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1、2023 recruiting trends in financial servicesTalent acquisition teams pain points,priorities,expectations,and initiativesIntroduction .3Executive summary .4Talent acquisition tech stacks .5Executive investment in the TA function .7Recruiting team size:growth or cuts?.8Company headcount&talent market
2、outlook.9Downtime/downturn priorities&readiness-to-hire .11Outbound recruiting .12Diversity recruiting&hiring initiatives.14Employee value propositions,benefits,&compensation .16Data-driven recruiting .19Obstacles to hitting hiring goals.26Candidate experience&candidate struggles.28Recruitment marke
3、ting .30Talent acquisition budget&team focus in 2023 .312023 recruiting challenges.34About our respondents .35How Gem can help.36Table of contents 2023 recruiting trends in manufacturing 22023 recruiting trends in financial services 2What does the future hold for recruitment in the financial service
4、s(FinServ)industry?Well,we know a few things.We know that in order for financial services companies to keep pace with digital transformation and meet cybersecurity requirements,they need to find the right talent but theyre up against big tech companies to win this talent over.We know that recruiting
5、 teams in the financial services sector struggle with talents negative perception of the industry:FinServ companies are perceived to lack diversity,offer less flexibility,and have antiquated practices and“stuffy”cultures.Changing brand perceptions is critical for talent acquisition to thrive.We know
6、 that diversity remains a top priority for FinServ:over the last decade,companies have been making efforts to increase representation;and with recent laws and regulations its now mandatory for publicly-traded companies to disclose their diversity statistics.We know that financial services is a highl
7、y-regulated industry,and companies in it need to ensure theyre being compliant.This impacts the recruiting tech they can implement.But we wanted to know more.Thats why we surveyed nearly 100 talent acquisition professionals in financial services as 2022 came to a close:to get a collective sense of p
8、ain points,priorities,expectations,and goals,along with a shared sense of what 2023 might have in store.We asked about everything from tech stacks,to headcount plans,to diversity hiring,to employee benefits,to recruiting KPIs.Among the things we learned are:Introduction How financial services teams
9、are using recruiting technology and what data theyre tracking How TA teams are thinking about diversity initiatives,and what their biggest obstacles are to hitting diversity goals Where teams are investing resources when it comes to candidate experience,along with their biggest candidate struggles W
10、hich recruitment marketing strategies recruiting teams are employingand which see the best ROI What talent teams are laser-focused on in 2023,and where their budget is going The recruiting and hiring challenges TA professionals in financial services anticipate this year and more.Weve segmented respo
11、nses by company size in this report,recognizing that recruiting teams in smaller organizations(1-999 FTEs)and larger organizations(1000+FTEs)may be having different experiences right now.We hope this resource helps you better understand the broader financial services recruiting landscape,assess your
12、 companys place in that landscape,and anticipate what may lie ahead.Its as important as ever to keep a finger on the pulse of the industry.So heres what your peers are thinking about,and what theyre up to.2023 recruiting trends in manufacturing 32023 recruiting trends in financial services 3Recruiti
13、ng teamand overall headcountgrowth is expected The outlook for 2023 is cautiously optimistic:while 17%of FinServ respondents expect their recruiting teams to shrink this year,nearly (72%)of respondents say they expect Recruiting will either stay the same size or grow in 2023.57%of talent acquisition
14、 professionals at financial services organizations say they expect company-wide headcount increaseswhether slight or significantin 2023.Building talent pipelines is the#1 activity talent teams are engaging in in preparation for a market return Recruiting teams top 3 downturn priorities in this marke
15、t are building their talent pipelines(57%of FinServ organizations are doing this),data cleanup(50%are doing this),and evaluating their DEI initiatives(43%are doing this).Meanwhile,25%of financial services companies say theyre not experiencing downtime.Meeting diversity goals and initiatives continue
16、s to be challenging 21%of respondents say theyre meeting their diversity goalsmeaning 79%of teams see at least some struggle in meeting them.The biggest barrier for FinServ organizations when it comes to diversity is finding underrepresented talent to begin with(52%),followed by moving underrepresen
17、ted candidates through the hiring funnel(24%).Time to hire is the#1 data point FinServ teams are trackingthough cost per hire and diversity are catching up in 2023 The top 3 KPIs financial services recruiting teams tracked in 2022 were time to hire(80%of teams tracked this),offer accept rate(72%of t
18、eams tracked this),and source of hire(72%of teams tracked this).In 2023,the top use cases for data will be:to report on time-to-hire and cost-per-hire(63%),to track diversity hiring(61%),and to uncover best sources of hire(58%).Applicant tracking systems and sourcing tools are a top priority in 2023
19、 The ATS is the#1 technology recruiting teams in the financial services space will invest budget in this year.(Sourcing tools and tech are#2;recruitment marketing tools and platforms are#3.)Smaller companies are nearly 2x more likely to say theyre investing in an ATS in 2023,while larger companies a
20、re maturing their tech stacks with candidate relationship management(CRM)platforms and recruitment marketing tools.Diversity takes the#1 place in terms of talent team focus Diversity hiring is the#1 activity respondents said recruiting teams should be focusing on in 2023,followed by talent sourcing.
