Are you among the 50 per cent of companies that aren’t innovating in recruitment?

13 Feb Are you among the 50 per cent of companies that aren’t innovating in recruitment?

Are you among the 50 per cent of companies that aren’t innovating in recruitment?

As organisations ramp up their recruitment efforts in the year ahead, innovation will be key to sourcing and retaining the best talent. To get ahead in the talent race, HR and recruitment leaders must think outside the box and introduce cutting-edge recruitment strategies.

Research by Allianz found that tech-savvy millennials will make up 75 per cent of the workforce by 2025. Yet according to a recent report released by FuturePeople, 1 in 2 leaders are not innovating in recruitment nor tailoring talent management to suit the needs of the future workforce [2].

FuturePeople’s Recruitment Trends Report 2017/2018: To gig or not to gig? How to get future-ready for Industry 4.0 found that while the generation of talent demand more seamless, integrated and omni-channel recruitment strategies, organisations are not adapting to meet these demands. As a result, organisations are missing out on some of the best talent available for boosting business performance and enhancing customer engagement.

So what can HR and recruitment leaders do to introduce more innovative recruitment practices? And how can organisations attract and retain millennial talent?

1.  Drive digital transformation at the highest level. Digital transformation requires a culture shift from the top down. It must be led by highly engaged leaders who nurture innovative thinking among their people. Only then can the team work together to brainstorm new ways of attracting and retaining millennials.

With leaders who role-model the right behaviours and mindset to drive digital transformation, a wider variety of recruitment channels can be embraced. From chat bots to social media to video, everyone in the organisation must be on board with the change and equipped with the IT skills to manage new platforms. The more channels an organisation makes available to candidates, the wider the net is cast in the talent pool.

2.  Focus on Emotional Intelligence (EI) in recruitment. According to FuturePeople’s report findings, the greatest demand for talent is still on the front line. However, a short-term, ‘quick fix’ view of recruitment is causing an industry-wide oversight of one of the most critical competencies for front line performance: Emotional Intelligence (EI). Worryingly, only 20 per cent of organisations are recruiting for EI on the front line [2], which points to why many organisations are failing to create an innovation culture.

EI refers to emotional competencies such as self-awareness, empathy and resilience, which enable employees to engage meaningfully with customers and colleague. EI also nurtures creativity, ingenuity and innovative thinking. A greater focus on EI is needed in recruitment and talent management, to ensure people have the social and emotional skills to adapt to change. By investing in EI training and development, leaders can build a team grounded in strong relationships, teamwork and innovation.

3.  Create a flexible work culture. The rise of the Gig Economy has seen a generational shift away from 9 to 5, full-time employment. Millennials are now looking at short-term ‘gigs’ that give them the flexibility to work from home and while travelling. Yet the report findings show that only 9 per cent of leaders are actively hiring short-term employees.

Many organisations are not creating the flexible and adaptable work cultures that millennials want. It’s unlikely that the Gig Economy will ever completely replace the traditional working model. However, to attract and retain the best people, HR and recruitment leaders need to prioritise workplace flexibility and build a team culture that values work-life balance.

To read more about how to get ready for the future workforce, download a copy of the Recruitment Trends Report 2017/2018 here: http://futurepeople.com.au/recruitment-trends-report-20172018/

References

[1] https://www.allianz.com.au/life-insurance/news/millennials-in-the-workforce

[2] http://futurepeople.com.au/recruitment-trends-report-20172018/