IRVINE, Calif., Feb. 25, 2015 – While a majority of companies expect dramatic increases in hiring in 2015, a talent shortage is on the horizon, according to the 2015 HireRight Employment Screening Benchmark Report. Released today, the survey indicates 76 percent of respondents predict they will increase their workforce size, with 55 percent planning significant growth of three percent or more. In addition, the majority of respondents (51%) said “finding and retaining talent” was their top business challenge – a challenge representing the number one concern for businesses of all sizes, based on survey responses. In line with this, respondents emphasized that finding qualified candidates (62%) and keeping good employees (44%) were the top two talent management challenges.
“This year’s report demonstrates a level of optimism not seen in many years and reinforces the heightened need to improve candidate experience and employee engagement,” said Rachel Trindade, vice president of marketing, HireRight. “With the convergence of decreasing unemployment; the aging of our skilled workforce; changing expectations of younger workers; and more direct employment opportunities through the peer-to-peer economy – taking actions to ensure a positive candidate experience and to keep current employees engaged will be key to successful talent management.”
The survey points to the importance of candidate experience and employee engagement as key factors impacting the talent crunch, as they are critical for successful recruiting and retention efforts. As reflected by survey respondents, some of the 2015 key initiatives planned by employers include:
As companies prepare for growth, key talent management goals include finding top talent, meeting changing compliance requirements, and minimizing the high-cost risk of bad hires. A majority of employers (56%) reported that background checks help provide a better quality of hire. Respondents indicated that background checks are a critical step to prevent bad hires, as:
In addition, the report revealed some risks many employers may be taking, potentially opening themselves up to significant security and legal exposures, including:
HireRight produced the Benchmark Report based on surveys of more than 3,000 human resources, recruiting, security, and management professionals to provide a view of the current hiring landscape, indicate market trends, and identify common gaps in employers’ screening and hiring processes. The full report can be downloaded at www.hireright.com/benchmarking.
HireRight is a leading provider of on-demand employment background checks, drug and health screening, and electronic Form I-9 and E-Verify solutions that help employers automate, manage and control background screening and related programs. Many companies, including more than one-third of the Fortune 500, trust HireRight because the company delivers customer-focused solutions that provide greater efficiency and faster results. HireRight also provides pre-integrated background screening services through applicant tracking systems from top providers such as Oracle, Taleo, Kenexa, SAP, PeopleAdmin, HealthcareSource, HRsmart, and SilkRoad. For more information, visit the company’s web site at www.hireright.com.
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