21、Finding qualified candidates is 2023s top challenge for financial services recruiting teams The top recruiting and hiring challenge talent acquisition professionals anticipate in 2023 is difficulty finding qualified candidates(54%of financial services companies anticipate this challenge).Uncompetiti
22、ve offers(35%)and nurturing passive talent over the long term(29%)come in at challenge#2 and#3,respectively.Executive summary:financial services2023 recruiting trends in manufacturing 42023 recruiting trends in financial services 4Talent acquisition tech stacksThe applicant tracking system(ATS)is th
23、e most common technology used across TA teams in the financial services space,regardless of company size:84%of respondents from smaller organizations and 79%of respondents from larger organizations say they have one in place.The ATS aside,larger FinServ organizations generally have more mature tech
24、stacks than their smaller counterparts:theyre more likely to use recruitment marketing tools(65%v.39%),candidate assessment tools(38%to 19%),candidate experience survey tools(47%v.29%),and candidate screening tools(24%v.13%).Smaller organizations are more likely to expect their teams will stay the s
25、ame size(57%v.39%),while around 24%of respondentsregardless of company sizeanticipate talent team growth.Did you know?Gems customers see:5x faster sourcing,2x response rates,and 5x higher passthrough rates with our talent engagement platform as their source of truth for hiring.2023 recruiting trends
26、 in manufacturing 52023 recruiting trends in financial services 5Which of the following recruiting technologies do you currently use?82%Applicant tracking system(ATS)52%Recruitment marketing tools(events,career sites,forms,campaigns,etc.)49%Interview scheduling tools41%Candidate sourcing software38%
27、Candidate experience rating/survey tools34%Candidate relationship management platform(CRM)29%Onboarding software29%Candidate assessment tools18%Candidate screening tools3%Other*Most respondents who chose“Other”said some version of“I dont know.”“I rebuilt the recruiting tech stack at our company abou
28、t five years ago.We moved our legacy system into Greenhouse and brought on Gem as our CRM.Thats our core architecture.We have LinkedIn;we have SeekOut;we have other ways of finding talent.We use Gem to sequence that talent,hop on the phone and connect with them,bring them into Gem.Then they get conv
29、erted to candidates in Greenhouse.”Head of Recruiting Technology a leading investment management firm2023 recruiting trends in financial services 6On a scale of 1-10,how deeply invested would you say your executive team is in your organizations recruiting function?SMALLER ORGANIZATIONSLARGER ORGANIZ
30、ATIONSOn average,business executives recieved a 6.9 out of 10 when it comes to their investment in the companys recruiting function.Talent acquisition professionals at larger financial services organizations perceive their executives as slightly more invested than those at smaller organizations do;b
31、ut the general sentiment is thatwhile theres certainly room to growexecutive teams understand that Talent Acquisition is important to business success.Executive investment in the TA function6.7/107.1/102023 recruiting trends in manufacturing 72023 recruiting trends in financial services 7Has the siz
32、e of your recruiting team changed over the last 6 months?How do you expect the size of your recruiting team to change over the next 12 months?In the last half of 2022,28%of recruiting organizations at financial services companies saw reductions in force,regardless of company size.(Larger organizatio
33、ns were more likely to have seen Talent Acquisition cuts than smaller orgs were36%v.20%).Yet 2/5 of smaller organizations(40%)and over 1/3 of larger organizations(36%)saw recruiting team growth.The outlook for 2023 is cautiously optimistic:while 17%of FinServ respondents expect their recruiting team
34、s to shrink this year(TA professionals at larger financial services companies are more likely to expect reductions),nearly (72%)of respondents say they expect Recruiting will either stay the same size or grow in 2023.Smaller organizations are more likely to expect their teams will stay the same size
35、(57%v.39%),while around 24%of respondentsregardless of company sizeanticipate talent team growth.Recruiting team size:growth or cuts?24%I expect it to grow11%I dont know48%I expect it to stay the same17%I expect it to shrink38%Yes,our team size has increased2%Other32%No28%Yes,our team size has decre
36、ased*Most respondents who chose“Other”said some version of“I dont know.”2023 recruiting trends in manufacturing 82023 recruiting trends in financial services 857%of talent acquisition professionals at financial services organizations say they expect company-wide headcount increaseswhether slight or
37、significantin 2023.(30%,on the other hand,expect decreases.)More than (51%)of recruiting professionals in the FinServ space expect there will be more qualified candidates than open roles in 2023.Larger financial services companies are more likely to expect a struggle to find talent this year:33%of T
38、A professionals at larger organizations expect there to be more open roles than qualified candidates,while only 18%of respondents at smaller organizations anticipate this imbalance.Company headcount&talent market outlookHow do you expect the number of new roles at your organization to change over th
