-- To showcase the changes and future trends in recruitment for Chinese companies
With the end of the demographic dividend era, the cyclical adjustment changes of China's overall economic situation are becoming increasingly prominent. In the new era of business and talent characteristics, recruitment is no longer a passive process control behavior, active marketing recruitment has become a new trend, thus, recruitment into the era of talent operation. Diversified recruitment methods, intelligent recruitment technology and increasing candidate touch points are challenging the operational thinking and operational wisdom of corporate recruiters.
Recently, Bison Talent Management Research Institute released the recruitment big data report "Bison China Enterprise Recruitment Index (BRI) Report 2018-2019" for the third time. Based on the complete data of 2018 on the integrated recruitment operation platform of Beisen, the report spans 11 industries and thousands of enterprises. Relying on 900,000 + job demands, 6 million + interview information, 90 million + applicant information and 500 million +HR behavior data released by enterprises, the report is compiled and analyzed through big data technology and combined with actual business visit insight. The overall volume of data is up about 30% from 2017.
The report comprehensively reflects the overall supply and demand situation of China's talent market, the popularity and value conversion rate of each channel's operation mode, recruitment efficiency and the effectiveness analysis of AI. Through multi-dimensional analysis, enterprises can be helped to develop convenient recruitment and operation strategies from the whole to channel resources, efficiency improvement and AI empowerment according to the characteristics of their own industry, region, scale and key positions.
With the change of economic environment, enterprises need to optimize and adjust the talent structure
According to the data of Beisen Integrated talent management cloud platform (hereinafter referred to as "Beisen Data"), for the overall talent market, the peak value of supply and demand index in 2017 was 138 and the lowest value was 22, while the peak value of supply and demand index in 2018 was 169 and the lowest value was 23.
Data show that the total demand for talents is larger in 2018, but the changes in the relationship between supply and demand are more drastic in different months. At the same time, we can find that the demand index of talent in 2018 decreased significantly after August, while the supply index changed little, resulting in a significant increase in the supply and demand index after August. This shows that in response to economic changes, companies are more cautious in hiring. After November, the supply index began to stabilize and the supply and demand index also adjusted. This indicates that with the easing of the economic situation, enterprises also begin to optimize and adjust their talent acquisition. The supply and demand index of 2018 shows that enterprises actively respond to talent strategies in line with the changes of economic environment, so that talent acquisition changes in a more rational and high-quality direction.
In terms of talent supply and demand across the country, the 2017 supply and demand index trend shows that emerging regions are accelerating the attraction of talent, and this trend continues in 2018. The supply and demand index of Sichuan and Chongqing region jumped to 94.18, the first place in China, which can be seen that the inflow of talents is more obvious. Although the supply and demand index of Central China dropped from 91.43 in 2017 to 73.34, it is still the leading region in attracting talents from the perspective of the overall national index. For first-tier cities, the index of supply and demand in South China rose from 54.7 in 2017 to 78.37. In the absence of obvious improvement in supply, the adjustment of economic structure reduced the demand of enterprises in South China for talents. In North China, the supply and demand index decreased significantly from close to 60 in 2017 to 40 in 2018. While the demand was basically maintained, the brain drain was relatively serious.
From the perspective of first-tier city supply and demand index, Beijing, Shanghai, Guangzhou and Shenzhen were basically the same in 2017, but in 2018, the supply and demand index of Beijing, Shanghai, Guangzhou and Shenzhen showed obvious differentiation. Shenzhen's supply and demand index rose to 172.12 from 136.26 in 2017. Shanghai's supply and demand index rose from 133.43 to 153.77, indicating that with the change of economic environment, the optimization adjustment of recruitment in Shenzhen and Shanghai is more obvious. On the other hand, the supply and demand index of Beijing dropped from 131.35 in 2017 to 117.83. According to the data analysis, under the condition of relatively stable demand, faced with the rising attraction of new first-tier cities and the high living cost in Beijing, the trend of brain drain is aggravating. The "new first-tier" cities show the continuous inflow of talents under the rapid development. For example, the supply and demand index of Hangzhou reaches 102.46, which is close to the level of Guangzhou among first-tier cities.
