Survey of HR Professionals Uncovers Recruitment and Retention Trends, Predicting a Hiring Spike as Soon as Q2
2010-03-04
Chicago, IL (March 4th, 2010))- TalentDrive, the creator of the online resume sourcing technology, TalentFilter, released the results from its recent “Recruiting and Hiring Environment in the New Decade” survey. The responses provide answers to critical questions facing the unemployed and active employees alike, showing signs of a recovering economy and innovation in the hiring process.
A question that is vital to thousands of unemployed Americans asked if companies plan to increase hiring budgets for 2010 and if so, when do they plan to begin hiring again? Nearly half (44%) of companies surveyed increased their budget for hiring over last year and 50% predict Q2 and Q3 to be the most active hiring periods. The survey asked if companies felt prepared for the hiring spike, with over 75% responding “not prepared to only moderately prepared”, an indication that many HR departments are stretched thin or utilizing inefficient hiring processes.
When asked what tactics companies are utilizing to attract and hire new employees, the survey unveiled an evident shift from years past. In the spirit of innovation, 52% plan to implement proactive recruitment marketing tools and campaigns opposed to traditional job posting/ advertising. In fact, 49% of companies decreased job posting budgets for 2010 with only 10% increasing their ad budgets. 31% are investing in new sourcing technologies to reach unique candidates and 60% have incorporated social networking as a key component in the recruiting process, but not their sole resource.
The survey asked what specific areas of the recruitment process are receiving funding from budget increases with 62% of companies increasing employee engagement/ retention programs over 2009. Not surprisingly, 38% of companies reported competitors recruiting their “A-level” talent as a major concern this year.
A related question asked if the company’s value of human capital had changed after the tumultuous economic environment of 2009. If so, were new employee centric initiatives put into place or receiving renewed attention? Nearly half, 47% of respondents answered “yes” with “increasing talent management and succession planning” the leading choice, followed by 45% focusing on “learning and skill refurbishing for current employees”.
As companies emerge from the recession, a clear concern is the need to reassure current employees that they are valuable. Internal promotion, retention programs and skill refurbishing are indicators that the value of the employees that helped these companies weather the storm is recognized. Additionally, as career opportunities increase with renewed hiring, companies are realizing voluntary turnover is imminent and the need to retain top talent is now. “My greatest fear? Not taking the necessary actions to communicate the company’s appreciation for its employees, allowing the competition a chance at our most valuable asset,” survey respondent.
10,832 professionals from F1000 Companies, Staffing Firms and Independent Recruiters were surveyed. This survey was conducted between January 20th, 2010 and February 20th, 2010 online.
In summary, the survey found these key take-aways:
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