Top 7 Findings on Talent Acquisition in the SMB Market
Today is the end of SMB Week at Aptitude Research Partners. Small to mid-sized companies face a unique set of challenges with talent and workforce management and we are excited to share our latest research on this demographic. According to Aptitude Research Partners’ 2016 Hire, Engage and Retain study, nearly 70% of SMB organizations invest in technology that is up to date with consumer technology. The top three investments for SMB organizations include video interviewing, employer branding tools and onboarding solutions. They want tools that improve the candidate experience as well as ensure quality of hire.
Below are the top findings on talent acquisition for SMB companies:
- Dissatisfied with their Technology: Nearly 50% of SMB companies are dissatisfied with their ATS and looking to change providers compared to 36% of enterprise organizations.
- Candidate Comes First: Sixty-three percent (63%) of SMB organizations have improved their candidate experience over the past year.
- Not a Mature Market: 1 out of 3 SMB companies do not currently have an ATS in place. Fifty percent of those companies that do have a system in place are dissatisfied or indifferent with their current provider and looking to make a change.
- Word of Mouth is the New RFP: One third of SMB companies believe that word of mouth is the most influential factor when making decisions around recruitment technology. Price and demonstrated ROI also play a key role in technology decisions.
- Opportunity for Best-of-Breed: Fifty-seven (57%) of SMB organizations invest in an ERP provider or Talent Management Suite provider for their ATS. Only 14% of SMB companies are using best of breed providers for their ATS.
- Implementation Time is Shorter: 85% of SMB providers implement their recruitment solutions in less than 1 year. Forty-seven percent (47%) of these companies believe their provider was a true partner through the implementation process.
- Need More Change Management: Only 22% of SMB organizations have a change management process in place and only 38% of these companies were satisfied with their provider through the implementation process and would recommend them.
For more insight and research on how SMB companies are using talent and workforce management technology, check out our latest reports at www.aptituderp.com.