Survey Uncovers Strategic Hiring Initiatives and Budget Plans for Staffing Firms and F1000. TalentDrive, the creator of the on-demand resume sourcing technology, TalentFilter, today released the results from the recent "Talent Sourcing Forecast" survey, exposing top concerns, priorities, and budget capacities for Staffing Firms and F1000 Companies as they enter Q4 2009 and plan for 2010.
Over 8,000 F1000 Companies and Staffing Firms were surveyed. This survey was conducted between August 27, 2009 and September 22nd, 2009.
The survey first discovered the number one sourcing challenge facing companies currently, with 51% of companies responding "filtering through the mass of resumes and increased number of applicants" as the number one issue.
When asked what the top strategic action companies are taking to improve their talent acquisition efforts and conquer the sourcing challenge is for 2010, 58% of those surveyed said revamping their interview process to reduce time spent with unqualified candidates as the top priority. Additionally, 31% of the respondents plan to implement sourcing technology to help improve their online talent sourcing efforts.
Despite filtering through the online resume pandemonium ranking as a top challenge for recruiters, when asked if, once the resumes had been located, the quality of candidates met or exceeded their expectations, over half (54% of those surveyed) said yes, the quality of candidates was of the caliber they required. The survey shows that despite the chaos created by the increased number of applicants online, one of the best ways to locate qualified talent, especially young talent and recent graduates, is still in habitats they are comfortable- social media and online job sites.
The survey went on to ask, if not online, what is the number one method for connecting with top Talent. 59% replied that their number one way of pinpointing top Talent is through employee referrals. The surprising statistic? 98% of the companies surveyed did not find Talent from within the existing Company ATS.
The survey continued, gauging the current use of recruitment technology solutions. Background Checking Software (48%), Online Applicant Screening Services (41%) and Resume Sourcing Technology (31%) were ranked the highest, while using an ATS (Applicant Tracking System), was not surprisingly lowest on the list with only 20% of companies employing this familiar candidate management technology.
Lastly, the survey explored the budgets available for hiring in the upcoming year. When asked how budgets for Talent Acquisition had been impacted for Q4 and 2010 hiring, 48% of the companies surveyed reported that they either decreased their budget for talent acquisition or a budget for hiring new talent was non-existent. Despite indicators the recession may be lightening, for many companies, hiring budgets are still showing few signs of improvement as we enter Q4. This data explains a trend toward cost-effective solutions that help simplify the talent acquisition process, especially technology solutions that minimize time spent filtering through unqualified resumes and solutions that provide optimum first interviews and are feasible for conservative budgets.
"This survey provides a snapshot of the recruiting industry's priorities, coupled with the less than optimistic trend of decreased hiring budgets. We all know the recession has caused a surplus of candidates and a shortage of open positions, creating an unfavorable online hiring situation for both applicants and recruiters alike. It is encouraging to see that although locating candidates online has become an ominous task, recruiters are still able to locate the quality of Talent needed to fill their open positions online and are willing to invest in technology that will improve the overall process," said Sean Bisceglia, CEO TalentDrive.
TalentDrive has released the industry's most innovative SaaS sourcing solution, TalentFilterSM. Over 55 global companies have helped us develop one of the most easy to use, on-demand,talent sourcing tools on the market. As a subscriber, our recruitment technology sweeps and unifies thousands of paid and free resume databases in one location. TalentFilter then matches, hierarchies the results, and provides contact through auto scheduling. Through direct users and our API Partner network, over 40,000 users have access to our technology. TalentFilter is proud to serve the United States, Europe, and The Pacific Rim. One search, one location, one technology. Thousands of sources. For more information, visit www.talentdrive.com.