positions – which form the bulk of business operations. For beverage organisation The Coca Cola Company, there will be a bigger focus globally on beefing up “areas where we can get to know our customers better,” says Director of Global Executive Talent Acquisition, Irene Tan. She names strategic functions like marketing, and knowledge and insights in particular.
Optimising recruitment But with hiring volumes set to grow, employers will have to speed up their hiring processes, improve their quality of hires, and also broaden candidate pools, companies have shared with HRM Asia. The average hiring process today is typically made up of between two and three rounds of interview. It starts off with an aptitude or knowledge test, followed by interviews with line managers, then department heads, and finally HR. This process can be inefficient and costly for employers, and is plain
cumbersome for candidates A lengthy interview process can wear out even the best potential recruits, and employers risk losing out these high potentials to companies who are quicker to recognise their value. In 2010, organisations needed an average of 10 days to screen and hire new recruits. Today, 50% of hirers say they take one to two months, from the first contact being made with candidates to an offer contract being signed. One reason for the longer recruitment process is that employers would much rather take their time to screen candidates because the cost of bringing on the wrong person can run into the tens of thousands of dollars. Three-quarters of employers responding to a Career Builder study said that they had first-hand experience of a “bad hire”, and that it can cost them nearly US$17,000 on average. The recruitment process is also taking longer than before because companies
Talent Acquisition trends 1. Talent acquisition has a prominent seat at the executive table Over 83% of talent leaders say talent is the number one priority in their organisation 2. Recruiters will be even busier in 2017 56% of leaders say that their team’s hiring volume will increase, and they are focusing on how long a new hire stays at the company as a key measure of success 3. Budgets go to traditional tactics, but branding tops investment wish list While nearly 70% of recruiting budget is spent on job boards, recruiting tools, and staffing agencies, talent leaders say employer branding is in need of more resources 4. Employer brands to focus on culture and career growth Over 80% of leaders acknowledge that employer branding has a significant impact on their ability to hire talent. 5. Diversity, screening automation, and data Automating the screening and hiring process in order to eliminate human bias and time limitations will shape the future of recruiting Source: LinkedIn’s Global Recruiting Trends 2017 survey
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are facing difficulty finding skilled talent, especially for technology-driven jobs, and especially here in Asia-Pacific. Png says that across the region, in both developed and developing markets, one recurring challenge is the lack of talent who can meet the requirements of the available jobs. There is also bad news on the macroeconomic level. The talent shortage, if not arrested, could prove to be detrimental for Southeast Asia’s five biggest economies of Singapore, Malaysia, Thailand, Indonesia and The Philippines, according to a study by JP Morgan in partnership with Singapore Management University.
Predictive tools So the key in 2017, for employers and external talent consultants alike, will be about finding a balance between optimising the recruitment process, and tapping new talent pools through creative ways to solve the talent crunch. To speed up the hiring process and improve the quality of hires, talent acquisition leaders say the solution will continue to lie in using analytical tools that can automate the selection process, remove human bias, and make precise human capital decisions. Cognizant, for example, has invested significantly in “heat maps” across its key markets, to understand skills availability according to geographies, and thereby predict optimal timelines for talent sourcing. “We are constantly looking at ways to optimise the hiring lifecycle and in doing so, continue to analyse past trends and map out talent availability by markets to reduce the lead time of recruitment,” says Sengupta. Philips is also employing an analytics platform called TalentNeuron, which provides comprehensive talent demand and supply information, predictive analytics, as well as real-time job market insights, based on data pulled from a range of online sources. Png says the tool is able to predict a market’s talent pool size and growth