Key Takeaways:
- UK hiring confidence reaches a two-year high, with 57% of businesses optimistic about recruitment in the upcoming quarter.
- The time to hire drops to an average of 5.8 weeks in Q2 2023, down from 6.4 weeks in Q1 2023.
- Over one in ten businesses are using AI to streamline and speed up the recruitment process.
- 33% of businesses plan to create and fill roles heavily reliant on AI within the next three months.
Hiring Confidence Peaks as AI Streamlines Recruitment
The latest Totaljobs Hiring Trends Index indicates that hiring confidence amongst UK employers has reached a two-year peak, with new research showing that job applications have surged and the time to hire has dropped in the last quarter.
The Index, which surveyed 1,005 HR Decision Makers in the UK, reveals an 8% increase in hiring confidence looking into Q3. This brings the hiring confidence to 57%, the highest level since 2021. Industries with the greatest confidence in recruiting the right people in Q3 2023 are IT and telecoms (74%), media/marketing/advertising/PR and sales (74%), construction (72%), and finance and accounting (69%).
The research also shows a decrease in the average time to hire for Q2 2023, down to an average of 5.8 weeks from 6.4 weeks in Q1 2023. Furthermore, 81% of businesses successfully recruited in Q2 2023, up from 78% in Q1. Over a third (34%) of these organisations increased their recruitment efforts during this period.
Impact of Inflation on Candidate Movement
Several factors have influenced the rise in candidate activity and confidence amongst employers. Research from Totaljobs earlier this year showed that over a third (37%) of UK workers were considering changing jobs due to the rising cost of living.
Increasing Use of AI in Recruitment Processes
The Hiring Trends Index also reveals a significant shift towards the integration of AI in recruitment processes. Two in five businesses (40%) are currently using AI to streamline and speed up their operations. AI is being used to fine-tune job descriptions, remove biased language, efficiently screen CVs, and job applications.
20% of businesses plan to educate and train their staff on AI usage to improve productivity. Moreover, 33% of businesses plan to create and hire roles that heavily rely on AI in the next three months.
Julius Probst, European labour market Economist at Totaljobs, underlined the role of AI in recruitment: “As the job market evolves, it is imperative for businesses to embrace innovative solutions like AI to stay ahead, streamline processes, and secure the talent they need. By combining strategic talent management approaches with the integration of AI, organisations will be better placed to achieve their recruitment objectives in the current climate.”
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