By Laura White, operations director at The Treasury Recruitment Company
“Happy New Year, now let’s get planning!”
This is how it would have felt for many people as they headed back to work at the start of the year. No sooner had you awoken your computer from its slumber than words like ‘objectives’, ‘goals’ and ‘targets’ began being thrown around in the boardroom – often accompanied by feelings of trepidation and hysteria as you tried to recall your objectives for last year, let alone decipher your goals for the year ahead!
But once this initial panic has passed and some sense of normality returns, it is vital that you have a clear strategy in place for the year ahead. This can never be more true for your hiring and talent management strategy. Hiring is critical to every company’s future and with 73% of CEOs citing skills shortages at crisis levels, organisations can no longer expect talent to come to them.
Gone are the days of simply posting a job advert and waiting for the right candidates to find you. Recruitment has changed; the way candidates look for jobs has changed. Consequently, finding and hiring the ideal candidate has become increasingly hard, expensive and time-consuming. If your recruitment strategy does not adapt to these changes, you will be at serious risk. This seismic shift in the recruitment process has led to the candidate becoming ‘King’ (or Queen!) and the need for hirers to think more like marketers in the quest to attract the top talent.
But don’t be fooled. The job of building and delivering an effective talent strategy does not lie purely in the hands of the Talent Acquisition Team; far from it. It is down to every individual in the organisation to be involved in some way – viewing talent acquisition as the lifeblood of the business in order to build an employer brand that is so powerful, every potential new employee that engages with the business is biting their right arm off to be a part of it.
So how confident are you that your recruitment strategy is up to scratch?
How much do you know about the top recruitment trends hitting the market for 2019?
What can you be doing to contribute to this business-critical function?
If you’re feeling somewhat out of the loop with this, take a look at our Top 5 Recruitment Trends for 2019.
No. 1: Collaborative Hiring
Collaborative Hiring, or ‘Team-Based Hiring’ as it is sometimes known, is one of the key trends hitting the world of recruitment. Historically, hiring decisions have fallen in the hands of managers; however, the idea behind this approach is that teams work together to find and hire talent.
Typical teams will include people in different positions – hiring managers, HR managers and recruiters as well as people at different levels within the specific team – so employees that will be both above and below the level of the candidate in your organisation chart.
- Better quality of hire as more people are involved in the process
- Promotes positive team culture and strong company values
- Reduces the risk of ‘things not working out’ or feelings of the ‘job being mis-sold’
- Provides a more diverse assessment of each candidate, helping to eliminate any biases
- Improves retention rates as existing employees feel they have a voice and are valued
No. 2: Proactive Sourcing
Proactive Sourcing is the ‘skill of identifying, pipelining and engaging with potential candidates before a job is even available’.
This approach is all about building ‘talent pools’ which you can tap into when the need arises. It is centred on the passive candidate market which in Treasury equates to a rather large pool – well, more of an ocean really. Following the Treasury Recruitment Company’s recent Salary Survey, a massive 80% of respondents stated that although they were not actively seeking a new role, they would be open to hearing about new opportunities should they present themselves.
This is a ‘long-game’ approach, requiring a strategy centred around effectively nurturing relationships over time – through understanding key shifts and movements in the market as well as providing valuable content through blogs, videos and social media.
- Reduces time to hire as you will already have an immediate pool of talent to tap into
- Improves the quality of talent as culture fit and skills assessments will already have been carried out
- Drives competitive advantage as you will have greater access to top talent
- Promotes diversity as you have time to use more creative methods to attract candidates
No. 3: Inbound Recruiting
Inbound Recruiting uses on and offline marketing strategies to engage targeted groups of passive and active job seekers in different phases of the recruitment cycle.
The power of this method has been driven by the shifts in the way candidates now search for and make decisions about job opportunities. Simply advertising an open position and hoping the right candidate will come along is not the way to attract candidates anymore. Employer brand and the candidate experience is paramount. As such, recruiters and hiring managers need to think like marketers to engage and delight candidates throughout the process.
