Employers are increasing investments in HR tech to recruit skilled workers in increasingly competitive talent market
Over half of employers are increasing investments in HR tech to help recruit top talent in a tight labour market, found Randstad Sourceright.
Based on a survey of more than 800 human capital leaders, Randstad found that three out of four employers are overhauling their recruitment strategies to simplify, accelerate and improve the hiring process for job candidates.
Some of the preferred AI technologies include chatbots, human cloud platforms and predictive analytics.
The move comes as tech-savvy millennials become one of the largest generation in the global workforce and talent scarcity continues to be a pressing issue.
Employers are thus pushed to implement new strategies that attract, hire and retain the growing group of first-generation digital natives.
“Millennials are a critical part of our workforce and the way they look for jobs, and what they look for in a job, has changed dramatically from previous generations,” said Rebecca Henderson, CEO at Randstad Sourceright.
“As a result, employers are investing heavily in digital recruitment tools to better reach this audience and focus on creating an employer brand that is more likely to retain this large segment of the workforce.”
According to the survey results, four in 10 companies are increasing budgets to strengthen their organisation’s employer brand to attract a larger talent pool and improve employee retention.
Additionally, 69% of employers are implementing employee engagement programs to create a more stimulating, rewarding and meaningful workplace experience for employees and turn their existing staff into proud brand ambassadors.
“Employees are expecting more from their employers, so companies need to create an employment experience that is sought out by job seekers and employees alike,” Henderson added.