hire, organisations can look at various factors such as job performance, cultural fit, and retention rates. This information helps them assess whether their recruitment strategies are effective and make necessary adjustments to attract and retain high-quality talent.

Final Thoughts

The future of recruitment is evolving rapidly, with technology, psychometric tests, candidate experience, and quality of hire being key trends to watch. These trends are reshaping the way we recruit and require organisations to rethink and refine their recruitment strategies. By staying on top of these trends, organisations can ensure they attract, hire, and retain the best talent, leading to improved performance and growth. The future of recruitment is all about finding the right talent who can add value to the organisation in the long run.