Yearly, Bullhorn surveys world recruitment professionals to seek out out their prime priorities, challenges, and predictions for the 12 months forward and publishes the leads to the annual GRID Trade Developments Report.
The next are a number of the key findings, together with suggestions for the way to act on these insights. Take heed to the High Recruitment Developments 2024 webinar for the complete dialogue.
Most companies specific cautious optimism about 2024
2023 was a tough 12 months, with rather less than half of staffing companies reporting income development — down from 68% in 2022. Regardless of that, almost two-thirds of companies predict they may see income development in 2024. A couple of-third anticipate development of greater than 10%.
Heading into 2024, most checklist gaining new prospects and rising placement volumes as their key priorities. Macroeconomic uncertainty, hiring freezes, and the continuing expertise scarcity prime the checklist of challenges companies face — adopted intently by a rising concern about competitors from gig and freelance platforms.
In a good income 12 months, profitable companies relied on know-how to drive productiveness and effectivity
65% of companies that noticed income development in 2023 positioned candidates in lower than 20 days—and this was largely true throughout areas and verticals. These companies achieved this stage of effectivity partially by automating key duties like candidate screening and candidate consumption.
In reality, top-performing companies have been 2.4 instances as more likely to have automated gathering shopper necessities. Total, companies that noticed probably the most income development have been round 30% extra more likely to have automated top-of-funnel actions to drive candidates by the method quicker and finally drive extra placements.
Placing it into observe
Optimizing your expertise funnel begins with capturing dependable knowledge and making it readily accessible throughout the group. 50% of companies say they don’t belief the validity of their knowledge for making choices. To appreciate the productiveness and effectivity advantages of automation, companies have to seize dependable, standardized knowledge from the start and centralize that knowledge.
As soon as that basis is laid, companies can actually unleash automation to drive productiveness. Actual-time knowledge and analytics might be obtainable on a self-service foundation to trace productiveness and unlock efficiencies. And AI might be utilized to deal with low-value, repetitive duties, streamlining workflows. This adjustment can provide recruiters again time whereas concurrently lowering the potential of human error.
Profitable companies are addressing the expertise scarcity head-on
43% of companies cite the continuing expertise scarcity as a prime problem for his or her enterprise. Nonetheless, probably the most profitable companies are investing in know-how to enhance the candidate expertise by tailor-made engagement and outreach, higher search and match, and quicker conversion charges. They’re 50% extra more likely to say they will depend on their databases and are utilizing analytics to higher perceive job classifications and expertise swimming pools.
Placing it into observe
Figuring out and plugging gaps in candidate knowledge makes it potential for recruiters to benefit from automated sourcing instruments that may enhance job matching and pace up the location course of. This “database-first mindset” permits your workforce to simply and rapidly search throughout all candidate sources or benefit from AI to deal with the preliminary seek for candidates with out fearing missed alternatives. Proper now, 70% of placements are usually made with candidates sourced exterior of the agency’s database — and 66% of these externally-sourced candidates already existed inside the database, creating a very pointless delay and duplication of effort.
Moreover, companies ought to deal with mapping out a communication technique to optimize candidate engagement. Automation can observe and immediate candidate communication to make sure there’s constant communication, in addition to tailoring communication channels based on candidate preferences. Companies that don’t automate usually solely interact with about 10% of the candidates of their database, leaving an enormous missed alternative. And Bullhorn’s GRID 2023 Expertise Report discovered that frequent communication is a major driver of candidate loyalty.
Some companies had success at successful new enterprise in 2023 regardless of the economic system
Some companies have been in a position to proceed attracting internet new purchasers even because the staffing business slowed down significantly in 2023. What did they do in a different way?
In step with the deal with productiveness and effectivity, these companies have been in a position to spend much less time supporting present purchasers and extra time buying and nurturing new ones — 70% of those companies mentioned their recruiters spend lower than 50% of their time working with present purchasers. This isn’t as a result of they’re neglecting them, it’s as a result of they’ve automated their workflows to permit them to supply glorious service and worth with much less human effort. The companies that have been probably the most profitable at successful new enterprise have been thrice as more likely to provide self-service instruments to purchasers and candidates. And so they have been 44% extra more likely to have automated new lead engagement, serving to recruiters focus their efforts on the perfect, most viable leads.
Placing it into observe
Centralizing and cleansing up the database makes it simpler to serve up knowledge and insights that assist recruiting and gross sales see the way to make an affect quick. They will see who might be redeployed, which jobs don’t have any exercise, and which leads don’t have any calls. Automation can seek for job leads within the background, solely notifying workforce members when it’s the greatest time to take motion, bettering gross sales percentages and limiting wasted effort.
AI adoption and funding was linked to income development
This 12 months’s GRID Trade Developments Report confirmed a powerful correlation between these companies which can be investing in AI instruments and those who noticed income development in 2023. They have been considerably extra more likely to be experimenting with AI for duties like shift scheduling, onboarding, and gathering shopper necessities. Interviews with Bullhorn prospects made it clear that one of the simplest ways to allow recruiters to benefit from AI instruments is to have them embedded straight within the ATS.
The information and automation methods mentioned listed here are all essential to laying the muse for a profitable AI technique.
