Only a decade after the dawn of employer review sites, we now see its effects on the balance of power which has shifted full-swing from employer to employee—now the most trusted and vocal sources of information in the modern job search.
NEW YORK and LOS ANGELES (PRWEB) April 04, 2017
Future Workplace–a research firm preparing leaders for disruptions in recruiting, development, and employee engagement–and CareerArc–a global HR technology provider of social recruiting and outplacement services–today announced the results of a new study entitled, “The Future of Recruiting.” Following a national survey of 1,054 total respondents, including 616 employers and 438 job seekers, the study revealed that 63% of employers expect hiring volume to increase in 2017 compared to 2016. As a result of the stable job market, 96% of employers plan to continue or increase their employer branding efforts this year to stay competitive. Companies remain hyper-aware and committed to investing in their employer brand online and via social media, as the study revealed that 61% of job seekers visit a company’s online properties first before applying, which was a 17% increase from 2015.
The survey also uncovered that candidate experience actually drives consumer behavior. 64% of job seekers say that a poor candidate experience would make them less likely to purchase goods and services from the employer. While 91% of employers agree that candidate experience can impact consumer purchasing decisions, only 26% measure this effect.
Additional highlights from the report include:
Job seekers are increasingly trusting reviews before applying. One in three job seekers has shared at least one negative review of a previous or prospective employer, and 55% of job seekers who have read a negative review have decided against applying for a position at that company. The survey also found that those employees and job seekers who do leave online negative reviews are 66% more likely to also spread those opinions on social media, compared to those who only share their opinions directly with a friend or colleague.
Job seekers rank current employees as the most trusted source on information about a company. Online reviews from job applicants and former employees follow as the second and third most trusted sources, respectively. The CEO or other company executives were ranked the least trusted source by job seekers. While 99% believe managing employer brand and reputation is important to attracting top talent, only 45% devote HR resources to protecting employer brand.
A clear disconnect exists between the recruiting technologies job seekers desire most and those which employers currently use. Job seekers reported being exposed to skills testing and assessments in their candidate experience more than any other recruiting technology, but it is also the technology they would least like to see the in the future. However, what job seekers want to see most in the candidate journey are applications of virtual and augmented reality, currently the recruiting technology job seekers have reported experiencing the least. Meanwhile, the technology most employers wish to incorporate in their hiring process by year 2020 is gamification.
Social and professional networks are now the most common recruiting platforms. 91% of employers are using social media to hire talent today, and 91% of employers believe it will become a more significant source of hire in the next five years. Job seekers agree, ranking social and professional networks as the most useful resource in their job search compared to job boards, employee referrals, and recruiting events, among others. Social Media and Social Recruiting Software tops the list as the number one planned technology investment of 2017, with over half (52%) saying they plan to continue or increase investment. Employers believe that Social Media Marketing will be the most in-demand HR skill by year 2020, followed by Data Analysis and Predictive Modeling.
“With a solid economic outlook, a decline in unemployment, and a high employer and job seeker confidence level, the war for talent will be in full effect this year. Companies will have to invest more in recruiting technology, building a strong employer brand and improving their candidate experience if they want to compete for the best people. This study shows that a lack of investment in employer branding could result in a decline of revenue for the company.”
– Dan Schawbel, Research Director at Future Workplace and New York Times bestselling author of Promote Yourself
“Only a decade after the dawn of employer review sites, we now see its effects on the balance of power which has shifted full-swing from employer to employee—now the most trusted and vocal sources of information in the modern job search. This puts pressure on companies to invest in employer brand awareness, brand protection, and candidate experience, or risk losing not only top talent but loyal customers as well. Amidst this major shift, our study also reveals how social media has surfaced as the enduring platform-of-choice where employers and candidates alike connect and engage in the job market.”
– Robin D. Richards, Chairman & CEO, CareerArc
CareerArc is the leading HR technology company helping business leaders recruit and transition the modern workforce. Our social recruiting and modern outplacement solutions help thousands of organizations, including many of the Fortune 500, maximize their return on employer branding. By leveraging the cloud, running on world-class infrastructure, and combining web, mobile and social media applications, we help companies gain a competitive edge in recruitment, employment branding, and benefits.
Learn more about CareerArc’s enterprise solutions at http://www.careerarc.com/
About Future Workplace
Future Workplace is an HR executive network and research firm on the future of learning and working. The firm operates the Future Workplace Network, a consortium of Fortune 1000 global member organizations who use Future Workplace research and insights to future proof their learning and talent strategies.” Visit http://www.futureworkplace.com