40 per cent recruitment leaders admit to finding it tough to attract top-tier talent. With the problem getting aggravated due to the climbing demand for specialised skills.
So, what were the other challenges for organisations in 2023? As per the Mercer Mettl Global Talent Acquisition Insights 2024, the bygone year presented many other challenges for hirers, in addition to attracting top-tier talent. These insights from over 1,000 CXOs or those from even higher ranks can be valuable for HR leaders in the new year.
At least 37 per cent of the 7500 HR leaders who were part of the study, from over 48 countries and over 50 industries, said that attracting top talent was tough. This is understandable because of the increased competition for skilled professionals, which made them scarce. In addition, things were made more difficult due to evolving workforce expectations, which necessitated strategic employer branding and compelling employer-value propositions (EVP).
The second biggest challenge was the budget at their disposal, admitted 21 per cent of the respondents, who found it hard to balance financial considerations with the need to attract high-caliber candidates in a highly competitive hiring environment.
About 14 per cent said the changing job market made things difficult for them when it came to recruitment. Eleven per cent found it challenging to build a diverse workforce. Mismatched skills troubled ten per cent of the HR leaders and recruiters, while three per cent grappled with disjointed recruitment experience.
About 43 per cent of organisations believe that focusing on candidate experience matters the most. About 85 per cent of mid-sized companies posted least volatility in terms of hiring and no layoffs.
A whopping 76 per cent of organisations, as per the report, said that communication skills was the top skill they looked out for while hiring candidates. Data science jobs appear to be most in demand across organisations.
A good 60 per cent of companies believe building a strong employer brand is the future of hiring.