- You will attract people who actually want to work for YOU, not those just looking for a job
- Leads to higher success rates as candidates have already bought into the business/opportunity
- Reduces advertising costs and reliance on generic job boards for candidate attraction
No. 4: Candidate Experience
Candidate Experience centres on candidates’ overall perceptions of a company’s recruiting process –from sourcing and screening through to hiring and onboarding.
The emphasis of this concept is on ‘communication’, whether that be through online activities (job postings, careers sites, social media interactions) or more personal offline interactions (interviews, inductions).
The key thing to remember is that every candidate is important, not just those that you may want to hire. According to The Talent Board’s recent Candidate Experience Research Report, 33% of candidates with a negative experience intended to share the news publicly via social media, whilst 78% of those who had a positive experience said they would refer someone to the business in the future – so it is critical that Candidate Experience is at the top of your hiring agenda.
- Leads to higher success rates as candidates have a positive view of the business
- Increases the number of candidate referrals as candidates will recommend to their friends
- Encourages candidates to re-apply for other positions in the future
No. 5: Social Recruiting
Social Recruiting is the method of using social media networks (Facebook, Twitter, LinkedIn, etc.) to find, attract and hire talent.
This has been one of the biggest trends to hit the world of recruitment in recent years; but with Millennials beginning to transition into leadership roles and Gen Z’s starting to enter the workforce, it has never been more important to build an effective Social Recruiting strategy.
- More cost effective than traditional advertising methods via job boards
- Increases job visibility as offers a wider candidate reach
- Allows more accurate candidate screening to assess culture fit
- Higher success rates as you are able to target specific candidate groups
- Reduces time to hire as methods of communication are a lot faster compared to traditional advertising methods
There you have it, our Top 5 Recruitment Trends for 2019 – which have hopefully given you some food for thought for the year ahead. Mastering these approaches will not happen overnight though and it very much needs to be a team effort. So get your marketing hats on and start planning which strategy will work best for you – there’s a battle for talent out there and you need to be in it to win it.
United 777 plane flew fewer than half the flights allowed between checks – sources
By David Shepardson
WASHINGTON (Reuters) – A United Airlines plane with a Pratt & Whitney engine that failed on Saturday had flown fewer than half the flights allowed by U.S. regulators between fan blade inspections, two sources with knowledge of the matter said.
The Boeing Co 777 plane had flown nearly 3,000 cycles, equivalent to one take-off and landing, which compares to the checks every 6,500 cycles mandated after a separate United engine incident in 2018, said the sources.
They sought anonymity as they were not authorized to speak publicly. United declined to comment.
Pratt, the maker of the PW4000 engines, advised airlines on Monday to step up checks to every 1,000 cycles, in a bulletin seen by Reuters. It did not immediately respond to a request for comment.
On Tuesday, the U.S. Federal Aviation Administration said it was ordering immediate inspections of 777 planes with PW4000 engines before they could return to flight, going further than Pratt.
Japan and South Korea have also grounded the planes for fan blade checks.
On Monday, the FAA acknowledged that after a Japan Airlines PW4000 engine incident in December it had been considering stepping up blade inspections.
A risk-assessment meeting was held last week to discuss the issue before the United engine failed on Saturday, one of the sources said, confirming an earlier report by CNN. No decision had been imminent ahead of the United incident, the source added.
(Reporting by David Shepardson in Washington; writing by Jamie Freed. Editing by Gerry Doyle)
Nvidia forecasts sales above estimates as gaming chip sales surge
By Chavi Mehta and Stephen Nellis
(Reuters) – Nvidia Corp forecast better-than-expected fiscal first-quarter revenue on Wednesday, expecting strong demand for its graphics chips used in gaming PCs and artificial intelligence chips for data centers.
