There is no such thing as a job for life, not any more. Scared by rumours of skills shortages, the workforce are ready and willing to retrain and switch jobs for the highest bidder. With staff always on the move in the search for greener pastures, HR managers and recruiters are struggling to find candidates to fill their roles - and not just any candidates.
Skilled, astute, available ones.
Recruiters and HR are looking for new ways and methods of sourcing global talent. With talent at a premium and in low supply, it can be very tricky to find the right people for the job.
That means that there's a need for recruitment software geared towards these exact global conditions.
“The most likely response of employers to alleviate the talent shortages is to train and develop existing staff to meet their needs. Employers also report that their organizations are further increasing their focus on the talent pipeline and seeking to source talent outside established talent pools.” - Manpower Talent Shortage Survey 2013
'The war for talent': The biggest changes in hiring today
The Business Journals recently hosted a webinar titled “The Secrets to Attracting and Hiring the Best Talent." In this short clip, the panelists discuss the changes in the hiring landscape faced today by companies.
The increasing challenge to source talent has led to many tangled results, none of them easily solved. For example:
- A survey by Ernst&Young finds that talent poaching is set to rise, particularly on the senior level, prized for their experience.
- Another study finds that almost one in five employers facing talent shortages say it's having a high impact on their ability to meet client needs
- Business performance mostly likely affected by talent shortage, resulting in reduced market control, competitiveness, service capability
This catastrophic chain of events results in settling for under-qualified candidates who are too often over- paid. This rise in mismatched hiring has led some companies to actually offer their bad hires money to walk away. How cost-effective is this in the long-term? Not very.
The future of the talent war
So what does the future hold for the recruitment sector?
- Staff retention is already an issue, and set to become even more competitive. Swimming pool in Google, anyone?
- Recruiters will need to build the potential for early turnover into their hiring considerations
- It's not only technology that's speeding up. Recruiters need to get faster and become more flexible to land top candidates. The old speed of hire approach is back in business. Because of this, the number of top recruiters will rapidly decline
- The college recruiting phenomenon must be revisited and re-imagined if it is to survive. Universities must foster the skills demanded by the workforce for the economy to endure
- Large firms must take another look at their hiring and retention processes. As we know, Generation Y and the Millennials see a company's coolness rather than its profit margin as important. This spells trouble for large firms, forcing them to compete with startups.
Have you experienced the knock-on effects of this yourself? Let us know in the comments!