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Talent shortages persist, in-house talent steps up in the UK, finds new global report

By ET Bureau - March 23, 2023 3 Mins Read

Talent shortages persist, in-house talent steps up in the UK, finds new global report

HireVue, the global leader in video interviewing, AI-based assessments, and text-enabled recruiting tools, today released its Global Trends Report. HireVueIts findings indicate the Great Resignation may be over as we enter the era of internal progression. 

HireVue conducted a survey of 2000 hiring managers and job seekers who belonged to firms with 500 or more employees, with 25% of them being from the UK.

As roles become harder to fill and skills gaps grow, UK organisations are embracing innovative methods to gain and retain invaluable talent. The research indicates 48% of employers place greater emphasis on internal mobility and some 54% of employees are willing to take an internal transfer. This trend presents a solution for the 39% of hiring managers struggling to source suitable candidates

Related, the report found 54% of job seekers are open to transitioning to other roles within their current organisation. The report found top priorities for UK job hunters are:

  1.  Work/life balance
  2. Competitive salary
  3. Career progression

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The answer is closer than most think

Employers are opening the door to previously overlooked workers. Internal candidates top the list, as cited by 44%, followed by mature-age workers (41%) and workers on internship programmes, 32%. However, barriers to internal mobility remain. The lack of technology for internal candidates is the main one, cited by 27%, while 24% lack internal mobility initiatives entirely. 

To attract and retain talent organisations strive to become an ‘Employer of choice’. Most UK employers, 58%, are increasing compensation, while 45% have added employee recognition programmes, and 41% have set budgets aside for learning and development allowances. 

Better tools for better hires

In 2023 the hiring process changed. UK hirers have less time and more roles to fill. The report finds the top 3 changes hirers want to see are:

  1. Faster turnaround from first interview to offer
  2. Improved candidate experiences 
  3. More Increased internal promotions 

The report finds a staggering over 1 in 4 job-seekers reported being turned off by a bad interview. The hiring process which for years has benefitted from video-only interviews, has now evolved to include new technologies. This shift comes with a growing recognition that effective communication throughout the hiring process is critical to securing top candidates. In fact, a significant 61% of candidates rejected job offers due to inadequate communication during the hiring process.

To improve the interview process and the candidate experience, 40% of interviewers are adding cutting-edge technical tools: 

  • Virtual interviews, 70%
  • Standardised assessments, 58%
  • Automation, 46%
  • Chatbots or text, 40%
  • AI, 38%
  • Game-based assessments, 32%

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Organisations are also choosing to combine virtual interviews (70%), with job matching technologies (53%) to make the process more accessible to those working unsocial work hours, or those who would struggle to travel in person for face-to-face interviews. 

“Talent shortages continue to pose challenges for hiring managers. As a result, many businesses are turning to their existing pool of internal talent to fill gaps and facilitate career advancement. In light of looming economic uncertainty, both employers and employees are opting to stay the course and nurture their existing roles rather than seek greener pastures. This preference for stability is a positive development for companies to retain valuable talent and make the most of the existing workforce investments.”- Anthony Reynolds, CEO of HireVue.

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ET Bureau

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