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BOSTON—FEB. 4, 2019—Bullhorn®, the cloud computing company that helps staffing and recruiting organizations transform their businesses, found that 84 percent of global recruitment firms feel the need to embrace digital transformation — defined as the integration of technology into all areas of their business for the purposes of improving operations and the way they deliver value to customers — to remain competitive. According to Bullhorn’s 2019 Global Recruitment Insights and Data research, 55 percent of respondents believe that artificial intelligence — one aspect of the digital transformation journey — will have a positive impact on candidate and customer engagement.
While firms see digital transformation as an opportunity, they also acknowledge it as a challenge. Forty-nine percent of them rank embracing digital transformation to improve operations as their top operational hurdle, ahead of pricing pressure and margin compression (44 percent) and increased competition from freelance and gig platforms (27 percent).
Bullhorn’s Global Recruitment Insights and Data research also illuminates overall optimism for 2019, despite persistent concerns and challenges related to tight talent pools, candidate-driven market and economic conditions, and macroeconomics and politics. Seventy-nine percent of respondents expect revenue to increase this year.
Despite the fact that an overwhelming majority of firms believe that digital transformation will drive their business further, sourcing and acquiring candidates (61 percent) is the top priority for 2019, followed by engaging candidates and improving the candidate experience (36 percent). Top challenges include: tight talent pools and skills shortages and gaps (73 percent), accelerating pay increases due to candidate-driven market and economic conditions (38 percent), and higher churn rates due to low unemployment (27 percent).
Other key findings include:
“Following a successful 2018, the global recruitment industry continues to remain optimistic for 2019,” said Gordon Burnes, Bullhorn’s chief marketing officer. “While firms will face another year filled with an unpredictable macroeconomic and political environment, most are confident in their ability to navigate through these challenges as they continue their journey of digital transformation to drive business growth. Now that most companies have automated formerly manual workflows, they are beginning to explore artificial intelligence to drive increased productivity to set them up for success in the years ahead.”
Bullhorn’s Global Recruitment Insights and Data research is the result of a global survey conducted among 2,185 recruitment professionals from Sept. 11, 2018, to Nov. 30, 2018. The findings spotlight the industry’s take on the current recruitment landscape—from financial forecasts and top priorities to persistent challenges and emerging technologies.
To read more about Bullhorn’s Global Recruitment Insights and Data research, visit https://grid.bullhorn.com/.
Bullhorn is the global leader in CRM and operations software for the recruitment industry. More than 8,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. Headquartered in Boston, with offices around the world, Bullhorn is founder-led and employs more than 900 people globally. To learn more, visit www.bullhorn.com or follow @Bullhorn on Twitter.
Senior Media Relations Manager