39、e next 12 months?Whats your outlook on recruiting for your organization in 2023?26%I expect us to have more open roles than qualified candidates3%Other51%I expect us to have more qualified candidates than open roles20%I dont know13%I expect it to increase significantly13%I dont know24%I expect it to
40、 decrease slightly44%I expect it to increase slightly*Most respondents who chose“Other”said some version of“it depends upon the role.”6%I expect it to decrease significantlyRecruiting teams top 3 downturn priorities in this market are building their talent pipelines(66%of smaller orgs and 48%of larg
41、er orgs are doing this),data cleanup(45%of smaller orgs and 55%of larger orgs are doing this),and evaluating their DEI initiatives(34%of smaller orgs and 52%of larger orgs are doing this).Building and/or strengthening their employee value proposition(EVP)is also high on the list of downturn prioriti
42、es:31%and 42%of teams respectively say theyre engaging in EVP activities.(Meanwhile,25%of FinServ companies31%of smaller orgs and 18%of larger orgssay theyre not experiencing downtime.)Perhaps because smaller organizations are less likely to be experiencing downtime,larger organizations are more lik
43、ely to be investing in internal mobility(33%v.10%),redeploying recruiters to other teams(30%v.7%),conducting audits of their tech stacks(33%v.21%)and consolidating the tools in those same stacks(27%v.14%).Downtime/downturn priorities&readiness-to-hire Talent leaders:While of financial services compa
44、nies arent experiencing downtime,those that are seem to be using this time wiselywhich explains why 85%of teams believe theyll be prepared for a hiring market rebound.And if you want to know how top talent leaders spend hiring slowdowns Weve got a resource for you.2023 recruiting trends in manufactu
45、ring 10Is your team engaging in any of the following activities as a response to downtime due to a hiring freeze or slowdown?57%Building our talent pipeline50%Data cleanup43%Evaluating our DEI hiring initiatives37%Building and/or strengthening our Employee Value Proposition34%Investing in recruiter
46、upskilling/L&D31%Checking in with recent hires27%Conducting an audit of our tech stack22%Investing in internal mobility25%We are not experiencing downtime21%Consolidating tools in our tech stack19%Redeploying recruiters to other teamsAbigail Chambley Director of Talent Acquisition 1%Other *Responden
47、ts who chose“Other”said some version of“I dont know.”If the hiring market were to rebound tomorrow,how prepared do you feel your team would be?45%Somewhat prepared6%Very unprepared40%Very prepared9%Somewhat unprepared2023 recruiting trends in manufacturing 112023 recruiting trends in financial servi
48、ces 11which explains why outbound recruiting is one of the essential things for recruiters to get right.We analyzed about 10 million outreach sequences sent through Gem to bring you The definitive guide for recruiting email outreach.Youll find actionable insights and examples to create successful ou
49、treach sequences that help you stay competitive in todays marketplace.Sourced candidates are more likely to be hired than inbound candidates,The most mature talent acquisition teams have a TA strategy that considers both active and passive candidates,allowing them to discover the best talent,rather
50、than just the best available talent.(Want to know why best-in-class companies are sourcing talent?Find out here.)Of course,sourcing is an activity that anyone in your organization can engage in;but dedicated sourcers are specialists in everything from talent market research to Boolean to selling the
51、 role in initial reachouts.41%of respondents in financial services organizations say their teams have sourcers though larger organizations are more than 2x as likely(58%v.25%)to have this dedicated role.Regardless of whether they have dedicated sourcing roles,the majority of recruiting teams64%of sm
52、aller financial services organizations and 79%of larger onestrack data on candidate outreach in order to optimize their messaging efforts.48%of respondents who track outreach data do so through a solution that tracks the data for them.One advantage to automated solutions,of course,is team-wide visib
53、ility:sourcers and recruiters can see what messaging from their peers resonates most with passive talent,and develop and share best practices from there.They can also A/B test and track the efficacy of specific strategiessuch as sending-on-behalf-of hiring managers or executives.Outbound recruiting5
54、x2023 recruiting trends in manufacturing 122023 recruiting trends in financial services 12Does your team have dedicated sourcers?Does your team track data on candidate outreach?4%Other41%Yes,we have dedicated sourcers55%No;our recruiting org is primarily full-cycle recruiters and coordinators27%No23
55、%Yes,but sourcers and recruiters track their own activity2%Other48%Yes;we use a solution that tracks open rates,click-through rates,reply rates,etc.*Respondents who chose“Other”either said they dont know,or theyre in the process of hiring their first dedicated sourcers.*Respondents who chose“Other”s
56、aid some version of“I dont know.”2023 recruiting trends in manufacturing 132023 recruiting trends in financial services 13Nearly half(46%)of smaller financial services organizations and 90%of larger ones say they have formal diversity hiring initiatives or diversity goals in place.Smaller organizati
