Talent acquisition has become a time-consuming and resource-draining function, especially for mid-sized companies.
57% of companies allocate over 40% of their HR budgets to TA, and nearly 20% spend over 60%, highlighting the cost inefficiency of current systems.
29% report that TA inefficiencies have slowed sales, affecting business performance, particularly in high-turnover industries.
Improving operational efficiency: 56% of business leaders report that TA complexity is increasing, driven by global workforces, remote hiring, and evolving regulations.
Automating key hiring tasks: 45% of leaders spend over half their working hours on administrative TA tasks, which could be automated through AI.
Regional results reveal differences experienced by leaders in their respective countries.
66% of U.K. business leaders report that talent acquisition has become more complex in the past five years.
U.K. business leaders are the biggest champions of talent acquisition, with 70% saying that the function is critical to business success.
The recruitment statistics from the SmartRecruiters 2024 Talent Acquisition Survey highlight the urgent need for businesses to rethink their approach to TA.
AI-driven solutions offer a transformative path forward, allowing companies to streamline their recruitment processes, improve decision-making, and create more human-centered hiring practices.