If you find it challenging to find the right talent, you’re not alone.

According to a survey of 40,000 employers conducted by Manpower Group, 45% of employers say that they can’t currently find the workers with the skills they need.

This statistic means that there’s more competition than ever before when it comes to attracting and retaining highly-qualified candidates. That competition is just one factor changing the landscape of talent acquisition – technology and changing attitudes towards labour are also playing their part.

If you’re going to attract and retain the best talent in 2020, you’ll need to keep on top of the latest trends. Let’s dig deeper into five unmissable 2020 talent acquisition trends.

2020 Talent Acquisition Trends

These are the five most prominent 2020 talent acquisition trends, but we’d love to hear your thoughts or suggestions too. Be sure to let us know if there’s another trend that you’re particularly excited about in 2020.

1. More companies will adopt cutting-edge talent acquisition technology

There’s no question that as we enter the brave new world of Recruitment 4.0, technology is transforming the very notion of talent acquisition.

Advancements to AI mean that HR departments can use cutting-edge talent acquisition technology to level-up their performance and find the right candidates. As talent acquisition platforms continue to mature throughout 2020, we can expect to see HR departments use them to:

  • Reduce unconscious bias
  • Automate time-consuming and repetitive activities
  • Pinpoint the best candidates from within a talent pool
  • Effortlessly increase hiring volume
  • Auto-screen candidates

We’re excited to see how companies continue to make the most of talent acquisition technology and how those platforms will enhance the performance of HR professionals.

2. Businesses will focus on mentoring and training to retain talent

According to the Association for Talent Development (ATD), those companies that offer comprehensive training programmes enjoy a 218% higher income per employee.

Top candidates also expect to receive training: 87% of Millennial employees state that career growth opportunities are an essential factor when deciding whether to remain at a company.

Over the course of 2020, we’ll be sure to see more businesses invest in robust mentoring and training programmes to attract top talent. Those mentoring and training programs can help businesses to get the most from their team members while also fostering a sense of loyalty and belonging.

3. Ambitious companies will invest heavily in employer branding to attract top talent, reduce costs and enhance engagement

Employer branding sounds fancy, but as we know, it merely refers to a company’s reputation as an employer.

Given that it’s so difficult for companies to attract the best talent at the moment, they must invest in employer branding to stand out from the competition and entice the most sought after candidates.

TalentNow found that 84% of job seekers say the reputation of a business as a potential employer is crucial to them when making decisions.

Over the course of 2020, we’re confident that more companies will invest in employer branding to attract the best talent. We’ll see lots of companies take a combination of the following steps:

  • Audit their existing employer brand
  • Define a strong employee value proposition
  • Craft a definite and clear culture
  • Manage their online reputation
  • Encourage employees to become energetic advocates

Are you looking for an innovative and effective way to boost your employer brand in 2020? We have three words for you: corporate alumni network.

For more information, please read our guide on why building a corporate alumni network makes sense for your business.

4. Workplaces will become more diverse (and prosper for it)

By now, countless studies have demonstrated that diverse workplaces benefit from increased creativity, different perspectives, higher innovation and much more.

This is why achieving true workplace diversity has become an essential goal for businesses in recent years. HR departments around the world now place a strong emphasis on assembling diverse teams that include people with different characteristics.

Over the course of 2020, we’ll continue to see ambitious HR departments bring together a range of diverse candidates. Those departments will use several vital techniques to promote and manage diversity in the workplace.

Here are just some of the principal techniques that HR managers will use:

  • Talent acquisition technology will help mitigate unconscious bias
  • Diversity-friendly workforce policies will accommodate for a range of profiles
  • Mentorship programs will give every team member the chance to advance
  • Clear internal communication will contribute to an open and respectful atmosphere

5. Businesses will offer competitive perks to secure the best talent

When it comes to the dynamics surrounding talent acquisition, the ball is most certainly in the court of talented and in-demand candidates. If you’re going to attract them to your business, you’ll need to offer a suite of competitive perks.

Nowadays, those candidates expect their salaries to be complemented by a range of non-monetary benefits that keep them happy and engaged. 48% of candidates weigh benefits and perks when deciding on their next role.

We expect that over the course of 2020, businesses will revise the suite of perks that they offer to attract top talent. Here are just some of the most sought after perks that you can use to sweeten the deal:

  • Private insurance
  • Performance bonuses
  • Flexible schedules
  • Employee development programs
  • Gym memberships
  • Stock options
  • Employee discounts

Unlock the Power of AI-Driven Talent Intelligence with Elevate Direct

Are you ready to leverage the power of AI in 2020 to build an instantly qualified pipeline of talent? Learn more about how the Elevate Platform can help you to retain, engage and attract the best talent for your organisation.

