Innesa Burrola, CEO of Boutique Recruitment.
As a business leader, you are constantly looking for ways to get ahead of your competitors, which usually involves developing strategies to attract customers and drive sales, but competing with your rival for the best and brightest employees can be a challenge for many business owners be something new. When this happens, you’re in the middle of a talent war – one you don’t want to lose.
A talent war happens when there is a limited supply of workers with in-demand skills, so employers must battle it out to gain access to the most sought-after workers. It’s a dynamic that used to be a temporary market condition, but has now become the new normal.
With estimates that the global talent shortage could reach 85 million people by 2030, it is clear that there is a long-term market-wide talent shortage and that business leaders need to take this seriously. The future of your business may depend on it.
In today’s technology-enabled global economy, where digital transformation is reshaping industries and job markets, companies that have access to the best talent can have a significant advantage over those that don’t. Talented employees are not only more productive and innovative, but also bring new perspectives and diverse experiences that can help companies stay competitive and adapt to changing market conditions.
Creating a talent strategy
To attract and retrain these highly sought-after employees, it is critical that leaders develop a comprehensive talent strategy that considers the following elements:
Prioritize access to an extensive network of the best candidates, primarily passive job seekers, who may not be actively looking for a job, but who are working hard to advance their careers (rather than sitting on job boards). Based on my experience, many people who took on a new job last year were not looking for it. Someone came and lured them in, which is not easy.
The right candidate
Today, business leaders need to find candidates who not only have the right technical skills, but also a good fit with the company’s culture and values. If there is a mismatch between the core values, the situation can lead to failure because chances are the employee will eventually quit and the hiring manager will be back where they started. Principles of management said it well: “Winning the war for talent means more than simply attracting employees to your company. It means attracting the right workers…”
The better the cultural fit, the happier your employees will be. To ensure a perfect match, you can use tools and external expertise to find the right candidates for your organization.
Finally, business leaders need to ensure that the candidate recruitment process is as seamless and positive as possible. This can give the company an advantage as candidates are not only more likely to accept your offer, but also more likely to become engaged and loyal employees if they have a smooth hiring process.
Talent Acquisition Programs
In today’s highly competitive market, it is essential for business leaders to consider a balanced approach to talent acquisition.
Internal Talent Development Programs
Investing in internal talent development programs can be a highly effective strategy for addressing hiring challenges. By nurturing and upskilling existing employees, organizations can identify and nurture individuals who align with their culture and values. This approach fosters employee loyalty, reduces turnover and enables the organic growth of talent within the organization.
In the words from Peter Capelli: “Companies have never hired as many people as they do now. They have never spent so much money on them. And they have never done so badly.”
The time, effort and resources spent on inefficient or ineffective recruiting strategies can easily become a bottomless pit. Hiring professionals can help streamline the hiring process, shorten time-to-hire, and fill critical positions quickly. Leveraging the expertise, resources and technology you can ensure you have a tailored talent strategy.
Surprisingly, many companies don’t actually know how to sell their vacancies to candidates. For some reason, hiring managers tend to focus on filling their own needs, rather than identifying what candidates need to hear to say “yes” to the job. Professional recruiters can approach candidates as an intermediary without that attachment and instead act as ambassadors for their clients, highlighting unique selling points and explaining why they can’t pass up the opportunity.
Recruiters can be a great ally in the battle for talent.
Employer Branding and Referral Programs
Building a strong employer brand and implementing referral programs can increase your talent pool. By highlighting your company’s culture, values and unique opportunities, you can attract candidates who are genuinely interested in joining your organization. Encouraging employee referrals creates a network effect, leveraging the connections and networks of your current workforce to identify potential candidates who may not be actively seeking new opportunities.
By recognizing and exploring talent strategies such as internal talent development programs, recruiting agencies and employer branding, companies can build robust recruiting strategies and partnerships that attract the right candidates and drive long-term success.
Remember that recruiting can be your best ally in winning the war for talent, but a wide variety of approaches will strengthen your efforts, ensuring that you not only stay ahead in the war for talent, but also come out on top.