As people wait for COVID-19 vaccine rollouts around the world, stay-at-home orders have helped sustain the demand for chips used in personal computers, gaming devices and data center infrastructure that enables remote working.
The Santa Clara, California-based company’s gaming chips have also regained popularity for mining cryptocurrency, a trend Nvidia is trying to counter by throttling its gaming chips ability to mine for currencies and instead offering specialty chips for mining.
While Nvidia was long known for its gaming graphic chips, its aggressive push into artificial intelligence chips that handle tasks such as speech and image recognition in data centers has helped it become the most valuable semiconductor maker by market capitalization.
It has eclipsed rivals Intel Corp and Advanced Micro Devices.
Shares were up 3% at $597.50 in extended trading after the results.
On a conference call with investors, Chief Financial Officer Colette Kress said that a global chip crunch made it hard to keep the company’s flagship gaming chips introduced last fall in stock and that the chips would likely remain in tight supply through the fiscal first quarter.
The company also said it will make a change to its gaming chips starting with the RTX-3060s to make them less efficient for mining cryptocurrency. The company said it will instead introduce mining-specific chips.
“We would like GeForce GPUs (graphics processing units) to end up with gamers,” Kress said.
Kress said analysts have estimated that cryptocurrency mining contributed between $100 million and $300 million to Nvidia’s sales in the fiscal fourth quarter. The company expects the new mining chips to generate about $50 million revenue in its fiscal first quarter, Kress added.
The company expects first-quarter revenue of $5.30 billion, plus or minus 2%, above analysts’ average estimate of $4.51 billion.
Revenue in the quarter ended on Jan. 31 rose to $5 billion from $3.11 billion a year earlier. Analysts on average were expecting $4.82 billion, according to IBES data from Refinitiv.
Revenue in the company’s gaming segment was $2.5 billion, above analyst estimates of $2.36 billion, according to data from FactSet. Data center revenue was $1.9 billion, above estimates of $1.84 billion according to FactSet data.
(Reporting by Chavi Mehta in Bengaluru and Stephen Nellis in San Francisco; Editing by Maju Samuel and Will Dunham)
Running boom to help Puma recover after slow start
By Emma Thomasson
BERLIN (Reuters) – German sportswear company Puma expects the financial impact from coronavirus lockdowns to last well into the second quarter, but believes global growth in running should help to support a strong improvement after that.
“We clearly see a running boom in the whole world,” Chief Executive Bjorn Gulden told journalists, noting that yoga and other outdoor activities are also doing well. He expects the healthy living trend to continue even after the pandemic.
Gulden said his optimism is underlined by the fact that orders for 2021 are up almost 30% compared to a year ago, with bookings for running products particularly high.
However, there is still uncertainty about when lockdowns in Europe will end, with about half of the stores selling its products currently closed in its home region.
For the full year, Puma expects at least a moderate increase in sales in constant currency, with an upside potential, and a significant improvement for both its operating and net profit compared with 2020.
Shares in Puma were down 2.9% at 1100 GMT.
“The wording on outlook looks softer than we had anticipated, even by Puma’s cautious standards,” said Jefferies analyst James Grzinic.
Gulden noted that a shortage of shipping containers bringing products made in Asia would impact margins, with freight rates likely to double in the next 12 months.
Puma will put a stronger focus on the women’s market in future, Gulden said, creating shoes better modelled to female feet for running and soccer and capitalising on partnerships with celebrities like singer Dua Lipa and model Cara Delevingne.
Gulden admitted Puma had been slow in creating its own app, but it plans to launch one towards the end of the year, further supporting online sales, which grew by 63% in 2020.
Rival Nike in December raised its full-year sales forecast after demand for outdoor sportswear drove an 84% surge in online sales.
Gulden said he is hopeful that the Olympics will go ahead in Japan and the European soccer championship will also take place after both were postponed from 2020.
($1 = 0.8226 euros)
(Reporting by Emma Thomasson; Editing by Mark Potter and Keith Weir)
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