Recent data from the BLS has confirmed what we’ve all been experiencing in the labor market. While it’s still a great time to be a candidate, recruiting teams are more stressed than ever to quickly hire and onboard the right talent before their competitors. Qualified candidates are in high demand and have a long list of expectations for employers.
It is challenging to keep up with a constantly changing hiring landscape and the demands of candidates in the tight labor market. That’s why we’ve created this content series on the current state of hiring and how you can stay more agile in your recruiting process to attract a wider diversity of qualified candidates. By leveraging integrated talent acquisition technology, you can save valuable time, reduce administrative burden, and create more predictable and faster hiring for your organization.
The first blog in this series will cover highlights from the BLS Job Openings and Labor Turnover Summary and dive into how recruiters are adapting to the highly competitive market using talent acquisition technology.
Recruiters Are On the Move
The BLS released its Job Openings and Labor Turnover Summary data, telling the story of layoffs, separations, quits, and hires in the market from May 2022. With nearly two job openings for every job seeker, employers are scrambling to keep up with filling their open positions. In fact, according to the BLS data, it’s not surprising that the number of job openings is currently still hovering around 11.3 million, and the number of hires stayed static at around 6.5 million. Again, these data indicate that candidates are still in the driver’s seat as employers compete for in-demand talent.
Organizations have also seen a sharp increase in recruiters leaving their jobs for other opportunities. As companies seek to hire more this year, recruiters are working harder than ever to find the best-qualified talent as quickly as possible, leading to recruiter burnout. Recruiters were listed as one of the most likely positions to quit their jobs even back in 2019 and are 115% more likely than the average worker to explore a new job opportunity. In 2022, a senior recruiter’s average tenure is only 1 to 2 years.
According to SHRM, job listings for recruiters tripled between January 2019 and January 2022, outpacing overall growth in the job market. Given the high level of burnout and stress, it’s unsurprising that companies are eager to change their recruiter experience in an effort to retain them in the business.
One reason is that recruiters feel their roles aren’t understood or appreciated by leadership and they don’t have the right technology to do their jobs properly. Aptitude Research reports that a surprising 1/3 of recruiters are looking for new jobs currently and one in two recruiters would leave their current role for a better tech stack at another company.
Holistic Technology Is No Longer Optional
Talent teams have many demands placed on them in such a difficult hiring environment. And the truth is, many companies don’t understand how they can more efficiently compete for talent and streamline their hiring process.
It may come as no surprise, but the talent acquisition technology landscape is bursting with solutions. An incredible number of tools to help address the multitude of challenges that exist within the most difficult hiring environment ever. This saturated market has led to organizations adopting individual point solutions to solve their most pressing recruitment needs.
In fact, on average, companies use 10 or more providers to support their talent acquisition function. With such an incredible expansion of tools and vendors within just the last decade alone, organizations have been left to their own devices, creating a patchwork of disparate technologies. Click To Tweet
This has created added complexity and required talent acquisition professionals to manage multiple vendors and point solutions. It has formed silos around tools and left accountability for the recruiting tech stack squarely on the organization. Perhaps worse, talent data is not integrated and there is little visibility on the overall demand and supply of talent.
But the most strategic talent teams have recognized that they need to leverage a unified technology stack that can integrate and efficiently source, interview, hire, and onboard qualified candidates. Recruiters need a better technology in order to effectively do their jobs in an unprecedented labor market. Companies prioritizing their talent acquisition technology investment can give recruiters a much-needed advantage in today’s market. This investment in their processes will help them hire and retain top talent.
Aptitude Research reported that 67% of companies are increasing investment in talent acquisition technology.
Leverage Unified Solutions for Recruiting Wins
A unified, integrated tech stack can help recruiters source, hire, interview, and onboard better candidates, faster. Empower your talent teams and hiring managers to speed up decision making and improve communication by providing a seamless experience from sourcing to onboarding.
Use automation and AI technology to source and hire a wider diversity of qualified candidates. It can save recruiters valuable time, reduce the manual burden of their work, and gain an advantage when competing for talent. Simply, those employers winning the recruiting game have found that investment in a unified stack of intelligent recruitment technology is now must-have.
Stay Tuned & Learn More About Winning Top Talent with the Right Tech
Sold on improving your talent acquisition technology to hire and retain qualified talent? The next blog in this series will dive into recruiters’ favorite automation and AI tools for efficient hiring in today’s competitive market. We’ll discuss what technology talent teams feel add value to their processes, and examine how they use them to source, interview, hire, and onboard a better quality of candidate.
Keep your eyes open for the next blog in this series. In the meantime, be sure to subscribe to the Jobvite blog and resource library to stay up to date on the latest in talent acquisition technology.