According to the supply and demand index of various industries, the supply and demand of the industries remain relatively vigorous, such as fast moving consumer goods, education and other industries. The practice of benchmarking enterprises is to increase talent attraction, and at the same time take the opportunity to attract high-quality talents, so as to promote the optimization of talent structure, and then through increasing the investment in the employer brand, break through the traditional recruitment methods, using fine, platform and other ways to promote the reform of recruitment operation system. And the industries with rational supply and demand also have certain optimization and adjustment, such as the Internet and financial industry. Benchmarking enterprises can make talent recruitment more agile to meet business needs, improve business collaboration efficiency and enhance competitiveness in the acquisition of outstanding talents by strengthening refined operation. Industries with declining supply and demand indices, such as real estate, automobiles, etc. Benchmarking enterprises, on the other hand, strengthen the management and control of recruitment demands, shrink high-cost channels such as headhunting, and pay more attention to effective resource operation, so as to activate internal and external existing resources.
Let's take a look at the comparison of the monthly trend of recruitment supply and demand index of education, biopharmaceutical and automobile in 2017 and 2018. It can be seen that these hot industries also show strong demand and attraction trend of talents. In terms of the supply and demand index in 2018, the demand index has been stable at a high level of around 200, and there is a large influx of excellent talents in the second half of the year. In the education industry, the current talent demand has expanded from teachers to Internet technology talents, operation talents, product talents, etc., and senior management positions are gradually attracting cutting-edge talents from other industries. The level of human resource management and recruitment operation in the education industry continues to improve significantly, becoming a new and popular industry attracting talents. China's auto market experienced 28 years of continuous growth, although the decline in 2018, but more seen as a rational adjustment to the rapid growth. The localization, technological change and service improvement of the automobile industry have been deepening and continuing, and enterprises have always had a demand for professional talents and comprehensive talents. Compared with 2017, the overall supply and demand index decreased from 175.41 to 108.08, and there are still huge challenges in talent acquisition in the industry. With the support of national policies and the capital market, the biopharmaceutical industry experienced steady but rising growth in 2018. Its supply and demand index for 2018 was 212.58, down sharply from 356.44 in 2017. However, under the background of technological innovation and intensified market competition, the talent demand of biopharmaceutical industry, especially the demand for high-quality talents, continues to be urgent.
In the case of business adjustment, resource refinement operation is more important
In the second half of 2018, with the adjustment of all aspects of business, enterprises have significantly increased their demands for refined operation of resources, especially for self-operating channels.
As can be seen from the overall channel value comparison in 2018, the ranking of high-value channels is internal recommendation, headhunting, talent pool, recruitment portal and online channel. The value of internal referrals increased significantly when compared to the 2017 data, with resume conversion rates increasing from 16.3% to 28.5%.
For different industries, the benefits of self-operating channels vary greatly. From the comparison of the value of self-operating channels in different industries in 2018, it can be seen that the internal recommendation benefits of the Internet industry are significant, and the benchmarking enterprises with good operation can reach 30-50%. The FMCG industry has the largest portal benefit, accounting for 12% on average, while benchmark enterprises account for 40%. After nearly two years of self-operating channel benefit statistics, each industry has formed a relatively stable channel value distribution, and can formulate self-operating strategies according to the characteristics of the industry.
From the perspective of channel benefits of enterprises of different sizes, large and medium-sized enterprises obtain the most obvious benefits through self-operating channels such as internal recommendation and recruitment portal. The cost and benefit of self-operating resources should be evaluated according to different development stages of enterprises. Small and medium-sized enterprises are more focused on the analysis of the benefits of online channels, and constantly improve the ability of self-operating channels.
The effectiveness of resumes is reduced, affecting the efficiency of screening
Looking at the hiring efficiency index, the overall efficiency index decreased in 2018 compared to 2017, from 144.76 to 102.86. Through the analysis of the efficiency data of each stage, the screening efficiency index, the interview efficiency index and the employment efficiency index all decreased. The biggest drop was in the screening efficiency index, which dropped from 98.34 to 62.86. The effectiveness of online channels further decreased from 0.031 in 2017 to 0.02 in 2018 (that is, out of 100 resumes, only 2 resumes on average could enter the post-interview stage), which increased the workload of resume screening for HR, thus affecting the efficiency of resume screening.
From the statistical data of recruitment cycle in different industries, the efficiency of recruitment in different industries shows obvious differences. Enterprises should formulate strategies suitable for improving recruitment efficiency according to the characteristics of their own industries.
