2016 is here, and that means companies are evaluating what they're looking for in current talent acquisition efforts. LinkedIn's annual Global Recruiting Trends report highlighted some of the key areas that companies are looking to improve upon, invest in, and refine this year. In the report LinkedIn reviewed four key statistics regarding trends that businesses will see during 2016. We took a look at those statistics and added our own thoughts, which you can read below.
- 39% agree that quality of hire is the most valuable metric for performance: It comes as no surprise that quality of hire is still the golden standard of measuring performance in employees - after all, if you hire great talent for the right positions and put them in a place to succeed, the results will speak for themselves. Measuring quality of hire is a bigger priority over the time it takes to fill a position and hiring manager satisfaction, which means that in 2016 companies are willing to wait and strain themselves a bit in order to find the right talent. This isn’t without it’s challenges however, as the confidence in measuring quality of hire will vary from organization to organization. According to the study, only 33% of people surveyed feel confident that they’re able to effectively measure quality of hire in their organization.
- 26% consider employee referral programs to be a long-lasting trend: We’ve discussed the effectiveness of employee referral programs in the past, but a quick summary of those benefits are improved retention (for both the referrer and referral), better performance, and higher quality job candidates. It’s interesting to see this number so low, since employers surveyed do recognize these benefits and the importance of a good employee referral program. However, this low number is likely due to the fact that the global average of employee referral programs show that only 39% of employers feel they’re doing a good enough job with their program. It’s important to remember however that no matter how good your referral program is you can always improve further. Use 2016 as a chance to evaluate where your referral program is and make adjustments as necessary.
- 32% say employee retention is a top priority over the next 12 months: Now that the recession is over and more jobs are opening up, candidates are going to find more jobs - and those candidates may be your current employees. Hiring candidates and keeping employees are two different efforts, but that doesn’t mean you can’t use the same tool (recruiting) to achieve both goals. In 2016 focus on hiring talent that will stay loyal to you, leveraging hiring assessments and the talent acquisition process to identify not only which candidates will stay committed but also recognizing what a candidate wants in a job/company, and showing how you can provide that to them.
- 59% are investing more in their employer brand compared to last year: It seems like any bit of information you want to find out can be found on the internet these days, and that includes what people have said about your company. From reviews on Glassdoor to networking sites like LinkedIn, information is readily available at the click of a Google search about what current and past employees think about a company, what the interviews were like, and whether or not they recommend working there. So it’s not surprising that more organizations are planning on investing in their brand this year, since the information out there will have an influence on whether or not a person will choose to apply or work at a company.
Ready to start on improving quality of hire this year? Kick off your efforts by downloading our quality of hire e-book below.
Topics: Talent Selection Ideas