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The recruitment revolution gets underway!

The recruitment revolution gets underway!

In the coming years, the introduction of new technology will see many changes in the recruitment sector. In order to keep themselves competitive, contractors will need to understand these changes and adapt for success. In time, many of the tools used by recruiters to improve their selection processes will also be utilised by contractors to predict and prepare their applications. As technology allows highly relevant analytics to be leveraged, risks in the hiring process will be reduced, allowing both clients and candidates to focus on a mutually good match. In this article, Contracting Scout looks at how new technology is revolutionising the recruitment sector.

Digital talent platforms
As convenience and lower costs see the continuation of services moving online, digital talent platforms will provide the engines that drive the recruitment revolution. The increasing number of professions entering the contracting market will lead to greater number of specialist platforms catering for specific sectors, such as medicine, finance and construction. Increased knowledge around industry regulation, and the general support services offered by online platforms, will be an important differentiator in the recruitment marketplace. Developing a strong relationship with a particular agency who will safeguard their interests will be a factor for contractors, who may need advice on everything from interviews to changes in tax legislation and available payment structures. The best platforms are stepping up their investment in contractors to provide them with the specialist support structure that they need. In return for investing in their contractor services, recruitment agencies will look for increased loyalty and exclusivity. This will see an increase in longer-term, relationship building between contractors and agencies.

The impact of emerging technology
As recruitment goes digital, there will be an increased need for secure online transactions, including the processing of payments and details of contractual agreements. Emerging technology such as AI and blockchain will be increasingly integrated into talent platforms. Blockchain technology provides a trusted network of information and is being applied to the recruitment process with the introduction of ‘Intelligent Profiles’. These are blockchain-verified CVs where every aspect of a candidate’s professional and educational history is added to the blockchain and verified by the relevant organisation. This means that the employer can be confident that the candidate’s experience and qualification are authentic. AI will also play a significant role in recruitment. The ability to sort through hundreds of CVs based on keywords and data points will vastly speed up the selection process. AI will also allow increasingly effective outsourcing as recruiters are able to assess a candidate’s online presence, including their social media profiles, in order to identify the most likely fit for a specific role. LinkedIn is a good example of how a platform is integrating recruitment and job search tools to provide a database of searchable information, including a candidate’s location, sector, income and availability. Intelligent recruitment platforms are also starting to incorporate video and chatbots into a first-stage online interview process that evaluates a candidate’s answers, voice quality and body language based on psychometric analysis.

Changed in recognition and reward for services
There will also be developments in the way that contractors are compensated for their work. Recruitment platforms will function like online communities, recognising their best contractors with new roles like community leader and mentor. On the client side, there will be more examples of incentive based bonuses. For example, some clients have started offering equity shares to contractors who deliver outstanding work. Tokenisation will begin to revolutionise how contractors are rewarded for specialised work. Together with smart contracts that can calibrate performance-based results, the token model can be used used to distribute royalties to people who have contributed to a project. Candidates can then use their accumulated tokens to redeem against the price of training courses, equipment or software that will allow them to invest in their professional development. Patronisation is also becoming another form of investing in “creatives” and “visionaries” who need patrons rather than customers to continue innovate new ideas and concepts. Patrons are individuals or organisations willing to provide ongoing funding to this new category of contractors.

Thought leadership
The importance of thought leadership will continue to be an important factor in establishing a competitive recruitment sector. This will see talent platforms adapting broader strategies when it comes to nurturing the client contractor relationship. The compiling of teams of contractors who enjoy working together, have structure and leadership, and tend to work in highly specialised areas such as the e-gaming industry will be facilitated by these platforms. Recent research at Stanford University has shown how these “flash teams” can vastly accelerate innovation for clients, as well as completing projects faster with superior outcomes. Recruitment platforms will play an important role in educating companies on how to maximise investment return in their contingent workforce.

Workplace culture
With greater emphasis on workplace culture, recruitment will have an important role to play in ensuring the right cultural fit between contractors and clients. Companies are being held accountable for workplace standards, and candidates are increasingly able to access this information, resulting in a demand for more trusting and reciprocal relationships. LinkedIn recently published its ‘global talent trends report’ showing four key areas where recruiters need to ensure value compatibility between companies and candidates:

  • Pay transparency: 53% of talent professionals agree that pay transparency is important to the future of recruiting, making hiring a faster, easier and fairer process. In the States, companies are publishing their staff salaries online, and openly stating their criteria for pay bands.
  • Harassment: With more harassment cases making the news, the pressure to address workplace bullying or discrimination is high. While many companies have anti-harassment policies, there’s a greater need for companies to action complaints responsibly.
  • Soft skills: In order to promote positive work culture, there’s a huge move towards soft skills, especially as HR, marketing and purchasing enter the contracting arena. More and more platforms are assessing contractors based on interpersonal effectiveness, and collecting client feedback on these skills.
  • Flexibility: 72% of talent acquisition professionals agree that workplace flexibility is a top factor in shaping the future of recruitment. Companies that introduce the option to work reduced hours or from home are achieving a huge advantage, as candidates are actively seeking out these opportunities and reporting greater satisfaction with their work as a result.

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