The Human Capital Management industry is a big one. Many segment it into Search and Placement, still a $23 billion annual gargantuan that encompasses how companies hire the right people.
In the last several years, we at Technical.ly have continued to focus on how our newsroom can compete in this cluttered industry by leveraging the trust we have and aim to develop with hard to reach jobseekers in the communities we serve. We’re producing more content on the topic, and I’ve begun to do more speaking on the topic.
I’ve also been doing lots of reading and gathering of worldview, particularly in the last year. In cleaning out a notebook, I found a slew of trends and numbers I was poking around, so I decided to share them here.
Here are a few notes that have been valuable context for me, and so I thought might be interesting to you:
- Recruiting firms (contingent-based search and placement agencies, for you insiders) defend 20 percent of a candidate’s salary to be the right price, when all costs are taken into consideration.
- The category of recruiting called search and placement (both the contingent and retained efforts by people to find other people and place them in jobs) is estimated to be between $22 billion and $23 billion annually in the United States.
- There is considerable interest in leveraging AI for making quality job recommendations. The majority of potential jobseekers are only passively seeking of course.
- Diversity recruiting is a growing subset of the recruiting category, with jobs boards like Jopwell focusing there.
- LinkedIn is a recruiting tool, challenging jobs boards, not recruiting offerings.
- Recruiting is still a tool for speeding placement.
- SHRM: 15 percent of HR leaders polled from 40 countries said artificial intelligence and automation are already impacting their workplace plans. Another 40 percent said they expect AI and automation to affect their plans within two to five years.
- A focus on quality matching, beyond keywords and rushed active seeking is crucial, as Indeed notes.
- “Finding good interpersonal skills is the toughest recruitment challenge, with a third (31%) saying that soft skills, such as teamwork and great communication, were the hardest to find among candidates,” according to Modis.
- “Some researchers estimate that by 2020 as much as 40 percent of the American workforce will be made up of contingent workers,” according to SHRM.
- “We are moving away from a world where candidates seek a job to one where the job finds the candidate” (Source)