The State of Talent Acquisition Survey, shows that 87.6% of the organisations will have an increased hiring budget, up from 67.8% last year.
As we see ourselves entering 2018 consumed with planning and making resolutions for the organisational objectives, take a step back and consider what we believe is the Achilles heel of talent acquisition: Ignorance.
Various modern recruitment tools, such as social media which takes up 36.17% of the recruitment strategy, are now replacing the age old conventional methods of selection.
In this changing technological space with Fourth Revolution making its grand entry, business HR leaders have been urged to shed off the old skin and adorn the new one.
For talent acquisition managers, being a part of the business, which they create with each brick in the wall, is extremely rewarding. However, the buzz comes from questioning the trends, looking beyond them and keeping an eye on the part they play in building the future.
There are approximately 75 million millennials, as expected by their birth years they make the fastest growing segment of the workforce. Companies scramble to adapt to this workforce and pull all strings to get the best talent, be it from job fairs and campus placements (23.83%), talent sourcing firms (18.64%), internal referrals (13.36%) or talent pipelining (9%).
And if you are not the part of this war for the best then welcome to the burden of debts you introduce your company to. Mind you the picture will be gruesome!
Why Press on this so much?
We are seeing a renaissance in industries.
“Attracting talent will be the top priority this year and there is a need of a system to give employees the learning opportunities they seek to accelerate their growth and transform careers.” Ketan Kapoor, co-founder Mettl.
Now the job world is not at the disposal of the talent developers but the power has been passed in the hands of the potential candidates who are more agile, more global, diverse, tech savvy and extremely proficient in adaptability. With this company’s needs, expectations and demands are evolving faster than ever before, so to keep up with the “Employee first” approach companies need to shift from being led single handedly to opening up to a multitude of trends.
I have my reasons to convince you and hope they do.
Numbers speak for themselves, yes, the primary focus of the talent management system is to enable and develop people, but we shall not forget the bigger goal of profit maximization. Now slowly as the world is becoming a talent magnet, companies cannot afford to lose the magnetic effect, but take a moment to think that if you aren’t aware of How to attract the magnet then what good is your magnetic effect?
The Talent acquisition landscape resembles a big gamble, a play of money where the cost of losing is far greater than the casinos. As technology is reducing the complexity of processes, it’s important to invest in the trends in order to be in the race of trend setters, otherwise the burgeoning costs will change your trends forever.
The Right Fit
“You hire the right person, the best is what you make of them.” Jack Ma.
Keeping an eye on the world talent trends gives you an idea of what will fit into your definition of the right fit, it is not always about creating strategies of your own but sometimes to be inspired from others. In this competitive market where there is no scope of perfect competition, to be on the top requires a smart informed approach which is not possible to have if companies turn a blind eye to the various trends.
It is not a measurable benefit, but I personally feel what goes around comes around, for each smile that you share with the employee with all the creative initiatives and the efforts you made in order to retain, reskill, reinvent them, you get hundreds in return. It all enthuses a positive environment and then the bond is of the unbreakable one. A win, win, win.
Get up and Get set
The future is here and it’s the eleventh hour, so make the pendulum shift, don’t put your head in the sand, see the tides turning.
How you handle the trends can decide the victory or tip the scales in favour of the failure. Keep an eagle eye on what’s happening around be it with the employees, the potential candidates, the technology, it’s all going to affect your organisation and that’s how you will uncover surprises in various niches.