In 2018, the national unemployment rate dropped to a 50-year low, emblematic of a hiring landscape that looks quite a bit different from that of just a few years ago. Hiring managers who remember lasting impacts of the 2008 recession likely noticed a big change in 2018. As more people found satisfying jobs, the number of qualified applicants dropped.
As we settle into 2019, hiring managers and recruiters will need to adapt to the new talent landscape.
Candidate experience takes on an important role
To rise to the challenge of the global talent shortage, many organizations continue to invest in the candidate experience. It's clear job seekers are less likely to tolerate cumbersome application processes that require them to fill in redundant information and then wait weeks to hear if they qualify for the position. Today, candidates expect more consistent communication and streamlined application processes.
To ensure candidate experience metrics move in a positive direction, more organizations are utilizing hiring analytics. The ability to visualize and assess hiring trends can provide key insights that can aid in the optimization of new and existing processes. For example, soliciting feedback from recent hires can pinpoint trouble spots and give stakeholders the information necessary for creating improvements.
Meanwhile, some tried-and-true recruiting tactics remain as viable as ever in 2019. Employee referrals were a top source of hires last year because most recruiters view them as a trustworthy source of skilled talent. Referred candidates tend to fit well into the company culture and they often come with existing knowledge of the company's goals and value proposition.
To see what else we learned from hiring in 2018, check out our infographic below: