This week, CEOs and business leaders from the employee recruitment and retention industry gathered at TAtechEurope 2018 to discuss the latest trends in talent acquisition technology.
Our CEO, Jayne Ronayne, gave her view as part of a Recruitment Marketing panel called “3 Shades of Recruitment Marketing”. Jayne joined Tycho van Passen, Co-Founder & Partner of VONQ; Shane Gray, CEO of Clinch and moderator Chad Sowash, CEO of Catch 22 Consulting.
The panel talked about everything from chatbots, to employer branding and boomerang recruitment. Here’s a look at the top 5 employee recruitment and retention trends in Talent Acquisition that every recruiter needs to know about:
Rise of the Chatbot
Chatbots are seeing a huge surge in popularity and our Recruitment Marketing panel weighed in bots at TATech. “Chatbots can solve a lot of problems and save money for companies,” says Tycho van Passen, who is the Co-Founder of predictive marketing tool VONQ. He says that recruitment is always a couple of years behind when it comes to technology, but that chatbots are certainly a technology that could be used. Bots have potential to be a great way to find leads for roles and generate feedback, but “they have to be simple to use and the candidate needs to know they’ve been listened to,” says Talivest’s CEO Jayne Ronayne.
Use Rich Data to Make Predictions
What if data could predict the future? VONQ does predictive hiring by helping recruiters see a predicted outcome of their recruitment marketing campaign.
Predictive reporting and analytics can save companies and recruiters wasted resources and money. Talivest’s survey tools help companies predict when employee turnover might occur. It also helps boost employee recruitment and retention, as well as recommending changes that will reduce attrition and win back employee referrals and boomerangs.
Branding is Key
Chad Sowash, CEO of Catch 22 Consulting (which helps veterans get corporate jobs), asked the panel “Are we seeing a movement from employer brand to just ‘brand’?” Shane Gray of Clinch says there is a definite overlap between the two. All three panelists brought up the famous case study of Virgin Media, who lost revenue when job applicants who had a negative experience when applying for roles with the company cancelled their Virgin subscriptions.
Employer branding is hugely important for prospective candidates who will do a health check on the company before joining, by reading reviews on Glassdoor and elsewhere. This is where Talivest can help companies improve their employer brand by measuring employee feedback through onboarding, exit surveys and “stay” surveys. This can save revenue and generate new revenue.
AI, Machine Learning and Semantics
Keynote speaker Renato Profico, CEO of Swiss market leader Jobcloud AG, talked about how artificial intelligence can play a massive role in helping recruiters locate top talent faster. He talked about how JoinVision has created a “CVlizer” which analyses CVs automatically to match and tag job postings for applicants. This reduces the time recruiters would take to search for “exact” matches for a role. The next step is a semantic analysis of natural speech during interview videos to match candidates to roles – and JobVision are already doing this. If AI can cut out some of the mundane work of searching, then it will truly automate a process that takes a lot of time in the recruitment industry.
Hiring Ex-Employees and the Employee Referral
Jayne talked about companies not only being great places to work, but “giving ex-employees a voice” when they leave. A recent Workforce Institute Kronos report which surveyed more than 1,800 HR leaders and employees showed just how powerful it is to stay in touch with your ex-employees and to have a strategy to keep them engaged.
The report found that in the past five years, 85% of HR professionals received job applications from former employees. Also, 40% say that they re-hired about half of those former employees. Looking to boomerang employees will save companies the time and money spent searching for top candidates. However, are ex-employees really being taken seriously? The report also found that almost half of managers say their organization has no alumni communications strategy. “We build great alumni communities where corporate alumni can find jobs, connect with their peers and attend events, all in one platform,” Jayne said of Talivest’s alumni communities.