HireVue’s 3rd Annual Global Trends Report Confirms Talent Shortages Are the New Normal
– Companies lean into skills-based hiring and 2 in 3 candidates embrace internal mobility over external searches – 30% of employers increase technology budgets to improve hiring efficiency as candidate shortages persist
Salt Lake City, Utah, March 23, 2023 (GLOBE NEWSWIRE) — HireVue, the global leader in video interviewing, assessments, and text-enabled recruiting tools today announced the findings of its 3rd annual global trends report, with key insights into how hiring leaders and candidates are responding to hiring trends that vary significantly from one industry to the next.
The annual survey asked more than 4,000 talent leaders across industries such as software, finance, and retail to describe how they have adapted hiring plans in lieu of current events. Respondents report increasing technology budgets to improve hiring efficiency (30%) and a greater emphasis on internal mobility (50%), especially in sectors that experienced more hiring freezes (finance) or layoffs (software).
“This year’s survey confirms that we’re at an inflection point in global workforce trends, where demand for new skills is colliding with changing candidate demographics and expectations,” said Anthony Reynolds, CEO at HireVue. “The good news is that many job seekers are pausing searches to stay longer-term in careers at companies that will help them upskill, re-skill and grow. Equally, employers are willing to fill new roles by retaining and investing in their current team members.”
Prioritizing Skills Over Resumes
Faced with ongoing shortages, employers are exploring alternatives to traditional hiring approaches such as relying solely on CVs and resumes. Instead, almost half (48%) of those surveyed adopted a skills-first approach to talent acquisition, forgoing education requirements and past work experience.
To efficiently validate candidate skills amidst changing requirements, organizations are prioritizing hiring technology that can analyze a candidate’s profile beyond traditional criteria. Of the leaders surveyed, 58% leveraged standardized assessments, 32% implemented game-based assessments, and 40% added chatbots or text recruiting to their processes.
These changes have widened the talent pool and raised the quality of that pool by attracting a more diverse workforce – companies report targeting more diverse candidates (45%) and mature aged workers (41%).
Candidates And Employers Find Stability in Internal Mobility
This year, in addition to talent leaders, HireVue surveyed 1,000 U.S. candidates about how the current economic state is affecting their job search. 63% of candidates say the current economic landscape has impacted their job search, with a full 2 in 3 reporting no plans to leave their current job in the near future. However, that doesn’t mean candidates aren’t open to new roles — 2 in 3 candidates are willing to transition to job roles within their current organization.
This alignment between candidate desires and employer priorities – 48% of employers emphasized internal mobility for their current workers – presents an opportunity to opt out of the fierce competition for external candidates without sacrificing productivity to languishing open reqs.
To stay ahead of the competition in a constantly changing hiring environment, hiring leaders are disrupting old processes by embracing new mindsets and enabling their teams with cutting-edge technology, and they are reaping the benefits and finding top-level talent. To dive deeper into this year’s results, download the full report here.
HireVue is where hiring happens – transforming the way organizations discover, engage, and hire the best talent. Connecting companies and candidates anytime, anywhere, HireVue’s industry leading end-to-end hiring platform features video interviewing, assessments and conversational AI. HireVue has hosted more than 35 million video interviews and 200 million chat-based candidate engagements for over 850 pioneering customers around the globe.
CONTACT: Emma Ferns HireVue [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.