Successful recruiting depends on a proactive approach; and technology solutions can improve the experience for job candidates and recruiter. (Photo: Shutterstock)
More than half of businesses in a recent survey said they are planning to make major changes in their hiring practices in the next two years. The survey, which polled HR executives at 234 businesses, was conducted by Kronos, a workforce management company, and the Human Capital Institute (HCI).
Demand for workers creating new challenges
The report looked at how companies compete for talent in today's market, when the economy is booming and demand for workers is high. The researchers found that current-day conditions make recruitment very challenging for a wide range of companies.
Approximately half the organizations surveyed said their number of open positions has increased over the last two years—48 percent for hourly workers, and 53 percent of salaried positions.
The time it takes to fill those roles has also increased—36 percent for hourly workers, 38 percent for salaried workers. And the delays in hiring extract a price—cost-per-hire has increased 48 percent for hourly workers and 47 percent for salaried positions. To attract workers, companies are paying higher wages: 73 percent have increased starting pay for salaried workers, while 50 percent have raised starting pay for hourly workers over the past two years.
High-performing companies invest in marketing, technology
The study used an HCI metric to identify high-performing companies (HPOs), and noted that such companies have invested more in certain areas to recruit new talent.
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