By Jonathan Davies
The United States is one of the Top 10 global "Markets to Watch," according to a new study. The study by Broadbean Technology compares global markets and the factors what will shape digital recruiting over the next 5-7 years, including GDP growth potential, earnings trends, cultural phenomena, and mobile and social Internet use.
The report recognizes the U.S. as a key driver of change in global digital recruitment — leading the pack in the use of social networks for job sourcing and innovation with nearly one in three businesses using social professional networks as a major hiring source. Recruiters in the U.S. have embraced digital recruitment tools as highly effective, lower-cost options to finding the best employees as they wrestle with fewer resources and constrained budgets.
These tools and services give recruiters the ability to quickly adapt to changing market and social conditions, such as a burgeoning contingent workforce brought on by 77 million retiring baby boomers seeking post-retirement employment. Other factors, such as the difficulty employers experience in connecting with qualified candidates, will further drive participation in the digital realm. For example, close to 50 percent of U.S. employers today have difficulty filling jobs with qualified talent.
"Contrary to popular belief, employee retention has actually been rising for the past twenty years," said Kelly Robinson, CEO of Broadbean Technology, referring to a recent report from the Federal Reserve Board showing an increase in average employee tenure.
"Regardless of whether this is due to greater employee loyalty or a general reluctance to move given the current economic climate, the end result is that businesses need to be more competitive and innovative in the ways they target and attract talent. Digital recruitment tools offer increasingly effective means of engaging with potential employees and showcasing a company's personality and culture."
For U.S. businesses, innovation will mean looking at how digital recruiting tools can help connect the more than 3 million jobs currently open in the country with the millions of unemployed workers seeking employment.
The Digital Recruitment: Hottest Markets in 2020 List
1. Brazil — A young, confident and ambitious market, Brazil has growth potential on many levels and is known to be digitally innovative.
2. India — India's sheer economic growth potential makes it an exceptionally interesting market. Only serious development imbalances keep from the top slot.
3. China — Although significant political and cultural challenges remain, the sheer growth performance and destiny of the world's largest economy make it attractive.
4. US — Expected to stay a dynamic, innovative economic powerhouse and driver of change in digital recruitment over the next few years.
5. Australia — Another confident and ambitious AsiaPac country, Australia's skill shortages make it ripe for innovation in digital recruitment.
6. Japan — This massive, technologically innovative economy is undergoing cultural change after many years of stagnation.
7. Canada — Although small in size, Canada has been fast to adopt new ideas, with a range of unique opportunities for the introduction to the new digital recruitment offerings.
8. Germany — Considered as the European economic powerhouse for the foreseeable future, and currently undergoing significant labor market changes.
9. Russia — A wild card, Russia is beset by deep political and economic issues but has a range of opportunities to unlock its untapped potential.
10. Mexico / UK — Mexico, another wild card, is highly problematic at present but has the potential to suddenly take off and become the new Brazil. The UK has significant economic growth issues but is traditionally one of the world's largest recruitment markets.