Any business owner or HR professional knows that finding, attracting and retaining quality talent is one of the biggest challenges facing any business.

The hiring process can often last too long and cost too much. Even after you’ve found a candidate, there’s no guarantee that they’ll be suitable for the role. If you’re going to conquer recruitment challenges to find the right candidates at the right price, you’ll need to think outside the box.

You should certainly consider creating a robust alumni talent pool.

What is an alumni talent pool?

Before we dive into why you should develop an alumni talent pool, let’s quickly sketch a simple definition for the sake of clarity.

As the name suggests, an alumni talent pool is a database made up of former employees who worked for your business. This talent pool includes full-time employees, but you might also want to include independent contractors or part-time employees.

The talent pool is a useful HR resource – you can draw upon it to find potential candidates when you need them. But it can also do a lot more.

Why to create an alumni talent pool

An alumni talent pool is an excellent resource that you can draw upon to effectively manage the common pitfalls that come with recruitment.

Let’s take a closer look at the six key reasons you should develop an alumni talent pool.

1. Guarantee a cultural fit

According to Deloitte, 94% of executives believe that a distinct workplace culture is critical to business success. It’s little wonder: a strong company culture has the potential to elevate employee engagement, happiness, productivity and much more.

A company culture is a delicate thing, though, and you’ll have to work hard to find candidates that reflect and enhance that culture – a poor fit could negatively impact your business and harm your sense of culture.

If you draw on your alumni talent pool to find candidates for new roles, you can rest assured that you’ll find a good fit in terms of culture. You’ll already understand the profiles within your talent pool and this means you can remove the guesswork and danger that comes with hiring new profiles.

2. Boost your corporate training ROI

According to SH!FT, 7 out of 10 employees state that training and development opportunities heavily influence their decision to stay with a company. Quality corporate training can also help you to get the most from your employees.

Corporate training isn’t cheap, though, and you’ll need to make significant investments if you’re going to unlock its full potential. This is one of the reasons it can be so painful for businesses if an employee decides to leave.

If you lose an employee, your ROI on corporate training plummets. If you have the opportunity to re-hire that employee, though, you’ll protect your investment and unlock a higher ROI on your corporate training.

3. Strengthen your employment brand

If you’re going to attract the best talent out there, you’ll need to polish your employer brand. This means that you’ll need to craft a strong employee value proposition and build a vibrant company culture.

The return of a former employee is great for internal PR. This event is a testament to the quality of your business and it demonstrates that after having ventured out to find alternatives, your employees can’t find a better alternative.

If you find an appropriate candidate within your alumni talent pool, you’ll make a strong statement to your other team members and really create a sense of community.

Ready to delve deeper into this subject? Be sure to read our piece on how building a robust alumni talent network can strengthen your employment brand.

4. Understand the capabilities of your candidates

Even after the most rigorous and comprehensive interview process, there’s still an element of risk when you decide to hire a new employee. You’ll need to monitor how your new employee performs to assess their capabilities and whether they’re up to the task.

If you hire from within your alumni talent pool, though, you’ll have an excellent idea of what your candidate is capable of. You’ll be able to go through their previous performance reviews and determine whether or not they’re exactly what you’re looking for.

This helps to eliminate the element of risk that comes when hiring a new employee.

5. Reduce your recruitment costs

Finding the right talent can be incredibly expensive. In the UK, a typical recruitment agency will take around 15-20% of the final salary of the candidate, which is around £5,000 for an average salary. That figure ramps up considerably for more senior or technical roles.

An alumni talent pool can help you to reduce your recruitment costs significantly – if not eliminate them completely. That talent pool can give you direct access to experienced and pre-qualified candidates, so it’s an important resource.

6. Retain and re-attract Millennials

The modern workplace is evolving before our eyes, as well as the very concept of labour. Millennials now make up the majority of the workforce and they bring a unique and energetic approach to their work.

According to Glassdoor, though, a staggering 66% of Millennial employees are thinking of leaving their organisation in 2020. There’s a sense of dynamism among Millennial workers, and this means that you have to expect many of them to leave your business.

It’s an unfortunate reality, but a well-maintained alumni talent pool can help you prepare: if you carefully monitor the status of your Millennial alumni, you might be able to re-attract them to your business as they continue to change jobs at a regular pace.

Create your alumni talent pool today with Elevate

Are you ready to create your alumni talent pool and unlock the benefits we’ve gone through above? You might be interested in Elevate AI, a leading Talent Intelligence platform that makes it simple for you to create effective Private Talent Pools.

Learn more about how our platform can help you to retain, engage and attract the best talent for your organisation.