Hiring pros struggling to keep pace with talent shortage

WACO, USA: After five years of job uncertainty, 2014 has emerged as the year of the employee and hiring professionals are feeling the pressure, according to InterviewStream's first "Talent Acquisition and Technology Benchmark Survey."

Nearly 250 HR professionals from North America, the United Kingdom, and other countries shared their views on the shortage of specialized and innovative talent, how they use technology to source and engage top candidates and the ever-shrinking time to do it all.

Key survey findings include:

* More than 50 percent of HR professionals reported their greatest concern is the lack of time to source and screen potential candidates;

* 31 percent of survey respondents lose employees within the first year because the job and organization didn't live up to the image portrayed during the interview process;

* More than 70 percent of survey respondents picked social media as the top- game-changer in talent acquisition today;

* Nearly 45 percent of respondents believe video interviewing will become more important as an on-demand or pre-recorded screening tool, as recruiters need to rapidly source high volumes of candidates at a faster pace.

Companies are aware of the great talent pool in today's market, which is why 74 percent of the respondents cited their top talent acquisition priority as external sourcing and 42 percent are working to strengthen their employer brand.

However, respondents haven't lost sight of the rich talent pool within their organizations: top items on the wish list include more on-the-job professional development opportunities and better mentoring programs for employees.

"After years of recession, the balance of power has quickly shifted and job candidates are once again in the drivers' seat," said Steve Throneberry, InterviewStream chief revenue officer.

"Whether it's an attractive employer brand, a strong social media presence, or the use of tools such as video interviewing, employers need every advantage to stand apart from competitors. Companies who can quickly tap greater numbers of specialized and innovative employees are going to come out on top," added Throneberry.