TradeRiver has identified the Recruitment industry among a number of high growth industries where innovation and disruption are either happening or in desperate need of occurrence. Here’s a quick dive into all of the things we’ve highlighted about the Recruitment industry.
The recruitment market size reached 148.1 billion U.S. dollars in 2018 and is forecasted to increase in value to 157.8 billion U.S. dollars in 2020. Recruiters are revamping and modifying their strategy due to the changing hiring process that has recently transformed dramatically, in large part due to technological advancements.
Growing trends have pushed soft skills, flexibility, and potential to the top of the list guiding recruiters in their search processes. As the job skills shift, employers value creativity more and in turn, employees expect transparency and trust.
As the recruitment industry continues to be disrupted and recruiters are adapting to the new hiring landscape, candidates have more control than ever. As a result, recruiters much utilize all assets to weed out desirable candidate and use social platforms such as LinkedIn.
Gen Z’s have been entering the global workforce for some time now and filling entry level and/or internship positions. As baby boomers continue to retire, recruiters have to look beyond their previously identified borders and looks for company fits in the next generation built for today’s workforce.
Recruitment priorities and checklists have changed dramatically. As more and more companies are introducing digital technologies into the workplace, the need for employees to work in cohesion with the digitally advanced applications has grown in necessity.
The talent war has produced intense competition among companies seeking specific skill sets in talent that are generally hard to find. As a result, many employers have begun looking outside their narrowed scope of requirements and have started hiring for potential rather than demand.