57、ons are more likely(36%v.7%)not to have any goals at all,while larger organizations are more than 2x likely14%v.33%to make these goals public.More than half(52%)of organizations say their diversity initiatives take more than gender and racial diversity into account,considering things like age,vetera
58、n status,and LGBTQ+identity.21%of all respondents,regardless of company size,say theyre meeting their diversity goals(heres how many of them are doing it)and not experiencing roadblocks in their diversity initiatives.This means 79%of teams see at least some struggle in meeting those goals.The bigges
59、t barrier for organizations when it comes to diversity is finding underrepresented talent to begin with(52%),followed by moving underrepresented candidates through the hiring funnel(24%)and getting those candidates to accept their offers(21%).Diversity recruiting&hiring initiativesDoes your team hav
60、e a formal diversity hiring initiative or diversity goals in place?1%Other9%I dont know10%Other22%No52%Gender and racial diversity,alongside other considerations(age,LGBTQ,veteran status,etc.)24%Yes,and they are public44%Yes,and they are internal only31%Both gender and racial diversityIf so,what is
61、included in your diversity hiring initiative?*Respondents who chose“Other”did so because their organizations do not have diversity goals in place,or because they dont know what those diversity initiatives entail.*Respondents who chose“Other”added comments such as“dont know”or“N/A.”5%Gender diversity
62、 only2%Racial diversity only2023 recruiting trends in manufacturing 142023 recruiting trends in financial services 14What would you say are your biggest barriers to improving diversity?52%Finding underrepresented talent24%Moving underrepresented candidates through our hiring funnel21%Getting underre
63、presented candidates to accept our offer15%Retaining underrepresented employees10%Were not tracking diversity,so I dont know21%Were not experiencing any barriers,and were meeting our diversity goals2%OtherAbigail Chambley Director of Talent Acquisition*Respondents who chose“Other”mostly said some ve
64、rsion of“I dont know.”2023 recruiting trends in manufacturing 152023 recruiting trends in financial services 15An employee value proposition(EVP)is the unique set of benefits employees receive in return for the skills,experience,and other contributions they bring to your company to help it succeed.3
65、9%of respondents at larger FinServ organizations and only 23%of those at smaller organizations say their company has a formalized EVP in place.But over the last 12 months,some organizations seem to have recognized the importance of a coherent and consistent story about the value their company offers
66、 to talent13%have begun formalizing EVPs in that time.The good news is that many financial services organizations have been reflecting upon the benefits they offer:45%say their companies introduced new employee benefits in 2022.Allowing employees to choose where they work(46%),mental health benefits
67、(46%),and flexible work schedules(42%)were the most common benefits added last year.Larger FinServ companies are more likelyand in some cases much more likelyto have implemented each of the below benefits,except for career development and training.Smaller organizations focused more on this benefit(4
68、4%v.29%)last year.Finally,54%of organizations in the financial services space say their salary offers increased in 2022.(While salary is only a fraction of what makes up an EVP,its certainly a crucial part!)Employee value propositions,benefits,&compensation2023 recruiting trends in manufacturing 162
69、023 recruiting trends in financial services 16Does your organization have a formalized employee value proposition(EVP)?31%Yes,and we share it regularly throughout our hiring process9%I think so,but I dont really use it11%I dont know,but Ive come up with my own based on what I know about our org13%We
70、re in the process of creating one24%No12%I dont know45%Yes35%No20%I dont knowHas your org changed its employee value proposition or introduced new employee benefits in the last 12 months?2023 recruiting trends in manufacturing 172023 recruiting trends in financial services 17If so,what did those inc
71、lude?46%The ability for employees to choose where they work(home,in-office,hybrid)46%Mental health benefits42%Flexible work schedules37%Additional PTO days37%More inclusive company holidays(e.g.Juneteenth)36%Career development and training28%Financial wellness programsAbigail Chambley Director of Ta
72、lent Acquisition*Most respondents who chose“Other”said either“none”or they werent sure;others added changes such as“casual Fridays”and“increased parental leave.”26%Supporting the social causes employees care about(e.g.donation-matching)15%Childcare assistance11%OtherOn average,how have your salary o
73、ffers changed over the last 12 months?54%Theyve increased6%Other5%Theyve decreased35%Theyve stayed the same*All respondents who chose“Other”said they dont know.2023 recruiting trends in manufacturing 182023 recruiting trends in financial services 18The top 3 KPIs financial services recruiting teams
74、currently track are:time to hire(80%of teams track this),offer accept rate(72%of teams track this),and source of hire(72%of teams track this).For the most part,larger organizations are more likely to track most KPIs than smaller orgs are:hiring manager satisfaction(50%v.12%),diversity(61%v.35%),and
