How the Candidate Hunt Will Change in 2019
For many companies, there are very few challenges and processes more exciting than finding and hiring a new candidate. The right hire can bring hard work and innovation to their role, and even wind up steering the company in a fruitful new direction. The wrong hire isn’t just a disappointment — it’s massively expensive. The Department of Labor estimates that the wrong hire costs a company about 30% of the employee’s yearly salary, a figure that doesn’t include damage to morale and productivity.
Given the high stakes of hiring, it’s hard to blame companies that refuse to rethink models which have worked for them in the past. But the reality is that the hiring market is always in flux — and companies that don’t adapt to changes in technology and labor patterns are going to lose good hires to companies that do respond to the changing times. With that in mind, let’s take a look at hiring trends that will impact 2019 and beyond. Whether you’re happy with your current hiring platform and strategy, or looking for something better, planning for ongoing changes in the hiring market is essential.
The Growing Influence of Predictive Analytics and AI
Algorithmic data analysis can help companies anticipate their future hiring needs and act on them accordingly, snatching up quality candidates before other companies can get to them. AI programs built on top of predictive algorithms can help screen applicants looking for qualities that match previous successful hires. At their best, predictive analytics and AI can help make the hiring process more efficient, freeing up time so recruiters and hiring managers can spend more time on the face-to-face interactions that help separate the good candidates from the great ones. Some pundits believe that predictive analytics and AI could even counter inherent bias issues in hiring. Others argue that if a company has only hired one type of person, a predictive algorithm is unlikely to suggest a different kind of person for an opening, even if they could become an innovative and successful new hire. Predictive analytics will play a huge role in the future of hiring — we just have to make sure that role is a positive one.
Candidate-Friendly Hiring
Unemployment is at a historical low, which means companies must compete for qualified candidates. And there’s no quicker way to lose that competition than to have an alienating application process, whether it’s a clunky online application form or a slow-to-respond HR department. Furthermore, quality candidates who didn’t quite make the cut for one position may be prime candidates for another — but they’re unlikely to consider re-applying if their first experience was negative. Of course, unemployment might not stay low forever, but the practice of centering candidates during the application process is likely not going anywhere fast thanks to growing awareness among companies that hiring is a branding contact point. Any candidate with a negative applicant experience can hurt a company brand by sharing the story in their social networks and writing poor reviews online.
More In-Depth Understanding of Skills, IQ, EQ, and LQ
There’s no such thing as the perfect candidate, but there are candidates who can become great hires. Companies have a greater chance of hiring these candidates when they stop looking for a carbon copy of a previous great hire’s resume and start investing in a more comprehensive understanding of applicants’ skill sets. That’s always been the case, but it’s particularly crucial in a tight labor market when the stakes of making a lousy hire are even greater. Skill sets needed to succeed — particularly in a fast-paced, highly technical environment — shift so quickly that 85% of jobs existing in 2030 haven’t even been invented today. Companies may get more long-term value out of hires who can adapt and learn than hires who have the exact technical skill set they need now. Recruiting expert Johnny Campbell recently stated that learning quotient, or LQ, is even more important than IQ or EQ when hiring.
Technology WIll Give Early Adopters the Advantage
As the relationship between humans and technology continues to evolve, companies will need to shift their hiring practices both to meet candidate expectations and to gain an edge over competitors. A 2014 study established that 80% of job seekers expect to be able to search for jobs on their mobile phones — and many will disregard online hiring platforms that aren’t mobile-friendly. While mobile optimization is a bare technological minimum in 2018, new technologies are showing how the hiring process will continue to evolve in 2019 and beyond. At BHIRED.io, we believe that blockchain for data storage will be one key technology driving next-generation hiring platforms. Candidate and company data such as credentials or partner reviews are written to the blockchain as they’re verified on the BHIRED.io platform, tying high-quality, reliable data to a single biometric profile. Blockchain data integrity also helps to incentivize productive behavior on the BHIRED.io platform.
Just as the nature of work itself has changed over the years, the challenge of finding qualified candidates will continue to evolve as well. Whether that means re-assessing their candidate experience, onboarding new technologies such as data management blockchain tools, or testing other strategies, companies who embrace the dynamic nature of the candidate hunt will thrive.
