Modern Hire’s Fourth Annual Hiring Trends Report Reveals Critical Success Factors For Employee Hiring and Retention In 2022
Modern Hire, the leading enterprise hiring platform for video interviewing and pre-hire assessments, released its fourth annual Hiring Trends Report. The report integrates Modern Hire research with client learnings and industry specific data to identify the most influential hiring trends for 2022.
As we move into the new year, The Great Resignation is showing no sign of slowing. Although the U.S. unemployment rate was close to pre-pandemic levels at the end of 2021, more than a quarter of workers (26%) say they are looking to change jobs in the near future. This is cause for concern as hiring teams are tasked to hire for growth while simultaneously keeping up with rising turnover rates. To succeed in today’s talent war, hiring professionals everywhere must adapt their strategies to address candidate hiring experience and expectations, flexibility, transparency, and career growth opportunities, that encourage retention.
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“The turbulent job market of the last two years has left many hiring teams scrambling to fill vacancies quickly, so it underscores the importance of ensuring that hiring processes are implemented with precision to drive long-term success for both prospective employees and their employer,” said Karin Borchert, CEO of Modern Hire. “At Modern Hire, we believe a positive hiring experience starts with clear expectations during the hiring process and trusted AI-driven assessments to support candidates’ future employment potential and success. Establishing company and candidate expectations early can greatly influence future engagement of that prospective employee, and the right assessment tools can be a predictor of their tenure.”
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The Modern Hire 2022 Hiring Trends Report offers insights for hiring practitioners in what’s being defined as the “next normal” of change itself. Based on Modern Hire’s rigorous analysis, the company has identified five hiring trends that will be most important to hiring teams this year:
- Set up for long term agility in hiring. Organizations can’t expect today’s labor shortage to solve itself; rather, staffing needs to change to adapt to the market to remain competitive. Recruiting teams need efficient, agile, responsive recruitment and hiring technology to deliver a winning model for hiring performance today and in the future. This includes AI and predictive analytics to enable data driven hiring decisions and the tracking and measurement of outcomes necessary for continuously improving hiring.
- Hire for potential over current skill. Unquestionably, technology today advances faster than ever before and as a result existing skillsets become outdated much quicker than in past decades. To combat this, organizations are wise to focus more on candidate potential than current skill. Job relevant competency-based assessment tools using advanced technology can help employers narrow the candidate pool quickly to those who will be able to learn and adapt to meet the challenges of your organizational future, while also having a more positive impact.
- Focus on the job in the candidate experience. By combining the right technology with human touch, recruiters can create personalized hiring experiences that effectively represent their organization. Giving candidates a realistic preview of the job enables them to be informed and engaged in the process, promoting a positive hiring experience, and encouraging employees to be their true selves. This includes providing job relevant information as opposed to games that don’t clearly connect to the job, and personality tests that aren’t predictive of on-the-job success. Organizations that paint an honest picture of the job are more likely to hire candidates who will stay for the long haul.
- Continued adoption of AI tech. Forward thinking hiring teams are already using AI-powered tools to anticipate hiring needs, identify internal opportunities, reduce hiring costs and turnover, and measure the progress of diversity, equity, and inclusion (DEI) initiatives. In 2022, AI-equipped hiring solutions will be essential to enabling data-driven hiring decisions and for tracking and measuring outcomes necessary in the ever-changing job market. Recruitment teams will look to advanced, science-based AI solutions that include predictive analytics, automated interview scoring, and natural language processing to further boost new-hire performance, retain employees, and increase efficiency. These tools will be the clear differentiator for delivering ROI.
- Reduce bias in hiring. Advancing diversity, equity, and inclusion will continue to be a significant priority for companies this coming year. However, while nearly all companies are making this a priority, there are clear steps organizations can take to improve DEI outcomes in 2022, including expanding candidate sourcing, hiring for diversity effectively by utilizing pre-hire assessments that mitigate group differences, and using data-driven selection. AI hiring technologies that demonstrate a human-centric approach significantly reduce bias and help organizations avoid the unintended consequences of adverse impact while also maximizing hiring through efficiency, predictive analytics, and candidate engagement. This combination of capabilities is the key to meeting the challenges ahead.
“We will likely continue to see unprecedented recruitment and hiring challenges in the coming months which can only be met with a continued focus on impartial, efficient and effective virtual tools and data-driven techniques in 2022 and beyond,” said Borchert. “Enterprises must take action to modernize their hiring processes to ensure more personal, improved experiences for candidates and hiring teams, ultimately increasing hiring performance for greater success.”
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