75、interviewer workload(36%v.19%),for example.Two exceptions are offer rejection reasons(77%v.50%)and time in stage(42%v.29%)smaller organizations are more likely to track these metrics.Looking ahead to 2023,the top 3 use cases for data will be similar to teams current top KPIs:63%of financial services
76、 companies will use data to report on time-to-hire and cost-per-hire;61%will use data to track diversity hiring;and 58%will use data to uncover best sources of hire.Larger FinServ orgs will more likely use data to ask for more resources(50%v.22%),to report the business impact of the recruiting funct
77、ion(46%v.22%),for capacity planning(36%v.22%),and to determine the ROI of recruitment marketing initiatives(36%v.22%).Smaller companies,on the other hand,will more likely use data to uncover best source of hire(65%v.50%).When we asked how important data will be in 2023 on a scale of 1-10,recruiting
78、professionals gave it a 7.9 out of 10.Data-driven recruiting Talent leaders:Need a crash course in recruiting metrics?Our Talent leaders guide to reporting covers what each of your stakeholders wants to know about recruiting productivity,which metrics to report to C-levels versus ICs and hiring mana
79、gers,and other best practices for using recruiting reporting to prove the ROI of talent acquisition.2023 recruiting trends in manufacturing 19What recruiting KPIs do you currently track?48%Retention rate of hire48%Diversity45%Quality of hire80%Time to hire43%Passthrough/conversion rates39%Recruiter
80、workload(#of reqs/candidates)27%Interviewer workload(hours/week per interviewer)2%Other35%Time in stage*All respondents who chose“Other”said they dont know.72%Offer accept rate72%Source of hire63%Offer rejection reasons45%Top of funnel activity30%Hiring manager satisfaction29%Cost per hire29%Candida
81、te experience SLAs“We only know how were trending against industry benchmarks with a solution like Gem,which presents all the data we need to understand the health of our recruiting motion,and offers insights into where to leverage process improvements.”Kyle Ijichi Senior Technical Recruiter2023 rec
82、ruiting trends in manufacturing 20“Were very metrics-and-analytics-driven.Thats one of the reasons we like Gem so much:it gives us funnel metrics that we never had in Greenhouse.Seven or eight years ago we created funnel metrics models in Excel that allowed us to do the math.If we wanted to make a h
83、ire by February 1st,we knew it took six weeks to hire for that role,and we knew how many candidates we needed at each stage of the funnel to see an offer-accept,then we knew how many candidates we needed at the top of the funneland by whento yield a hire.Gem does that math for us now,and we track it
84、 on a week-to-week basis.Maybe we expected external agencies to have made six hires by now.Maybe they made two,but direct sourcing by our internal team yielded six hires when we only expected three.Were very structured and methodical when it comes to analytics around the health of the searchincludin
85、g our sourcing channels and how theyre performing,interviewer activity,scorecard turnaround,and response rates.We send outreach and track by talent pool or through A/B testing.Are response rates going up or down?How do they compare to outreach for other roles?”Head of Recruiting Technology a leading
86、 investment management firm2023 recruiting trends in financial services 21Do you currently use data to:Track sourcer/recruiter activity at the top of the funnel?64%Yes23%No13%I dont knowTrack passthrough rates to identify bottlenecks?55%Yes30%No15%I dont knowTrack recruiting team workload?66%Yes27%N
87、o7%I dont know“At Affirm,our ATS is deeply integrated with Gem.So I can track everythingtop,middle,bottom of the funnel,you name it.Whatever I need to knowpipeline conversion by department,by sourcer,time-in-stage,time to fillits there.Its a complete game-changer.”Emily StellickHead of Global Sourci
88、ng2023 recruiting trends in financial services 22Do you currently use data to:Track interviewer and hiring manager workload?41%Yes46%No13%I dont knowForecast hires,capacity plan,and plan for resource allocation?58%Yes23%No19%I dont knowTrack cost per application or cost per hire?36%Yes44%No20%I dont
89、 know“Were bringing leadership proactive,predictive considerations that can be actioned upon,rather than reactive observations.We can accurately predict time-to-hire,for example;or forecast how many candidates we need in each stage of the funnel to see an offer-accept.That drives conversations aroun
90、d allocation.”Emily StellickHead of Global Sourcing2023 recruiting trends in financial services 23Track career/micro site conversions and efficacy?24%Yes58%No18%I dont knowAssess recruitment marketing ROI/attribution?35%Yes46%No19%I dont knowDo you bring data to your leaders or execs regularly?70%Ye
91、s22%No6%I dont know2%N/A(I AM the exec)How do you plan to use data in 2023?61%To track diversity hiring58%To uncover best sources of hire55%To track passive candidate outreach(open rates,click-through rates,etc.)47%To forecast hiring43%To identify bottlenecks in the pipeline37%To check unconscious b
