SmartRecruiters’ new Talent Acquisition Report, which is a provider enterprise hiring software that focuses on the recruitment process, shows inefficiencies that negatively impact business growth.
The survey of 500 companies in the UK, North America and Australia reveals a worrying number of business leaders who worry that they have hired the incorrect person despite increased investments in recruitment.
This report found that 45 per cent of business leaders spent more than half their time on talent acquisition. They diverted resources and time from important business operations. This inefficiency is impacting profitability, brand image, and growth potential.
Ineffective recruitment can have a negative impact on your business.
Poor recruitment strategies present several challenges. This includes slower business growth (28%) and damaged brand reputation (30%). There are also reduced service quality (28%), as well as weaker sales performance (29%). The majority of respondents (62%) agree that improving talent acquisition processes will lead to increased profitability.
The survey reveals low confidence in hiring. Six months after hiring, 60% of business leaders said they were confident in less than half their new hires. 34 percent of respondents also admitted to being unsure about their hiring decisions.
As businesses adapt to an increasingly distributed workforce, recruitment is becoming more challenging. Talent acquisition strategies are being reshaped by the rise of digital nomads and remote workers. Companies expect these trends to become more prevalent over the next couple of years. According to the survey, 56 percent of respondents believe that hiring has become increasingly complex over the past few years.
Talent Acquisition: The Future of Talent Acquisition
Our research shows that businesses need to rethink talent acquisition strategies. Rebecca Carr, CEO at SmartRecruiters, said that traditional hiring methods are no longer adequate in a distributed workforce with a rapidly changing culture.
“Using advanced technologies such as AI can revolutionize how companies identify and engage with top talent. AI-driven platforms streamline recruitment and provide data-driven insight that helps businesses make faster, smarter hiring decisions. These technologies enable companies to adapt and cope with the challenges of digital nomads, remote workers, and global teams. This improves the quality of hiring and drives better business outcomes.
