Harnessing innovative strategies to secure top talent in a changing workforce
In the ever-changing and uncertain business landscape of today, it is critical that organizations understand how to identify and attract the best talent to maintain a competitive edge. As companies face new challenges and opportunities, it is important to take a dynamic approach to identifying and recruiting top talent.
Redefining recruiting strategies, expanding recruitment efforts and upskilling existing employees are three key strategies that organizations can use to attract and identify top talent in uncertain times.
These strategies can help employers remain well-positioned in an ever-evolving job market and provide them with the tools they need to identify, attract and retain the best talent. By understanding the needs and preferences of today’s workforce, organizations can leverage these strategies to improve the recruitment process and ensure that their organization is ready to take on any challenges that may arise.
In this blog post, we’ll discuss the benefits and strategies of redefining, expanding and upskilling to identify top talent in uncertain times.
The economy is facing challenges, with rising interest rates, high inflation, and cautious spending. Experts warn that a recession may be on the horizon, and business leaders are concerned about its impact. With many jobs lost during the pandemic downturn already replaced, job growth is slowing, and companies are now laying off employees and restructuring to weather the economic conditions.
Talent acquisition leaders play a crucial role in supporting the broader business in overcoming these challenges. Greg Summers, Chief Customer Officer, suggests three innovative strategies for finding the right talent, even in uncertain times.
Consider revising job responsibilities
Assess the tasks being done and by whom. Can some tasks be consolidated or can existing team members take on additional responsibilities? In most cases, creating new roles may not be necessary to achieve company objectives. There may be current employees who can fulfill the duties or divide the role with a coworker. Before posting job listings externally, present the job descriptions internally for management to evaluate if consolidating current duties or introducing new work methods is a viable solution. This will also assist in managing expenses effectively and improve overall business efficiency.
Broaden your search criteria
Location is an important aspect when it comes to recruiting and retaining talent. Consider expanding your search area or allowing remote work options to broaden the pool of potential candidates and find individuals that align with your company’s needs. Although not all positions are suitable for remote work, recent studies indicate that 90% of employees took advantage of the opportunity for remote work when it was offered. Conducting research, either internally or with an external partner, can pinpoint the markets that have the ideal combination of workforce availability, education, and skill sets, along with fair and stable wages. Evaluate whether your current target market is ideal or if it’s worth exploring new regions.
Develop current employees
It’s a good time to evaluate your talent pools. To address any skill gaps, consider developing existing employees or external candidates with transferable skills. This can be particularly useful in filling in-demand positions such as digital positions. Implement a job shadow or mentoring program that recognizes talent and matches them with a current employee to aid in learning the new role. It won’t happen overnight- give it about 12-18 months- but over time, you will establish a more sustainable talent pipeline. These tactics to develop employees can also broaden your definition of compensation, which can help counteract the impact of wage inflation in a competitive talent market.
Organizations that strive for excellence must always stay ahead of the curve. To remain competitive, they must assess their current practices, reflect on how their operations can be improved, and not shy away from making decisions that may be beneficial in the long run. A reliable talent acquisition partner can be instrumental in helping to create a comprehensive plan and secure the right personnel to ensure the sustainability of the organization.