Recruitment Industry Trends Report
Sign up to our newsletterSign up now
Bullhorn has shared the priorities, challenges, and outlook of more than 4,000 global recruitment industry professionals representing a broad range of regions, perspectives, and industries served through the 2022 Global Recruitment Insights & Data (GRID) Trends Report. Here are the key takeaways.
What does 2022 look like?
The talent shortage is the top priority in 2022 and candidate attraction is the top recruiting obstacle. Firms are solving their candidate acquisition challenges with digital transformation. It is again at the top of minds for 2022 as the second overall priority. The investment appears to be paying off: firms who have already embraced digital transformation reported a more substantial 2021 and higher expectations for 2022.
Recruitment Industry Outlook
Most agencies maintain an optimistic outlook in 2022, although less than half of agencies plan to increase their investment in technology or their operating budget.
How do you expect revenue to change in 2022?
Roughly 70% of respondents expect revenue to increase in 2022. Above all else, an agency’s confidence in its talent acquisition propositions impacted its expectations for the year. Respondents who cited candidate sourcing strength were 21% more likely to predict revenue gains in 2022 than those who rated their sourcing as below-average.
Talent acquisition is the top priority for agencies, reflecting the talent-first environment of the industry. Additionally, the findings reveal a seismic shift in the number of respondents who selected digital transformation as a top priority. For the first time in a decade, clients are not a top-three priority for agencies.
Unsurprisingly talent shortage is the number-one challenge for recruiters in 2022. Covid-19 did overtake the number one spot in 2021, however, they remain in the top two challenges.
Is there a talent shortage?
Across all regions, roughly half of respondents cited a talent shortage, but the response varied greatly by staffing type and verticals served: 72% of all temp firms and 82% of light industrial firms reported a shortage.
Top Recruitment Lifecycle Challenges
Sourcing is at the top of the list for recruitment lifecycle challenges. Closely followed by gathering requirements from clients. Many of the top challenges can be streamlined through automation, and indeed many firms reported newly automating these processes in 2021.
Digital transformation is the adoption of digital new technology within a firm. This can be digitization, automation, and eventually AI to change the way your business operates. Two years ago, a quarter of recruitment agencies had a digital transformation strategy. Now the majority do. Adoption of new technology has increased by 95% from last and 236% from two years ago.
What are the blockers to adopting a digital transformation strategy?
- “Speed. You weren’t fast enough and now the goalposts have shifted.”
- “Lack of resource availability and resource management plans.”
- “I think the biggest roadblock is the need to have a plan.”
- “The biggest hurdle is acceptance and adoption.”
What have been the greatest benefits of embracing digital transformation?
- “Productivity from our recruiters and office admins has increased.”
- “Faster responses from clients and candidates.”
- “We’re able to focus on other areas of the business.”
- “Matching talent to job requisitions more seamlessly.”
To find out more, download the slides below.