92、ias36%To determine the ROI of our recruiting tools36%To justify/ask for more resources34%To report the business impact of the recruiting function29%For capacity planning17%All of the above(Were a data MACHINE!)2%Other29%To determine the ROI of recruitment marketing initiatives(events,campaigns,caree
93、r sites,etc.)63%To report on time-to-hire,cost-per-hire,etc.*The majority of respondents who chose“Other”said they dont track any of the above.45%To track recruiter performance31%To know where to invest resources2023 recruiting trends in manufacturing 242023 recruiting trends in financial services 2
94、4On a scale of 1-10,how important will data be for recruiting in 2023?SMALLER ORGANIZATIONSLARGER ORGANIZATIONS7.8/107.9/10 Recruiting leaders:A robust capacity model can help you understand your teams past performance to forecast headcount and resources against future growth.New to capacity plannin
95、g?See our 8-step guide on the subject.2023 recruiting trends in manufacturing 252023 recruiting trends in financial services 25 By far,“difficulty finding quality candidates”was the top challenge of 2022 for talent acquisition professionals in financial services:60%of respondents cited this as a cha
96、llenge.“Lack of headcount”came in at challenge#2,and“difficulty nurturing passive talent”at#3.Larger organizations were more likely to struggle with nurturing passive talent(37%v.17%),recruiting process delays(30%v.17%),and no(or weak)referral programs(15%v.4%)than smaller organizations were.Obstacl
97、es to hitting hiring goals2023 recruiting trends in manufacturing 262023 recruiting trends in financial services 26What challenges are you currently facing that impact your ability to hit hiring goals?28%Lack of headcount27%Difficulty nurturing passive talent23%Recruiting process delays21%Uncompetit
98、ive offers20%Lack of budget/resources16%Lack of involvement from hiring managers16%Weak talent/employer brand14%Lack of data(best source of hire,funnel analytics,forecasting,etc.)10%Improper adoption of recruiting tech2%Lack of access to recruiting tech6%We are not experiencing any challenges in hit
99、ting hiring goals6%Other10%No(or weak)referral programs60%Difficulty finding quality candidates*Most respondents who chose“Other”said they did not know.Others added comments such as:“competitive marketplace”;“hiring levels are off,underinflated titles,makes it hard to get people to take a lesser tit
100、le to join us”;and“comp plans.”2023 recruiting trends in manufacturing 272023 recruiting trends in financial services 27While smaller financial services teams were more likely to have invested resources at the scheduling stage of the candidate journey last year(45%v.37%),larger organizations were mo
101、re likely to have focused on SLAs(59%v.36%)and candidate feedback(56%v.36%).In aggregate,financial services teams invested most in the interview stage when it came to candidate experience last year.In aggregate,the top 2 rejection reasons from candidates are that they have better offers elsewhere an
102、d that compensation is too low(46%and 45%).Smaller FinServ organizations are more likely to hear candidates say they have better offers elsewhere(52%v.41%);while larger organizations more often hear that compensation is too low(59%v.30%)and benefits are inadequate(15%v.0%).Financial services organiz
103、ations biggest struggle with candidates is competing offers(58%),followed by finding them(38%)and having them pass the interview process(29%).Larger FinServ companies struggle more with candidates not passing the interview process(41%v.17%).They also struggle more with ghosting(33%v.17%).When it com
104、es to candidate experience,where did your team invest its resources in 2022?*Beyond“I dont know,”respondents who chose“Other”added comments such as“having the skill sets necessary”;“our location is inconvenient”;and“we do not offer relocation costs.”58%Competing offers38%Finding them29%Having them p
105、ass our interview process28%Getting them interested and engaged25%Ghosting12%Willingness to relocate6%Other63%The interview stage49%Onboarding48%Timely responses/SLAs46%Candidate feedback45%The application experience41%Scheduling32%The assessment stage4%OtherCandidate experience&candidate struggles*
106、The majority of respondents who chose“Other”said some version of“I dont know.”Others added the pre-application experience and identification/nurturing of passive talent.What is/are your biggest struggle/s with candidates?2023 recruiting trends in manufacturing 282023 recruiting trends in financial s
107、ervices 28What are the most common reasons candidates give for rejecting job offers at your org?14%Not enough flexibility10%Hiring process takes too long10%Concerns about career path46%Better offers elsewhere6%Concerns about business strength4%Concerns about culture7%I dont know*Most respondents who
108、 chose“Other”added some version of“location”(“inability for remote work”;“location is tough,not open to remote folks,they want people to relocate for certain roles”).Others added things such as“leveling”;while others said they dont generally see rejected offers.45%Compensation is too low34%Counter-o
109、ffers at candidates current job18%Concerns about the economy7%Inadequate benefits8%Other“Gems App Review has literally made the inbound process 100 x better.Its so easy to filter out unqualified applications,and the resume keyword highlighting is a much-needed relief for my eyes.”Christine Johny Sen
