March 22, 2023
When multiple turbulent factors begin influencing the talent market at the same time, it becomes somewhat difficult to put together a viable approach to talent acquisition. For the time being, the impact of the pandemic, the scarcity of suitable talent, the perpetual aging of the workforce, and the lack of any signs of calm on the horizon have thrown the talent acquisition world into a state of blindness.
Without access to talent in a pre-pandemic capacity, leaders are focusing on development over recruitment as a way to mitigate the damage caused by these outside factors and ensure business continuity. When the talent market proves to be unstable, there are a number of ways that you could navigate your talent needs and survive troubling times.
It’s a relatively efficient method that is especially popular in the retail sector and within businesses that rely on maintaining small profit margins, but the concept is applicable to every kind of company. In fact, internal recruitment can be a very good way to combat high turnover rates, and reposition employees who already have extensive knowledge and experience with the product or service.
Looking to your existing workforce to see if you can fill a vacant position internally comes with a range of benefits, but also a few drawbacks.
Companies with operations that rely heavily on innovation, industry development (disruptive technology for example), and short product development life cycles, would find that internal hiring can have a negative effect on the organization.
Building leaders within the company is all well and good, but when it’s your only focus, and when all your leaders have been internally developed, there’s a lot that might slip through the cracks. Knowing the industry and its key players is very different from knowing your own organization.
Talent from outside the company should be given just as much if not more attention. It’s a question of knowledge and perspective. Limiting the company to existing employees may provide leaders with intimate knowledge of the product or service, but it will deny them the opportunity to hire for innovation or industry awareness.
It’s a volatile talent market, but not just for you.
It’s important to be aware of global competition. The issue with competition at this scale is that the industry is no longer the limit, as roles can be quite versatile when it comes to the nature of the company.
But Taking into account the global competition for talent allows you to optimize the company’s policy to retain current employees, improve remunerations and benefits, as well as offers and packages for existing employees and new joiners alike.
Remember that candidates are almost always on the hunt for a better offer, and should anyone top yours, they might just leave your company. However, many employers get past this issue by offering bonuses and signing packages that are paid over the course of three years, ensuring retention.
Braving the global talent market, however, is no easy task, and it’s likely to take a long time before yielding any results.
Taking in the global landscape also means awareness of the availability of talent across the world. This would help you adjust your offer and keep up with the competition. An underrated outcome from this scenario is that it also incentivizes companies to work on developing employee loyalty programs long before they even prepare an acceptance letter. This practice is generally overlooked, despite its value.
But more importantly, employers need to understand the current state of the global labor demographics during the pandemic. This is the talent pool, and understanding which regions are still able to provide talent without restrictions can help you further optimize your targeting, going a bit more specific with your search.
There’s also the factor of talent needs. The pandemic has rearranged everyone’s priorities, and elusive talent that may not have shown interest before might just find your offer more agreeable throughout the pandemic. This is a chance to tailor your offer to each individual candidate’s needs and provide an incentive beyond compensation.
Given the unstable nature of the talent market, the effects of the pandemic, and the global uncertainty, experience in meeting these challenges is extremely valuable to the success of your recruitment campaign.
Delegating the task of recruitment to an agency with the capacity to confront these challenges head-on is one way to work around them. The right agency would have the knowledge necessary for the different talent markets around the world and may just understand their needs a bit better. Partnering up with such an agency can give you insights into your own offer and how it can be adjusted to maximize efficiency.
In the end, so long as employers understand the global landscape, the needs of available talent, and the tendencies of their existing workforce, their focus should be placed on hiring with the goal to grow both their capability to produce innovative products and their capacity to meet public demand. While capability relies on a variety of factors, budget, business model, talent, and vision included, capacity is very talent-reliant.
Growing both requires a focus on cutting through the noise of volatile digital talent markets, and meeting the challenges with an open mind and a flexible approach.
With access to a global network of professionals and an untapped talent pool, locating and sourcing talent for the digital technology industry is a matter of time and patience in navigating the new professional landscape.
Get in touch with the team and source the talent your digital transformation needs!