Recently, organizations have faced with many difficulties in recruitment, which is resulted from the rapid development of information technology as well as the candidates’ raising awareness for employer brand. To overcome the obstacles, business owners are required to upgrade the quality of their hiring race to avoid losing talented candidates.
In 2018, both employers and HR managers will need to constantly improve the talent acquisition process to fill in the vacancy. Given the context of Vietnam’s labor market, there are many challenges that they need to prepare for.
A low-skilled labor force
Underqualified human resources will surely be one of the key difficulties facing employers in the coming years. Especially, the Industrial Revolution 4.0, together with the advancement of Internet software have led to the global trend of applying artificial intelligent and digital technology. The new era of challenges in knowledge and skills has redefined the requirement for labor force. Therefore, low-cost workforces like Vietnam will no longer be a competitive advantage leading to foreign investors’ decision.
Given the current situation, 46 million unskilled Vietnamese workers will not be having the chance to join the workforce of high-income positions. Their roles will be placed under the threat of being replaced by robot or AI equipment. As a result, business owners will find it increasingly harder to search for talented candidates if not having a strong financial foundation.
The shifts to candidate-oriented in recruiting market
With the booming of start-ups, candidates are more than ever having the choices of jumping to another job. The fact that candidates are more powerful in job searching has highlighted the importance of candidate experience in all stages of the hiring process. It is predicted to be the key factor to determine the success of a talent acquisition campaign in 2018.
High salary still remains top factor to consider moving to a new position. However, people are taking into consideration organizations which give them the work-life balance, creative environment and career progression. As a result, if organizations want to stay competitive in the job market, they need to consider all these factors, updating themselves with the latest changes in the digital recruitment market.
Negative employer branding can be a great hindrance to the organization’s recruitment efforts, thus undermining the possibility to acquire talented candidates.
According to the latest survey conducted by Faro Recruitment Vietnam, approximately 56% of global employees think that there has been a more significant awareness of employer brand compared to 5 years ago. Most of the surveyed applicants perceived that the working experience in a company with strong branding will positively contribute to the candidate value as well as potential future career path. Half of the candidates answered that they would not work for a company with bad employer branding regardless of how high the salary they offer.
The shortage of talent and increase of competition in the recruitment market has made the process of identifying and acquiring high qualified candidate a real challenge. No longer can firms afford to take a traditional approach for talent acquisition. As a result, these challenges require HR managers to re-examine the total process and tactics to ensure the success in the journey of talent acquisition. With the help of customized advisory service at Faro Recruitment Vietnam, we will help you to keep track of the latest trends and changes in the recruitment market, thus planning the effective talent acquisition campaign that will benefit your firm in the long term.