Talent Acquisition 360: Research Insights for Today’s Talent Leaders
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Gain insight into priorities, strategies and best practices from Cielo's Talent Acquisition 360 report. Key findings include: •Everyone considers candidate experience a priority, but candidates aren't feeling it •Quality of hire is the gold standard metric •Everyone wants Total Talent, but nobody will own it
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Talent Acquisition 360: Research Insights for Today’s Talent Leaders
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Editor's Notes
- KRISTEN
- GREG Introduce the session with common challenges for today’s TA Leaders. Complexity is increasing in TA, stakeholder (C-Suite, Business/Operations, Procurement, Candidates, Hiring Managers AND our own TA teams) expectations are outpacing our budgets and this is all while are experiencing worldwide skill shortages The use of contract labor and gig workers is on the rise (On average, companies state that 30% of their workforce is comprised of contingent labor. While this presents tremendous opportunities, HR still is responsible for full-time employees and procurement for contingent. We have so much data around our FTE but lack the insights around contingent. New technology in Recruiting and HR (According to CBI Insights - $2.9 billion of investment went into HR technology in 2017 and this investment is increasing). Companies have more options than every before. Yet, according to this research, the areas of technology that have the greatest impact on talent acquisition effectiveness are not new areas like AI and blockchain. Over 80% of key stakeholders identified background screening as having the greatest impact. Transparency: employers expect to know more about candidates and candidates expect to know more about employers. Communication needs to be open and transparent during the talent acquisition process. Yet, only 30% of HR stakeholders said that consistent communication with candidates was a top priority. We all need an operating model (expertise, consumer-grade candidate & hiring manager experiences, technology, analytics) to catch up with these demands and outpace the competition In this session, we’ll use Cielo’s TA360 Research study to help facilitate a conversation (not a presentation!) so we can learn what’s happening on these topics in our organizations and globally from all of you
- KRISTEN As organizations assess their talent acquisition strategies, collaboration among HR, procurement, operations, and C-level leaders is paramount. Companies need a clear view of what is happening today and what needs to change for the future. This report based on data collected in July and August 2018 will examine how key stakeholders view talent acquisition and provide recommendations for closing the gap. Cielo surveyed, 1,100 HR, Operations, Talent acquisition, and Procurement leaders across five regions.
- KRISTEN
- In terms of priorities: “Delivering Great Experiences” is among the top priority for all stakeholders. “Communicating with Candidates” is one of the lower priorities for all stakeholders except Procurement, while In terms of measurement: Candidate experience was among the Top Three success measures across all stakeholders. When we surveyed 200 candidates, Only 29% of candidates are very satisfied with the recruiting process, and nearly 50% of candidates only hear back “sometimes” from employers after applying. The primary way that candidates are researching jobs is through career sites and search engines. DISCUSSION QUESTIONS: What are you doing to assess and improve your candidate experience? Share an example of an initiative that made a difference? What do you think you’ll do in 2019?
- “Sourcing great talent” = #1 current priority across all respondents “Sourcing great talent” = #1 future priority across all respondents Only 24% of respondents rated themselves “Very effective” at “Sourcing great talent” Only 38% of respondents rated their organizations as “Excellent” at Sourcing/finding candidates Only 8% of respondents said Technology can help their organization “Sourcing great talent” = 25% of respondents measure this monthly – the highest rating among all other core recruitment initiatives. Meaning more organizations are measuring sourcing performance more frequently than any other core recruitment initiative (like communicating EVP, hiring manage satisfaction, or D&I efforts)
- ANNE New tech solutions NOT delivering on hype.
- GREG: Not about hype. It’s about a lack of understanding…let me give you an example of where we used AI (Quest). When used appropriately, it can deliver the results you need. When we talked to talent leaders about this in Philly, one of the leaders provided this usage case. People want to maximize their current investments before placing next bets: People, process, or technology.
- Nearly 70% of business leaders believe the existing talent pool is shrinking while the competition for talent is increasing. 54% of business leaders have more open positions than ever before. As a result, companies are hiring contingent labor, including temporary employees, independent contractors, project workers and gig workers to fill positions at all levels.
- Companies are increasing their investment in contingent labor across all job roles. When asked what percentage of your workforce is comprised of contingent labor, they told us: Senior role: 23% Manager level: 28% Individual contributors: 32% Entry level: 41% A flexible workforce is the future: 65% of companies believe that in the future, flexible workers/contingent workers will replace a significant portion of the work currently being done by FTEs. As we’ve learned from other recent research, younger workers want more flexibility from employers: 40% of Generation Z want a contingent or part-time job.
- TARA – 20 minutes for this insight
- TARA YOU CAN’T SEGMENT TALENT OR BREAK TALENT DOWN INTO SILOS Cielo’s Total Talent Acquisition Definition Cielo’s 360 Report: In 2018, 90% of key stakeholders identified total talent acquisition as critical to the success of their talent acquisition efforts. Organisations recognise the landscape challenges (slide 1), the benefits of adopting TTA (slide 2) but also: In terms of talent, when asked to forecast the makeup of their workforce in 2020, (Deloitte’s 2018 Human Capital survey) 37% of respondents stated that they expected growth in the use of contractors, 33% in the use of freelancers, and 28% in the use of gig workers. And if we overlay this with Mercer’s 2018 top talent trends, this certainly aligns with ‘Change at speed’. The ability to change and change quickly is emerging as a differentiating organisational competency Note: Cielo’s research is backed up by Everest who stated in their 2018 Annual Report “TTA is increasingly getting a prominent place in the discussion around the talent needs of enterprises with the highest adoption seen in the UK and amongst mid-market buyers. However, widespread TTA adoption continues to face significant hurdles.“ NB - not many service providers have the functional and/or technical capabilities to deliver true TTA services. Enterprises are also reluctant to adopt TTA because of organisational structure related challenges as well as the risk of service provider concentration.
- TARA Companies are increasing their investment in contingent labor across all job roles: What percentage of your workforce is comprised of contingent labor Senior role: 23% Manager level: 28% Individual contributors: 32% Entry level: 41% A flexible workforce is the future: 65% of companies believe that flexible workers/contingent workers will replace some of the work being done by FTE in the future. Younger workers want more flexibility from employers: 40% of Generation Z want a contingent or part-time job. Each stakeholder agrees that with this rise of the contingent worker, companies need one strategy to support the entire workforce- Total Talent. 90% of stakeholders believe that total talent needs to be a priority If it is such a priority? Why are 66% of companies using different providers to recruit contingent and FTE? The problem is that stakeholders (procurement and HR) won’t give up ownership and work together. Procurement’s views on ownership: 65% say its owned by procurement, 12% say owned by HR, 23% say it should be owned by both HR’s view on ownership: 69% say HR, 5% procurement, 26% both If companies want Total TA to work, they need to let go of ownership, see a different perspective and start to collaborate. Key recommendations: Involve the CEO: Only 53% of companies say the CEO is involved in talent acquisition decision making Invest in a Partner: 55% of companies plan on investing in an outsourcing provider in the next year. Become a Data Champion: The value of total talent is the in the insights and data it providers on the complete workforce. Only 24% of companies identified analytics as the most effective recruiting tool. This should be more of a priority in technology investments. DISCUSSION QUESTIONS Does your organization take a holistic approach to contingent and permanent talent? Procurement thinks they own it, HR thinks they own it, is it owned in one of those functions, or do you believe there should be a team that oversees TTA? What are some of the external factors that could drive a company toward embracing a Total Talent solution? What are some of the obstacles that might hinder a company’s ability to embrace Total Talent?
- ANNE -- 20 minutes for this insight
- ANNE & TARA Each of the stakeholders included in this report has a different view of the effectiveness of talent acquisition efforts. When asked what areas of talent acquisition were very effective, business leaders consistently rated these elements are lagging while the C-Suite is more optimistic. One reason is that business leaders at more concerned about efficiency and effectiveness while CEOs are concerned about the brand and perception of an organization. One other factor is that 62% of business leaders are also hiring managers and hiring managers have a history of being dissatisfied with TA practices. DISCUSSION QUESTIONS How are you educating the business on the state of TA? How can you leverage your C-suite support to communicate to your other internal stakeholders? How do you measure satisfaction from your internal business stakeholders? What are your communication channels? Frequency? What are the big compliments your team gets from the business? Concerns? How are you closing the gap?
- TARA -- 20 minutes for this insight Everyone agrees that data and insights are key to managing a high performing function, but different stakeholders want us to move beyond time and cost to fill.
- TARA Metrics fall under two categories…efficiency or experience. There has been a shift and most stakeholders are focused on experience metrics over efficiency. Companies need to be able to balance both in order to accurately measure recruitment efforts. Different stakeholders focus on either experience or efficiency…Quality of hire was the top metric for each stakeholder except procurement which identified hiring manager satisfaction as the top measurement of success. Candidate experience was the other top metrics for each of the stakeholder an indication that this is a candidate’s job market where companies are facing intense competition for all types of talent. DISCUSSION QUESTIONS What are your key metrics for the C-Suite? The business? The board of directors? How do these link to Talent Management and HR? How do you think they will evolve in the future? Do you have the right systems and skills in TA to measure, analyze and communicate these? If not, how are you bridging the gap?
- 15 minutes for conclusion