A new report shows that quality of hire and a strong employer brand are topping the list of priorities for talent leaders.
There can be no doubt that quality of hire is one of the most important recruitment metrics; The FIRM’s latest survey of its members revealed that quality of hire is seen as the key metric for success by the majority of in-house recruiters (28%), beating cost-per-hire, time-to-hire and source-of-hire.
The survey’s findings correspond with the Talenytics’ Talent Leader Survey conducted earlier this month. Both reports state that the talent shortage is the most pressing issue facing talent teams. The two surveys also agree that candidate sentiment and perception matter much more than they used to in a crowded market for talent; improving employer branding and employee value proposition (EVP) was a high priority. Speaking of their regrets from 2018, one respondent to the Talenytics’ survey said,
“I wish we’d upgraded our brand and employee value proposition. We would have had a better chance of standing out to candidates.”
Attracting passive candidates by having a strong employer brand and EVP was a common theme for many respondents in both surveys, coming in above building a talent pipeline and direct sourcing. This is as a result of the talent crunch due to so few suitable candidates looking for employment. In fact, the UK’s unemployment rate is not far off the lowest ever recorded.
Short term pain, long term gain?
What does the crippling talent shortage mean for hiring quality? On the surface, it appears that organisations will have to run faster just to stand still; candidates will expect far more from employers for far less, as the current climate is most definitely candidate-driven. However, for the talent industry as a whole, the talent shortage may inspire positive change.
Improvements made to employer brand and EVP today will change the mindset of talent teams in future. Working on updating and streamlining internal processes, honing systems and adopting technology will benefit in-house recruiters and talent acquisition professionals as well as the candidate experience, meaning that the sector will collectively improve its productivity and performance. Quality employers have infinitely more chance of attracting quality hires, and so when the employment cycle eventually turns back to an employer-driven market, those who have embraced change now will be in a far superior position to when they started.
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Content Marketing Specialist
Gianna is a copywriter with degrees in English and Marketing. She is passionate about the ever-evolving world of technology, and uses her skills to research the latest industry trends and insights.