staffing firms adopting innovation - compunnel€¦ · adapt or perish – the new norm of the...
TRANSCRIPT
Introduction
Changing Perspective – A New Look at Old Problems
Enough Jobs But Not Enough Talent to Fill Them
What Caused this Skills Gap in the First Place?
Top Challenges Companies are Facing!
Why Future Belongs to the Innovators in Recruitment?
10 Hardest Roles to Fill in 2016
Counting on Innovation to Stay Relevant
Adapt or Perish – The New Norm of the Staffing World
About Us
Think beyond the traditional…Crowdsourcing may be the future!
An Open Recruitment Marketplace
Top of the line Analytics
Technology that enables faster hiring
Automation that drives efficiency
Skills based training program
More rewards for the talented few
What Else You May Ask?
Economy on the Verge of a Unique Crisis
123456789
1213
Even if you are remotely
associated with the staffing
industry, then I have a question
for you. Can you think of any
topic that’s been discussed more
than innovation in the last 5
years?
Not surprisingly, it has become
every staffing agency’s USP
while pitching their credentials to
prospective clients. How they
have the best time-to-fill metrics,
the best screening service, top of
the line sourcing channels, and
don’t forget, how they are such
great problem solvers. But don’t
you think the HR managers have
already heard these lines before,
in fact chances are that they
have heard at least 100 different
versions of these same lines
time and again. If you want to be
a good seller, you need more,
much more.
1
Changing PerspectiveA New Look at Old Problems
2
Well for starters, a little substance would do. Before giving companies
the solution, for once explain them what the problem is, and how
complex it will become in the coming years. Give them a peep into
recruitment’s inconsistent future, and how you are going to help them
sail over this turbulence. Yes companies know about the obvious rise
of contingent workforce, how good candidates are hard to come by,
and the increasing reliance on data analytics…but do they know why?
What gave birth to these trends, how did they come into picture, and
most importantly, what is their significance in the future.
What Else…You May Ask?
4
Economy on the Verge of a Unique Crisis…
America is facing its worst labour market since the great depression era. More than 15 million people
are out of work, close to 10 million are doing part-time jobs, and the unemployment rate is hovering
around the dreaded 10% mark.
3
WORKING PART-TIME UNEMPLOYMENT RATE
15million
10million 10%
UNEMPLOYED
Sounds like the economy isn’t adding any new jobs, right? Wrong!
4
Enough Jobs…But Not Enough Talent to Fill Them
From 2012-2016, the American economy has actually added millions of jobs. According to experts
America is facing a very unique kind of unemployment crisis.
One where employers have enough vacancies but just not enough talent to fill them – a hard to
fathom proposition. According to a survey done by Bureau of Labour Statistics – every month close
to 4 million jobs go unfilled in the US, and by 2020 America is looking at about 25 million vacant jobs,
all because of this Skills Gap.
.........
................
........................................................................................................................................
.........
........
.......
......
......
......
.......
........
America added millions of jobs
Dreadedshortage of talent
Still every month close to 4 million jobs go unfilled
By 2020, America is looking at about 25 million vacant jobs
What Caused thisSkills Gap in the First Place?
Ironically, a large part of this skills gap problem is shaped by what’s happening in the global economy.
Understanding the nuances of the economy is the best way to know where this problem is heading, and
what are going to be its disastrous effects.
5
Silver Tsunami in the FrayReason 1
Reason 2
Reason 3
As majority of the baby boomers (born between 1946 and 1964) near their retirement age, US is looking at a big talent void to fill in the coming years. As of 2016, close to 1/3rd of the workforce was nearing retirement, and according to a survey done by BLS, about 115 million people would be above 50 years of age by 2020. The problem is that there just aren’t enough qualified young professionals to take their place which is something the government needs to think about, and quick.
Young People No Longer Interested in TechnologyAccording to a survey more than 22% of American youngsters opt for degrees in arts, history, and psychology, while only 5% opt for majors in science and technology. Well that pretty much sums up why there is such a dearth of talent, especially for hard to fill roles.
