What the latest recruitment marketing trends mean for CHROs

Headline-making layoffs at some of the biggest consumer technology brands in the world — Meta, Twitter, and Amazon to name a few — might have some HR leaders thinking that power in the labor market is about to tip their way once again. They’d be wrong.

Whilst ‘Big Tech’ redundancies will reshape hiring dynamics in that sector, experts are divided on whether wide-scale dismissals will appear elsewhere.

In fact, Andrew Flowers, labor economist at Appcast, previously told UNLEASH that “the broader economy is powering along” and, as suggested by January 2023 Bureau of Labor Statistics (BLS) data, the talent marketplace is still tight, with a lot more open positions (10 million) than available unemployed (six million).

And although Appcast analyses of BLS stats show that labor market participation is higher than it was during the peaks of the pandemic and quit rates are declining, and Indeed data shows that job postings are coming down, the attention-grabbing reports on layoffs aren’t — yet — reshaping a candidate-weighted recruitment dynamic that took hold during the pandemic.

As Daniella Pye, senior manager at recruitment experts Sellick Partnership, tells UNLEASH: “This market is still candidate-led, meaning that most of the candidates that we represent have been put forward for at least three to four roles at any given time.”

A tight market means more attention to candidate demands

With employers’ talent needs outstripping the number of candidates, it is these in-demand individuals that get to dictate, a bit more, what they want from work. This means employers have to start recruiting in a way that meets them at least halfway if they weren’t already.

“This [change] has resulted in employers having to stand out by making their role the most attractive, in comparison to their counterparts,” says Paye.

Many in HR are making sure this move towards delivering what candidates want in a way that isn’t just a recruitment marketing gambit.

Some are showing potential hires how they can be more purposeful, others are delivering cost of living bonuses or increasing pay — something over 80% of employers in the UK are planning to do, according to PwC data — whilst many companies are emphasizing work-life balance, inclusive values, and a business agenda that delivers to all stakeholders.

The latest Gallup research shows it is these things that employees increasingly want their employer to double down on.

As Terry Payne, global managing director of recruitment brand Aspire explains: “Employers should also demonstrate that they’re in touch with the real world – that they understand the aspirations of candidates, the challenges that people are facing day-in, day-out – and that the job and business align with the candidate’s values.” 

Know your data as well as your candidate

Appcast’s Flowers reminds HR and talent teams that candidate demand is only one part of the hiring picture. Before they start writing recruitment adverts about how inclusive, climate-friendly, and employee-centric they are, they’ve got to know where to tailor efforts.

He explains: “To be effective, you have to know the data and where to spend your recruitment budget. It’s important to know the data to validate that spend and get the right talent you need.”

Appcast’s Recruitment Marketing benchmark report is one place to start. It shows that cost-per-click advertising is still near its circa one dollar high, that cost-per-applicant advertising is still falling — down from 2021 $30 high to near $25 — while apply rates are also rising.

The latter is something which employers in insurance, transport, construction, sales, and healthcare will likely welcome (being some of the sectors experiencing the biggest positive swings in apply rate changes).

2023 data from Appcast, Boston Consulting Group, and The Network also pinpoints where candidates are likely to be found.

Passive candidates are most likely to be reached via word of mouth, via their professional network, and then ads on social media platforms whilst those actively searching are most likely to come to your company website, be using search engines, and only then using their personal and professional networks.

For Flowers, the necessity of tailoring spending, especially in an uncertain economic environment where budgets might be under scrutiny, means understanding this data and partnering with the right technology partners and vendors where necessary.

“You’ve got to know that if you’re trying to hire a forklift truck it might be that you’re getting more applications at lower costs via ZipRecruiter…but when you’re hiring nurses it might be that you’re getting more traction through LinkedIn,” he says.

What this means for recruitment marketing

Of course, the trickiest part of recruitment is marketing the organization to candidates in a way that resonates — even if a clear picture of what top talent wants, and where it can be found, has been constructed.

For Flowers, it means focusing on the basics. “

You’ve got to make sure your organization is paying at or above market rate — that’s a distinguishing factor. The surveys show that pay is a big factor,” he explains, adding that organizations have got to get better at writing recruitment adverts, too.

He says “Where you can be more effective is in the copy of the job advert. It comes down to simplicity and having the job seeker mindset front and center. Be shorter in description and job title and focus on what’s in it for them.”

Aspire’s Payne agrees, noting that companies have also got to get past thinking their marketing should solely focus on wages.

“Too often employers try and sell the role and the salary and think it gives the candidate the full picture…but increasingly, it’s the full package of benefits that makes the difference.

“This can be as simple as making it clear that you offer an early finish on a Friday or a modern office with free coffee…and increasingly, people want to work for businesses that they believe in at firms that contribute to society in a positive way.”

What this means for HR teams, according to Payne, is that they have to deeply understand the business before they start recruiting.

“Both recruiters and HR teams need a deep understanding of the business. It’s vital they can communicate the benefits of working at a business in a credible way. This isn’t just about being able to reel off a job spec,” he adds.

And, at HR and talent team’s core practice, has got to be honest about what life at the business is really like.

Flowers concludes: “I often find that job advert copy is just passed down from one year to the next and it can be layered with boosterism about why X employer is great. Rather than writing ‘this is why it’s great to be here’ show you’ve listened to what they want [wages, benefits, employee value proposition].”

2023 recruitment marketing benchmarks revealed – join our upcoming webinar with Appcast’s Andrew Flowers and UNLEASH’s Kate Graham. Book on free today.