Recruitment marketing and employer branding initiatives to dominate the global talent acquisition and staffing technology and services market
The hiring process – a key precursor of organisational effectiveness – can be a risky and costly process, for both the employer as well as the potential employee. The talent acquisition and staffing technology and services market – encompassing all processes between recruitment to on boarding – deals with the strategies and tasks adopted by an organisation to source, attract, and engage the best talent for the organisation. Analysis of the global talent acquisition and staffing technology and services markethighlights favourable trends and is anticipated to grow at a CAGR of 6.25% in terms of revenue during the assessment period 2018-2028.
Recruitment marketing and employer branding to prove crucial in candidate sourcing
Talent acquisition plays an important role in strengthening the growth fabric of organisations. With the economy improving and given the significant low employment rate, candidate sourcing has become a challenge. To overcome this, strategies around HR marketing are being built to impart more control over outcomes pertaining to talent acquisition. Organisational thrust is more on employer branding, brand messaging and employee engagement initiatives to attract and retain the best talent pool. Also, while employer branding plays a very important role in the recruitment process as it provides an identity, image and distinctiveness to the organisation, it also helps motivate, engage and retain current employees.
Recruitment marketing is the practice of attracting, engaging, and nurturing good talent even before the candidates apply for a particular role within the organisation. Today, hiring managers use the power of reporting and analytics and deploy advanced CRM tools to source the best talent in the job market. Recruitment marketers are responsible to tell the company’s story through the right channels for the brand message to reach the target audience, and are also required to measure the effectiveness of their strategies.
Growing impact of social media and increasing adoption of Applicant Tracking System (ATS) to be key drivers fuelling organisational hiring decisions
The increasing use and adoption of modern technology such as analytics, cloud, and big data for talent acquisition and staffing is paving the way for the growth of the global talent acquisition and staffing technology and services market. Individuals have started using smart devices such as smartphones, laptops, tablets, etc., for updating their professional profiles to build an online presence and to search for jobs. While social media technology acts as a marketing tool wherein job seekers can represent themselves to potential employers, it also serves as a suitable job screening mechanism, where employers can use the information available on social platforms to acquire a better picture of potential employees. This data is then analysed by the HR departments of organisations to build a predictive analytics model that helps in sourcing the right candidates.
Marketing and advertising initiatives to witness widespread adoption through 2028
Technology is the most lucrative category type in the global talent acquisition and staffing technology and services market with an estimated market revenue share in excess of 80% throughout the forecast period. However, marketing and advertising – with a projected growth rate of 11.97% during the assessment period – is expected to witness the highest demand in the global market. Organisations are realising the importance of marketing and advertising and are increasingly adopting employer branding, recruitment marketing and job posting activities through different channels to promote the organisational brand in the job market.
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