Getting Talent from Other Countries is Becoming DifficultIt’s no longer easy to source an Indian candidate for a tech position, especially if he is working in a small company. On top of that other countries are also bidding in this war for talent, offering great compensation and flexibility benefits to the potential candidates. According to a survey US ranks 7th in the list of countries employees would like to work in. The global competition for talent is finally having its effects on the US economy.
Education System Needs a RevampAccording to employers there is a big gap in what they expect from a candidate, and what they are learning at the university. While the quality of education is a big concern, the major problem seems to be the lack of practical experience. Result – college graduates between 21-27 are doing low paying jobs, accounting for more than 40% of the current unemployment rate.
Reason 4
Top Challenges Companies are Facing!
Ever widening gap between supply and demand of skilled workers means that hiring will become much
more competitive and ugly in the coming years. With more than 65% of companies expecting tough
bidding for potential candidates, a talent war is certainly on the cards. But what is worse is that there is
much more in fray for the organizations then just a talent war. Let’s have a look at some of the
challenges being faced by today’s companies when it comes to recruitment.
5
Where to find quality candidates…..both active and passiveAccording to a survey, only 17% of hiring managers are happy with the talent potential of candidates. The big question is, if traditional forms of recruitment like job boards and social media are not working, where do you find quality candidates for your organization.
Rising demand for contingent workforce Many organizations are increasingly looking for temporary or contingent workforce to meet their talent crunch, which means that hiring managers have another big problem on their hand, sourcing temp candidates for hard to fill positions.
Extra cost associated with high drop off rates From resume submission, evaluation, interview to salary negotiation, the candidate hiring process can sometimes take months. And the more time you take to close a candidate, more are the chances of him dropping off mid-way. So high drop off rates is turning out to be a big spoiler for organizations.
6
Why Future Belongs to theInnovators in Recruitment?
Consider the time your HR spends pondering over resumes and calling candidates, the efficiency your
organization loses when your hiring manager takes an interview, and what if after all this hard work you
still don’t get the candidate you desired. Especially for hard to fill roles like healthcare professionals or
communication specialists, internal recruitment teams of organizations have happily admitted their
defeats. Companies just can’t afford to mess up when it comes to hiring, and that is where the experts
come into the picture.
By 2017 the number of companies using the services of staffing agencies will double.
According to Guidant Group, by 2017 the number of companies using the services of staffing agencies
will double. In light of the massive talent crunch, man hours wasted by organizations in finding the right
candidate, and the business loss that concurs due to an open position, staffing seems to be the only
viable option.
Especially for global firms that need to meet stringent talent demand across boundaries, hiring a
staffing agency is absolutely essential to stay competitive.
7
10 HardestRoles to Fill in 2016
8
..................
.........
........
. .........
........
.
.........
.........
.........
.........Data Scientist
Electrical Engineer
General and Operations Manager
Home Health Aide
Information Security Analyst
Marketing ManagerMedical Services
Manager
Physical Therapist
Registered Nurse
Software Engineer
10 HardestRoles to Fill
Staffing Firms: Counting on Innovationto Meet the Ever-Rising Talent Demand
While companies are counting on staffing firms to deliver them the right talent at the right time, staffing
firms are in turn counting on innovation to source the best and the brightest. From devising new sourcing
channels, using collective intelligence to implementing data analytics, staffing firms are leaving no stone
unturned to drive the best results for their clients.
Gone are the days when recruitment was all about picking a low hanging fruit, when every job posting
resulted in thousands of qualified resumes. Although traditional modes of sourcing like job boards and
social media do work, the process can be lengthy and sometimes unrewarding.
The biggest problem is that the niche skill talent isn’t active on job boards anymore, yet somehow he is
still getting relevant calls either through his peer network or through a close recruiter. So how would a
recruiter uncover such a candidate?
Well according to experts, crowdsourcing may hold the key to uncovering talented passive candidates.
The type of candidate that every staffing firm boasts of but very few actually have, the sort of candidate
who is going to be the most sought after in the coming years. A great example of an application using
crowdsourcing in recruitment is iEndorseU, an award winning app that rewards members for referring
quality candidates. Employing the concept of mobile referrals, iEndorseU is just perfect for tapping into
the network of niche individuals who are not available on any job board. Not surprisingly, the application
already has more than 50,000 vetted members, and is growing by the minute.
