Innesa Burrola, CEO of Boutique Recruiting.
As a business leader, you are constantly searching for ways to stay 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 might be something new for many business owners. When this happens, you are caught 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 have to battle it out to gain access to the most highly sought-after employees. It’s a dynamic that used to be a temporary market condition, but it’s become the new normal.
With estimates that the global talent shortage could reach 85 million people by 2030, it’s clear that a market-wide talent shortage is on for the long term and business leaders need to take it seriously. The future of your company could depend on it.
In today’s tech-based global economy, where digital transformation is reshaping industries and job markets, companies that have access to the best talent could have a significant advantage over those that do not. Talented employees are not only more productive and innovative, but they also bring fresh perspectives and diverse experiences that can help businesses stay competitive and adapt to changing market conditions.
Creating A Talent Strategy
To attract and retrain these highly sought-after employees, it’s critical that leaders develop a comprehensive talent strategy that takes into consideration the following elements:
Deep Pipeline
Prioritize access to a vast network with 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 (as opposed to sitting on job boards). Based on my experience, many people who took a new job last year weren’t searching for one. Somebody came and lured them in, which is not an easy feat.
The Right Candidate
Today, business leaders need to find candidates who not only have the right technical skills but also fit well with the company’s culture and values. If there is a core values mismatch, the situation could result in failure, because most likely that 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 something more than simply attracting workers to your company. It means attracting the right workers…”
The better the cultural fit, the happier your employees will be. To ensure perfect alignment, you can leverage tools and outside expertise to find the right candidates for your organization.
Smooth Experience
Finally, business leaders will need to ensure that the recruitment process is as seamless and positive as possible for candidates. This can give the company an advantage because candidates are not only more likely to accept your offer, but they are 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 recruitment challenges. By nurturing and upskilling existing employees, organizations can identify and groom individuals who align with their culture and values. This approach fosters employee loyalty, reduces turnover and allows for the organic growth of talent within the organization.
Recruitment Firms
In the words of Peter Capelli, “Businesses have never done as much hiring as they do today. They’ve never spent as much money doing it. And they’ve never done a worse job of it.”
The time, effort and resources spent on inefficient or ineffective recruiting strategies can easily become a bottomless pit. Recruitment professionals can help streamline the hiring process, reduce time-to-hire and fill critical positions quickly. Leveraging the expertise, resources and technology can ensure that you have a tailored talent strategy in place.
Surprisingly, many companies don’t actually know how to sell their job openings to candidates. For one reason or another, hiring managers have a tendency to focus on filling their own needs, rather than identifying what candidates need to hear in order to say “yes” to the job. Professional recruiters are able to approach candidates as a middleman 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 good ally in the war for talent.
Employer Branding And Referral Programs
Building a strong employer brand and implementing referral programs can expand your talent pool. By showcasing 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, recruitment firms and employer branding, businesses can build robust recruitment strategies and partnerships that attract the right candidates and foster long-term success.
Remember, recruiting can be your best ally to win the war for talent, however, a diverse range of approaches will strengthen your efforts so you not only stay ahead in the war for talent but come out as a winner.
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