It was a heartbreak. The unicorn candidate decided not to accept the great offer and in response the hiring manager asked that direct question to which I had to give a gut-wrenching answer. Admittedly, my pipeline was empty as I put all my eggs in this candidate’s basket. While every recruiter has a similar story, 2021 has placed an extra pipeline strain on Talent Acquisition divisions and companies. The industry is losing employer confidence.
LinkedIn’s Workforce Confidence Index released this week showed the Staffing and Recruiting industry had the largest employer confidence drop of all the major sectors since the last published index in 2021. Staffing and Recruiting experienced a 13 point decline in employer confidence edging out biotechnology and all the stress that sector has healing the world. LinkedIn’s index point system is based on responses from 5000 members randomly sampled and asked periodic employer questions from Oct. 1, 2020 to Dec. 31, 2021. The data was based on an 6-month employer confidence outlook score from each participant at different times. Participants were given options to score their employer -100 to +100.
According to the data, researchers were surprised at the 13 point drop from the previous year as the sector displayed higher confidence due to hiring blitz brought on from the economic recovery, post-lockdown. The negative turnaround according to the research is attributed to increased levels of recruitment challenges plaguing Talent Acquisition teams currently. Replacing and or finding talent to meet surging product demand across many industries. Managing team members voluntarily leaving as part of the great resignation, where workers have reassessed their career alongside everyday life.
The decline reasons are felt across all sectors. Strain on the product to meet demand coupled with hiring challenges are workforce realities in 2022. The recruiting industry, a place for workers with strong people skills coupled with maniac-like research abilities, is now charged with finding new talent alongside sectors such as manufacturing, trade professionals, and construction, where workers leave and are not replaced.
The point of this editorial is to showcase the data and offer the hope that new talent will join talent acquisition teams, internally or with a staffing partner. As reported by ContingentWorkforce.com earlier this week, Talent Acquisition teams are now looking at their colleagues from product, operations, and sales to offer a new career for those looking for a change. As well, record amounts of innovative investment into hiring systems is at its highest level ever. Due to AI, automation, blockchain, and the numerous verticals tackled by talent platforms have created a technology excitement sure to lure those looking for an innovative career.
Talent Acquisition is in the middle of a rebuild, but with its two, number 1 draft picks, Innovation and offering a new career path to those stuck in a rut, the future will certainly lift the pipeline constraints of building a best-in-class talent acquisition team.