Nowadays while the competition for the top talents is becoming increasingly intense, it is important for the companies of any size and industry to develop an integrated recruitment strategy with an action plan. Fortune 500 companies are not an exception.
Nonetheless, fortune 500 companies to these days are real trendsetters for the market participants in terms of business processes, marketing strategy, and HR methods. Due to these fact small and medium business owners consider fortune 500 success stories to be a source of inspiration and perceive their internal business processes as a benchmark of quality.
It’s a poor soldier that never wants to be a general. We highly recommend small and medium business owners to study fortune 500 success stories not only to get inspired by them but also for the purpose of finding interesting marketing ideas, recruitment strategies, and innovative core business processes.
In this particular article, we will share with you our vision of the fortune 500 top hiring trends in 2019. For the sake of simplicity, we will divide the overall fortune 500 recruiting funnel in our fortune 500 series of articles into three parts: attraction, engagement, employment. In this article, we will review only the first stage of the hiring process – attraction.
AI- and computer-based algorithms in the process of job candidates search
AI-and computer-based recruiting
According to the PwC “Key findings of talent 2018 global report”, only 47% of CEOs know how automation will improve their customer experience and only 60% are looking to automate their HR processes. Nonetheless, major fortune 500 corporations already started to invest in app development (application development) and implement AI and machine learning algorithms in the processes of hiring web developers, software developers, programmers for their recruitment needs, as well as analyzing web developer portfolios and web developer salaries. Such AI algorithms help them to identify the best web developer or application developer (app developer) tools which can suit their needs and identify the most important web developer skills. In 2019, big brands will continue to use job aggregators and freelance marketplaces (Indeed.com, CareerBuilder.com, Google for Jobs), simply because they are the central elements of the recruiting environment due to the fact that the direct applicants complete more than 50% of all hires. Based on the research which these AI algorithms provide recruiters (including software developer recruiters, programmer recruiters and software engineer recruiting firms) prepare most essential web developer interview questions and web developer job descriptions.
Fortune 500 companies will continue to use pre-hire tests to assess the knowledge and proficiency of the candidates and applicants, for example, freelance developers. Especially this testing will be popular for the technical assessments, while hiring developers online, as long as it can help recruiters to identify the true talents in the engineer, web-development and IT sphere. Web developer search is always a complicated process and not every recruiter knows how to find a freelance programmer properly. For example, to hire freelance programmer fortune 500 recruiters are actively using HackerRank service to choose the best software engineers and freelance coders.
In addition to the above-mentioned automation tools, big brands in 2019 will be using AI recruiting software (for example, Ideal), which can help to maximize the quality of hire and analyze candidate background information. At Soshace, we do also expect the continuing growth of usage of the applicant tracking systems (Bullhorn, Greenhouse, SAP SuccessFactors) and recruitment CRMs (SmashFly, Yello, PhenomPeople) by 75% in 2019. Also, fortune 500 companies will continue to use video interviewing tools (ConvevIQ, HireVue, SparkHire and Wepow) in 2019 more actively especially at the first stage of the interviewing process.
Better-employment brand building. Recruitment marketing. How do the fortune 500 companies utilize it?
HR marketing and better employment brand-building
It’s obvious that the employment brand building and recruitment marketing strategies are inseparably linked. The fortune 500 brands understand the importance of better-employment brand building and implement hr-marketing strategies more actively. Big corp marketers are actively using content marketing strategies (storytelling and blogging), search engine optimization in their competition for the organic traffic, social media campaigns and different techniques for estimating and improving current employee loyalty indicator rates.
The last is really important because: the more loyal your current employees are, the easier it is to promote new job offerings and to build a better-employment brand. A real-life story of a loyal current employee is indeed the best advertisement. As long as large corporations are having both blue collar and white collar jobs, it’s important to provide all the benefits of labor protections to the specialists of all levels. It should also be mentioned that the fortune 500 companies are not always the most appealing employers in the eyes of top talents, because very often funded startups are offering more flexibility and better opportunities for career development. For example tech startups are hiring freelance programmers (like programmer analysts) and some of them (especially web developers and programmers) very often prefer to work from the comfort of their home offices.
Business process outsourcing trend
Fortune 500 business process outsourcing trend
Business process outsourcing is a new popular trend among the fortune 500 list. Big corps are mainly outsourcing recruiting services, accounting, legal, marketing and of course web-development services. The reason for this new trend is seeking advantages to go ahead of the competition. It allows big brands not only to hire top talents all over the world but also to reduce hiring and salary costs. For example, a super-talented and experienced web developer from Russia with a very good level of English can be hired for 35-40$ an hour, while such specialist in the USA would take 150$ an hour. You must admit that the difference is huge and for one American web developer salary (a programmer salary) a business owner can hire 4-5 same level of professionalism (or sometimes even higher) web developers from Russia. Although web developer requirements are the same.
Moreover, business process outsourcing is a very good opportunity, which can be used by both small and medium companies. If you want to learn more about the fortune 500 top hiring trends read our article How fortune 500 companies hire top talents? or Fortune 500 top hiring trends 2019: Virtual Workforce.