According to the data, the efficiency of recruitment in the fast-moving consumer goods industry and the financial industry decreased significantly, especially in the resume screening stage. Enterprises can consider using automatic screening, automatic scoring, AI intelligent labeling and other technologies to help HR more efficiently screen resumes. In terms of the employment cycle data of various industries, there is also a big difference in each industry, among which the automobile industry and real estate industry have the longest employment cycle. Therefore, how to optimize the recruitment process and efficiency of enterprises has become the focus of enterprises to consider.
Industry recruitment funnel data show that the average number of resumes needed to hire a candidate in 2018 is significantly higher than in 2017. For example, the number of resumes required to hire a candidate in real estate has increased from 66 in 2017 to 136 in 2018; In the biopharmaceutical industry, the number increased from 99 in 2017 to 115 in 2018. In this context, enterprises should strengthen employer brand building to attract more high-quality talents. At the same time, we should optimize the investment strategy of recruitment channels.
The report also made statistics on the recruitment funnel data of key jobs in various industries. Professional and comprehensive key posts that have a high impact on the development of key businesses of enterprises should strengthen the accumulation and operation of talents in peacetime. Only by actively activating high-quality talents in the industry can we effectively support the development of key businesses of enterprises.
There are plenty of things AI can and can't do
In the past three years, the discussion on the practical application of AI in the recruitment process and the future development trend of AI in the recruitment field has been continuous. In addition, Beisen has been exploring the practical application of AI for three years. Relying on Beisen's big data platform and based on massive recruitment behavior data and ability data, we find that AI can greatly reduce the workload of resume screening, intelligently activate existing talents, analyze the degree of resume differences, etc.
According to Linkedin's China Talent Trends Report 2018, 60% of HR's basic work is spent on screening resumes, which takes up 25% of HR's working time. By tracking AI's actual usage data, it can be found that if the resume screening action for a certain position exceeds 50 times, HR can automatically eliminate nearly 50% of unqualified resumes. The accuracy of AI's resume selection can reach 95%, thus saving HR50% of the basic work time.
If we focus on the analysis of HR operation behavior, the data show that AI is more prominent in the application of person-post matching, which is determined by the diversity of enterprises and positions and the complexity of job descriptions. In 2018, only 2% of resumes from online channels passed the preliminary screening. AI helps HR eliminate unsuitable resumes, which can more effectively reduce HR's low-value work and make HR more focused on the acquisition of high-quality talents and other business collaboration.
The talent pool of large enterprises is often able to accumulate tens or even hundreds of thousands of resumes, and the intelligent activation of these resume data becomes an important scene of AI application. When HR screens resumes under the same position, AI builds a model of HR screening through algorithm intelligence, and then matches the suitable resumes to the position through this model in the massive talent pool. We can see that in the Internet industry, 52.1 resumes can be matched for each position on average, and in the automobile industry, 43 resumes can be matched. The accuracy rate of these resumes can reach 55% when they are manually selected by HR to enter the interview invitation process.
Through the data analysis of talent pool activation, the position of batch recruitment is more accurate because of the more data through screening. The application of AI in talent pool activation fundamentally changes the past behavior that HR can only activate talent pool through manual search and a large number of repeated follow-up, and enhances the value of talent pool to corporate recruitment.
In the actual application of AI analysis of CV variance, HR found that some candidates had modified the content of CV through AI analysis. In daily recruitment work, some candidates do provide inconsistent information in their work or education experience, which misleads the enterprise to judge the candidates, which makes the candidates face great risks once they enter the company. AI's function of analyzing CV variance can help enterprises reduce such problems.
Through the comparison and analysis of more than 100 million resumes in the recruitment platform of Beisen, it is found that up to 39% of the contents of resumes have different information in different delivery behaviors. The differences in resume information mainly appear in education background, working hours, job rank, project experience and so on. More than 80 percent of them have work experience, and candidates will adjust their resume information to fit the job description in the job Posting.
The Talent Recruitment Index (BRI) Report for Chinese Enterprises 2018-2019 was jointly completed by Bison Talent Management Research Institute, Bison Recruitment Division, Bison Big Data and AI research team. Based on the big data platform of Beisen Ocean Analytics and recruitment big data service provided by Beisen Recruitment Operation Platform, we hope to help the recruitment management of Chinese enterprises gradually move towards agile systematic change through deep insight of big data. Although this report shows that the adjustment of the economic cycle has brought great challenges to the enterprise talent strategy, it also sees more about the new power brought by technological innovation to the enterprise talent acquisition. Let's meet the technological revolution brought by big data and AI together, so that technology can better empower HR in China, and technology can achieve talents!
