Emerging trends in the talent acquisition of tomorrow

"There are several factors, such as the increasing tightness of the labor market and the enormous amount of data available, that influence the way HR professionals and talent acquisition leaders work," says Stefan Steger, Chairman Korn Ferry Switzerland & Austria, adding, "Thus, in order to succeed in attracting, developing and retaining top talent in the future, it is important to increase agility and become increasingly forward-looking."

Korn Ferry has identified eight trends in talent acquisition that will be of great importance to companies in the future. Some of these are described in more detail below:

Proactive search

Reaching potential candidates who take time off between jobs is no easy task. But there are approaches to reach such professionals: targeted proactive sourcing, talent communities, workshops, customized landing pages and microsites, or alumni networks for those who have left the company and might consider returning.

Strengthen diversity and integration

When it comes to increasing diversity and inclusion, the focus must not only be on the boardroom, but on all levels of a company. Attention must be paid to fostering diverse talent, including women, people with different skin colors, and also people with disabilities.

To measure this progress, many companies have begun using applicant tracking systems to find out what percentage of minority applicants were actually hired. Companies are working to expand their diverse candidate pool and use unbiased assessments to ensure that the most qualified individuals are hired. In addition, companies are placing an additional emphasis on retaining a diverse workforce. Many are using a "Diversity & Inclusion Diagnostic" to help solve the real problem: Why do employees leave and what can be done to keep employees loyal to the company?

Making artificial intelligence "smarter

Artificial intelligence (AI) is increasingly being relied upon in the search for qualified candidates. However, it is important that AI is properly vetted so that, for example, diversity efforts are not undermined. Even when resumes are anonymized by removing candidate names, AI can often figure out a candidate's gender by analyzing the phrases used. For example, "takes charge" is often associated with men, while "leads persuasively" is used by women.

One way to alleviate the problem is to provide the AI with nonpartisan data, such as talent assessment data, that identifies success factors. The AI needs to be trained to look more for the skills needed for a particular role, rather than focusing on subjective mode factors.

Personalized payment

Expectations for pay have changed over the years. Companies today work with four different generations that have different expectations for pay and rewards.

To find out what each generation actually wants, companies start listening. With this information, companies are then able to create reward packages that are more targeted. These packages usually include the following: different types of pay, flex time, paid time off, international assignments, or even student loan repayments. Thus, a company's compensation discussion is transformed into a 1:1 discussion with employees.

Rethink annual performance appraisal

The length of employment of employees is short these days. Whereas many employees used to stay with the company for years, younger employees in particular only stay for an average of just two years - if not less. Employees no longer need anniversary gifts, but much more constructive real-time feedback and ongoing performance discussions with their supervisors. Even if the employee doesn't have a long tenure, the ongoing feedback helps them learn, stay engaged, and create an employer value proposition to attract future employees.

How is the company doing?

For years, consumer goods companies and retailers have been surveying customers about their experiences with the brand. This practice is also increasingly becoming part of the recruiting process. Technology enables real-time feedback from candidates about their experience during the recruitment cycle. Berfragung tools seek feedback at all points in the process, providing recruiters and hiring managers with data-driven insights and information. With the data, they can change recruiting practices, including specific job requirements and interactions with candidates, to successfully hire the best people.

New job titles

"Chief Happiness Officer," "Data Wrangler," "Legal Ninja" - fancy job titles like these are emerging in many industries to reflect companies' changing strategies. For example, healthcare, finance and other companies are increasingly looking for a "chief experience officer." These companies recognize that the need for positive experiences at every touchpoint is greater than ever. Another emerging position is the "chief transformation officer," who is often tasked with change management initiatives in times of mergers and acquisitions. Some names are also popping up to attract younger employees. For example, "legal ninjas" are the new generation of legal officers.

Talent analytics just as important as business analytics

Traditionally, executives set strategy by analyzing business analytics to determine costs and operational effectiveness. However, experts say they may be failing because they are not finding the right kind of talent. That's why talent analytics, which look at the talent landscape in specific markets, are increasingly coming into play along with business analytics to create the most effective and sustainable approach.

Source and further information: www.kornferry.com