110、ior Technical Recruiter2023 recruiting trends in financial services 29Multi-channel touchpoints is the recruitment marketing strategy most used by talent acquisition teams(63%)in financial services organizations.Smaller organizations are more likely to use this strategy(74%v.52%)along with long-term
111、 candidate nurture(48%v.26%),while larger orgs are more likely to build and maintain talent communities(48%v.9%),host recruitment events(63%v.26%),and engage in social media recruitment(59%v.35%).54%of respondents said social media recruitment has the best ROI of the below strategies.23%claimed recr
112、uitment events see the best ROI;15%said multi-channel touchpoints do.It may be worth looking at this ROI data and imagining how your hiring teams can use it to their best advantage.(And if youre curious about building a winning recruitment marketing strategy,we have a resource for you.)What recruitm
113、ent marketing strategies does your team currently have in place(or do you use personally)?*Respondents who chose“Other”said some version of“I dont know.”54%Social media recruitment23%Recruitment events15%Multi-channel touchpoints8%Employment branding campaigns63%Multi-channel touchpoints(InMail,emai
114、l,SMS,etc.)54%Employment branding campaigns47%Social media recruitment45%Recruitment events37%Long-term candidate nurture34%Career/micro-sites28%Talent communities2%OtherRecruitment marketingOf the recruitment marketing strategies listed above,which do you think has the best ROI?2023 recruiting tren
115、ds in manufacturing 302023 recruiting trends in financial services 30The ATS is the#1 technology recruiting teams in the financial services space will invest budget in this year.Sourcing tools and tech are#2;recruitment marketing tools and platforms are#3.Smaller companies are nearly 2x more likely
116、to say theyre investing in an ATS in 2023(50%v.26%),while larger companies are maturing their tech stacks with candidate relationship management(CRM)platforms(30%v.5%)and recruitment marketing tools(37%v.23%).Diversity hiring was the#1 activity respondents said recruiting teams should be focusing on
117、 in 2023,followed by talent sourcing.Talent professionals at smaller organizations also emphasized internal mobility,recruitment automation,and re-engaging past applicants and former silver medalists;while those at larger organizations emphasized pay transparency and fully embracing remote or hybrid
118、 work.Talent acquisition budget&team focus in 20232023 recruiting trends in manufacturing 312023 recruiting trends in financial services 3137%Sourcing tools/tech30%Recruitment marketing(career page/microsite builder,branded campaign tools,events,etc.)22%Email tools/tech17%CRM14%Talent team headcount
119、6%Specialized candidate databases4%Remote hiring technologies4%AI screening16%What budget?!16%I dont knowWhere will you invest your talent acquisition budget in 2023?38%ATS2023 recruiting trends in manufacturing 322023 recruiting trends in financial services 32Where do you think recruiting teams sho
120、uld be focusing in 2023?44%Talent sourcing43%Pay transparency41%More data-driven recruitment practices38%Fully embracing remote/flex/hybrid work35%Re-engaging past applicants and silver-medalist candidates30%Hiring for soft skills and potential/rethinking role requirements25%Recruitment marketing(ev
121、ents,career sites,campaigns,etc.)24%Collaborative hiring23%Internal mobility23%Social recruiting47%Diversity hiring22%Recruitment automation13%Structured interviews12%Consolidating tools8%Mobile/SMS recruiting4%AI screening2%Contract/gig economy2023 recruiting trends in manufacturing 332023 recruiti
122、ng trends in financial services 33Regardless of company size,the top recruiting and hiring challenge talent acquisition professionals anticipate in 2023 is difficulty finding qualified candidates(57%of smaller orgs and 52%of larger orgs anticipate this challenge).In aggregate,uncompetitive offers(35
123、%)and nurturing passive talent over the long term(29%)come in at challenge#2 and#3,respectively.Smaller FinServ organizations are more likely to foresee lack of hiring manager involvement,lack of headcount,and undefined employer brand as challenges;while larger organizations are more likely to fores
124、ee struggling with inefficient interview processes,recruiting process delays,and uncompetitive offers.2023 recruiting challengesWhat are the biggest recruiting/hiring challenges you anticipate for your org in 2023?35%Uncompetitive offers29%Nurturing passive talent over the long term24%Recruiting pro
125、cess delays20%Undefined talent/employer brand19%Lack of budget18%Lack of headcount15%Difficulty meeting diversity goals14%Inefficient interview process14%Lack of hiring manager involvement10%Meeting close rate targets8%Difficulty expressing our employee value proposition10%Lack of data(outreach acti
126、vity,pipeline stats,forecasting data,etc.)54%Difficulty finding qualified candidates6%Lack of technology/platforms to enable the team6%No(or rarely-used)referral programs7%Poor adoption of current recruiting tech2023 recruiting trends in manufacturing 342023 recruiting trends in financial services 3
127、4About our respondentsWhich job title best matches your role?17%Talent Acquisition Manager13%Sourcer11%Talent Ops/People Ops7%VP of Talent/People4%Director of Talent3%Recruiting Coordinator3%Hiring Manager3%Founder/CEO3%HR Administrator/Director/VP/Head2%Sourcing/Recruiting Manager21%Recruiter*Respo
