The top 5 Factors shaping the new recruitment landscape

The pandemic era forced many HR professionals around the globe to implement reactive solutions to overcome new hiring challenges. As the workforce and talent priorities continue to evolve, the time is now to re-imagine how and where competitive organizations acquire and retain talent.
  
Talent One

To move towards a future ready, talent-centric approach, it’s critical to note five major factors shaping the new recruitment landscape:

1. Talent focus on total compensation, benefits – and meaningful work

A recent Procom study Re-Imagined Recruitment Playbook  finds Flexibility is as important as compensation for talent when choosing work opportunities – with equal numbers, 67% and 68% respectively citing each as ‘very important’.

When engaging and retaining talent, employers must consider:
prop1

An ever-changing total compensation landscape

meaningfulwork

Meaningful work

Talent Three

Meaningful work is on par with compensation

In another recent study, conducted in collaboration with Flextrack, 66% of workers said ‘meaningful work’ is very or extremely important to them when choosing an assignment.

Talent Two

2. Rise in project-based work

The rise of project-based work, need for addressing skills gaps and the potential of cost saving opportunities has many organizations expanding their workforces.

80% of organizations are planning to expand their contingent workforces in the coming years.

3. The transformation from a knowledge economy to a skills economy.

The explosion of social media, influencer culture and online learning platforms augmented the way knowledge is acquired and skills are developed.

What is a skills economy?

At its foundation, the skills economy is a landscape where a worker’s skill is more valuable than their formal education in the same field. Can your developer role be filled by a candidate who taught themselves code during the pandemic and can pass a screening test or do you require a candidate with formal education?

79% of talent without a formal degree would still apply to a position and take an assessment to prove their skills.

4. Importance of Transparency

Today’s labor market puts an increasing importance on:

Pay transparency

Employee Value Proposition

Compelling reasons when sourcing talent

Talent Nine

New York City passes ‘The Pay Transparency Law’

The New York City bill requiring employers with four or more employees to include salary information in job postings for positions within the City lapsed into law on January 15, 2022. The law went into effect on May 15, 2022.
INCREASE EFFECIENCY
Transparency in pay, work models and an organization’s overall EVP will not only increase efficiencies, but also speed up the hiring process.
DECREASE WAGE GAP
Listing rate or salary moves your organization towards a more equitable environment for everyone, including underrepresented groups. Taking a powerful stance on the wage gap by engaging in more transparent methods of communicating salary information is a win for Diversity, Equity and Inclusion.
DIAL INTO THE MILLENNIAL MINDSET
By 2025, 75% of the workforce will be comprised of Millennials, and an openness about finance is a deep-rooted trend among this cohort.
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5. Remote and Hybrid work models

To remain competitive, organizations must embrace some aspects of remote, Work-from-Anywhere and hybrid work models or risk losing talent.

65% of talent want to work 100% remote

Talent Seven
Talent Eight

Define what ‘remote work’ means to you

Though they are different work models, the terms remote work, Work-from-Anywhere and work from home are often used interchangeably. Understanding the distinction is imperative for two reasons: 

1. No misunderstanding in how and where work gets done

2. Mitigating any employment tax problems or residency issues

34% of knowledge workers believe remote work means Working-from Anywhere in the world – not just from the comfort of their own home a few blocks away from the office.

Understanding the distinction between terms

Remote work or Work from Home

Remote workers and workers who “work from home” typically remain in the same city, province or state but don’t have to come into the office Monday to Friday.

Work-from-Anywhere

Workers can do their job from anywhere in the world – regardless of where the brick-and-mortar office is located.
Talent Five

The top 5 Factors shaping the new recruitment landscape

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