Over half of UK employers are struggling to find the right talent, resulting in at least one in every two hires over the last two years not fully meeting their original job spec and one in five not meeting the original job spec at all. This is according to a new, independent survey of 200 line managers commissioned by Talent Party, the world’s first recruitment marketplace for talent.
Talent Party, officially launching in the UK today, is set to positively disrupt traditional recruitment with its candidate model by accelerating the recruitment process, providing a faster and better outcome for employers, whilst generating a profitable and sustainable revenue stream for recruitment agencies. Distinct from CV libraries or online networking tools that have been growing in popularity, Talent Party is a marketplace that aligns the motivations of both employers and recruiters and it ultimately helps reduce the time and cost to hire.
Talent Party aims to transform how employers recruit talent and means that anyone with a hiring responsibility, and HR professionals in particular, can use the web-based tool to browse hundreds of thousands of candidate profiles, all of which have been verified by recruiters. Essentially, it enables HR professionals to identify talent, create their own shortlist, and connect with recruiters to arrange an introduction when they identify strong candidates, giving them greater control over the recruitment process.
The research found that over three-quarters of line managers (77%) would like more control over searching for the right candidate,while 74% think the recruitment industry could make better use of technology to better service businesses’ recruitment needs. At present, inefficient recruitment processes are pushing organisations to compromise on the quality of candidates that they hire, with 46% of respondents citing that the process simply takes too long. In almost half of cases (48%), it takes more than two months to recruit someone.
Line managers claimed their biggest stresses at work usually stem from recruitment inefficiencies, such as managing staff who are underperforming (56%), finding staff with the relevant skills to match their business needs (41%) and managing a team that is understaffed (40%). Many respondents reported that unfilled vacancies are resulting in employees feeling overworked (66%), more stressed (54%) and having low morale (42%).
Anne Eastwell, Krispy Kreme HR Manager for Australia, who recently hired through the platform, said: “The marketplace allowed us to very quickly shortlist suitable candidates and arrange preliminary and final interviews. It’s quick and easy to use, and is a great money saver for businesses!”
Jamie Carlisle, Founder and CEO of Talent Party, adds: “Although employers recognise that recruitment will never be foolproof, they often feel they don’t have enough control over the process and end up placing inadequate candidates. We’re turning the traditional recruitment model on its head by putting employers in the driving seat and letting them choose who makes the shortlist.
“This isn’t about cutting out the middleman though. Recruiters play a crucial role in providing trusted consultancy to HRs and by letting them ‘self-serve’, recruiters can focus their time on live opportunities rather than on cold calls. Better use of technology and giving HR managers more control will help revamp the recruitment industry which has been ‘weathered’ by the jobs crisis.”
Talent Party is already changing the recruitment dynamic in Australia following its launch in November, with over 3 million candidate profiles available and 100 employers on board. So far, over 70 employers have signed up to use the service in the UK and almost 4 million unique candidate profiles are already available in the UK.
For further information about Talent Party please visit: www.talentparty.com