128、ndents who chose“Other”added roles such as:Consultant,Corporate Development,Organizational Management,Accountant,Claims Adjuster,CSR,and Wholesaler.How big is your organization?SMB(1-249 FTEs):24%Mid-Market(250-999 FTEs):23%Enterprise(1000-4999 FTEs):36%Large Enterprise(5000+FTEs):17%2%Talent Brand9
129、%Other2%Talent Acquisition Analyst2023 recruiting trends in manufacturing 352023 recruiting trends in financial services 35How Gem can help2023 recruiting trends in manufacturing 372023 recruiting trends in financial services 372023 will demand that recruiting teams be more data-driven(and more data
130、-savvy)than ever.Thats why Gems Talent Compass is equipped with full-funnel visibility,hiring forecasts,performance metrics,and executive reporting that TA teams use to plan ahead and guide their recruiting strategy.Data-driven recruiting with Gem,from outreach to hireEnd-to-end visibilityTap into e
131、very dimension of the recruiting funnel.With access to all recruiting data from Gem and the ATS from one source of truth(without raising a support ticket),TA teams can track everything outreach to hire and identify key trends across the process.They can then slice and dice metrics the way their busi
132、ness thinks:by role,department,geo,demographics,and more.For example,recruiting teams can uncover outreach strategies that lead to more replies for specific roles and industries.They can also track how these candidates passthrough the funnel and spot any troubling dropoffs or bottlenecks.2023 recrui
133、ting trends in manufacturing 382023 recruiting trends in financial services 38Diversity recruiting insightsTalent Compass also offers visibility and insight into how an organization recruits diverse talent,from initial outreach to eventual hire.At the top of the funnel,teams can review the progress
134、they are making in reaching out to diverse talent.By pinpointing specific content and strategies that drive greater engagement,teams adjust their sourcing strategy towards building diverse applicant pools.With visibility into how candidates from underrepresented groups pass-through the recruiting fu
135、nnel,hiring teams can uncover any disproportionate drop-offs and adjust their process accordingly.Forecasting&planningTalent Compass includes a forecasting calculator that projects not only how many hires you can expect to make,but also by when.This can be forecast at the individual job req or at an
136、 aggregate level,like department.Passthrough rates and time-in-stage are based on historical data,but can be adjusted.The calculator also works backwards:users can input the final number of hires they would like to make and the calculator will output the number of candidates and applicants required
137、at each stage in order to meet final goals.2023 recruiting trends in manufacturing 392023 recruiting trends in financial services 39Executive reportingWithin Talent Compass,users can launch configurable,presentation-ready reports to visualize KPIs.With easily digestible metrics on hand,talent acquis
138、ition teams can come prepared to discuss how they are progressing and where there are opportunities to improve.Reports can be customized with built-in widgets and filters,thereby surface tailored,actionable insights.Peer benchmarksTalent Compass also offers built-in benchmarks within the Dashboards
139、module.Users can evaluate their teams Offer Accept Rate and Time to Hire against companies with similar profiles.Benchmarks are available across 6 different slices:company size,location,gender,race/ethnicity,department,and valuation.All told,there are 1,400 unique permutations,with each one validate
140、d by over 100 data points across 20+companies.2023 recruiting trends in manufacturing 402023 recruiting trends in financial services 40Performance optimizationWithin the Pipeline Analytics module,recruiting managers and leaders can monitor individuals and roles to better understand how their teams a
141、re faring.Reviewing specific job breakdowns allows managers to observe pipeline risks across roles or even spot any troubling candidate bottlenecks and/or drop-offs.Within dashboards,managers can even create widgets with specific metrics for their individual recruiters(e.g.,phone screen to interview
142、 ratio,offer acceptance rate,etc.),serving as a performance scorecard.“We dig into Gems stats and say,Okay,Sourcer X,youve got a really strong reply rate on this sequence.What are you saying to people?Thats data-backed knowledge-sharing at its best,and its enabling an already-collaborative team to s
143、hare insights that arent based on anecdote or gut-feeling.”Emily StellickHead of Global Sourcing2023 recruiting trends in manufacturing 40Gems end-to-end modern recruiting solution empowers talent acquisition teams to engage their entire talent network,optimize sourcing efforts,and uncover actionabl
144、e insights that guide smarter,forward-looking decisions.Gem works alongside LinkedIn and other places that you source,while integrating with Gmail,Outlook,and your ATS.Find the talent you need to meet hiring targets and scale your teams with Gem.To learn more and see a demo,visit 2023 Gem,Inc 021723Lauren Shufran,AuthorLauren is a content strategist with a penchant for 16th-century literature.When theyre not trying to solve talent teams pain points,theyre on their yoga mat or hiking Mount Tam.Come at them with your favorite Shakespeare quote.