Think beyond the traditional…Crowdsourcing may be the future!
9
Crunching tons of data to reveal insights about candidates to determine their suitability for a role is what
Big Data is all about. In fact you can predict how successful a candidate would be in a particular role, or
what the chances of him leaving the job are. Already the top staffing firms are using this technology to
avoid bad hires. This is one recruiting trend that is here to stay!
Top of the line Analytics
Still hiring recruiters on commission basis or using centuries old recruiting applications, how about your
own recruitment marketplace for a change? Yes, we are talking about your own dedicated network of
recruiters that work only for you. Good staffing agencies understand the importance of having a
dedicated marketplace, a strong network of recruiters that transcends all geographical boundaries. A
great example of such a marketplace is JobHuk which has more than 5,000 recruiters which work day
and night to meet your talent needs. Since all the recruiters are screened and segmented according to
their speciality and time-to-fill ratio, quality of candidates is never an issue here.
An Open Recruitment Marketplace
It can take days, sometimes months for
organizations to hire the right candidate for a
niche role. From sourcing, reviewing, analysing to
hiring, it’s a long process. In such a competitive
market, the more time you take to close a
candidate, more are the chances of losing him to
your competitor. After all, good candidates often
have more than one offer at a time. That is why all
the good staffing firms use state-of-the-art tools
that keep everyone on the same page. They follow
established processes that ensure smooth
transitioning of the hiring cycle.
Technology that enables faster hiring
10
Some of the best staffing firms have their own skills based training programs that not only iron out the
inconsistencies but also make candidates technologically adept. These programs are designed keeping
employer requirement in mind and are really helpful in bridging the talent gap.
Skills based training program
There is no doubt that automation is the need of the hour. Paper-based recruiting not only wastes time
but also precious resources. If you are looking to drive efficiency then choose a tool that handles
everything from applicant tracking, resume screening, interview scheduling to requirement sharing.
These tools not only make the candidate on-boarding process easier but also enable a faster hiring cycle.
A win-win for both recruiters and candidates.
Automation that drives efficiency
The best are often spoiled for choices, so how do you close the deal. The answer lies in benefits and
flexibility. Being rigid in negotiation often leads to the candidates slipping away. Offer them perks,
benefits, and yes give them the flexibility to work from home, remember small things make all the
difference.
More rewards for the talented few
11
Adapt or PerishThe New Norm of the Staffing World
Considering the fact that an average company spends $4000 to fill an open position, and takes close to
50 days to close a candidate, recruitment is no longer a small game, especially if you get it wrong. In
fact good hiring is what actually separates a mediocre organization from a successful one.
So from where I see it, staffing firms actually have a great responsibility on their hands. The task of
getting this nation’s economy back on track by ensuring smooth flow of talent. Remember every empty
desk at an office is hurting our economy bad, every open position is a reminder to constantly reinvent
the traditional, and to look beyond the realms of the ordinary. No wonder staffing firms have to
constantly evolve in a bid to stay relevant, not only for their clients but also for the economy.
Change Contemplation
Pre-Contemplation
Action Preparation
12
CYCLEOF CHANGE
Compunnel Inc. has been a leader in contingent and permanent workforce solutions for over 22 years
now. Presently we are ranked as one of the biggest and fastest growing staffing firms in the US with
huge presence in Europe and Asia as well. With more than 1800 employees, 125 happy clients and
local support in 24 locations, Compunnel has become the first choice of more than 50 Fortune 500
organizations.
13
About Us
If you wish to know more about us or have any suggestions then feel free to get in touch [email protected]
We believe that staffing firms need to look beyond just filling vacancies, and focus more on providing
long term solutions. We are one of the few firms which are trying to spearhead a change in the
recruitment space through our cutting edge sourcing avenues. Whether it’s developing our own
crowdsourcing platform, deploying a massive recruitment marketplace, or building recruitment bots
intelligent enough to handle volume hiring, we know how to think out of the box, and most importantly,
Deliver.
How Are We Different?