Talent acquisition is a rapidly evolving field, with new trends and strategies emerging all the time.
In 2023, one of the emerging trends in talent acquisition is the growing use of technology. The deployment of recruitment software and AI-powered chatbots to streamline and automate the hiring process has changed the face of recruitment.
While technology enabled people to work remotely, this practice has given birth to a new principle of a more diverse yet inclusive workforce. Companies are prioritizing diversity in their hiring practices.
Also, an approach towards employer branding is seen increasing, with companies seeking to create a strong brand identity to attract top talent.
Other innovative strategies include job consultancy with the services of hackathons, gamification, video interviews, and virtual career fairs.
As the job market becomes increasingly competitive, referral partners are still aren’t out of date and will never be. The power of referring partners is irreplaceable.
The Benefits Of Employee Referral Programs
Employee referral programs are a win-win for both employers and employees.
From the employer’s perspective
45% of referred employees stay for 4 years or more. Referred candidates tend to have a higher retention rate than those who are hired through other channels.
These programs help increase the quality of new hires while reducing recruitment costs.
This is because current employees are often able to refer candidates who are a good fit for the company culture and job requirements.
From the employee’s perspective
Referral programs are a way to earn extra income while also helping their friends and family find employment opportunities.
Referring someone who is eventually hired can result in a cash reward or other incentives, which can be a great way to supplement an employee’s income.
Overall, employee referral programs are a smart investment for companies looking to attract top talent while also incentivizing their current workforce.
By leveraging the power of employee networks, companies can build stronger teams and improve employee satisfaction at the same time.
Benefits And Challenges Of Diversity And Inclusion In Hiring
Diversity and inclusion in hiring brings a range of benefits to organizations, including increased innovation, better problem-solving, and improved financial performance.
By having a diverse workforce, companies can tap into a wider range of perspectives and experiences, which can lead to more creative ideas and solutions.
In addition, when employees feel included and valued for who they are, they are likely to be more engaged and productive.
However, there are also challenges associated with diversity and inclusion in hiring. One of the biggest obstacles is unconscious bias, which can lead recruiters to favour candidates who look or think like them.
This can perpetuate existing inequalities and limit the talent pool available to organizations.
Another challenge is ensuring that employees from diverse backgrounds feel included and supported within the organisation once they have been hired.
This requires an ongoing effort from leadership to create an inclusive culture where all employees feel valued and respected.
Overall, while diversity and inclusion in hiring are associated with challenges, the benefits far outweigh the drawbacks.
By prioritizing diversity and inclusion in their hiring practices, organizations can create stronger teams that are better equipped to navigate today’s complex business landscape.
So, in job hiring, 30-50% of hired candidates are always on a referral basis.
If you are seeking new job opportunities, ask your current colleague or employer to refer you here.
If you are looking to hire top and trusted talent, here is the right place.