eton Press: Talent Acquisition Shortage – Tips To Win
In the March quarter, the Australian Financial Review reported that the GDP grew 1.8 percent taking the overall Australian economy beyond its previous record, prior to the bush fire crisis and the COVID19 pandemic.
So, with a high-performing economy and businesses in growth, the demand to hire staff is ever prevalent.
HOWEVER… With international borders still closed and global mobility a moot point, we’re in the midst of a national talent shortage, with organisations competing for candidates within a much smaller domestic talent pool.
Of the many skillset areas in scarce supply, Talent Acquisition is right at the top of the list. If you’re thinking of advertising for candidates, it’s worth a shot but increasingly considered a ‘hail Mary’ attempt to acquire talent.
So, with advertising a ‘low percentage play’ organisations MUST think about how they attract candidates from both active and passive talent resources, while all the time combatting retention strategies as any smart business will now be doubling down on.
We surveyed our Talent Acquisition network to understand what would tempt them from existing their roles. Here are some things you may consider offering to win the bout between ‘Blue Corner; Attraction’ and ‘Red Corner; Retention
Input to EVP development. These guys are on the front-line recruiting ‘week in week out’, they’re speaking to candidates and they know what candidates want. So give them a voice in the strategic development of an EVP, easily giving them skin in the game and a greater sense of value.
Accreditations. With many TA professionals simply hired and paid to fill jobs and meet open job requisition quotas, the opportunity to upskill and bring on accreditations in areas such as a psychometric assessment is hugely attractive.
People leadership or Mentoring. Respondents told us they would move for a role where an opportunity to lead direct reports exists. If your structure is flat, consider establishing an internal mentoring program to create opportunities for candidates to build leadership skills.
Flexibility. If hybrid and/or workplace flexibility isn’t already a cadence for your organisation, your chances of attracting great people can be made that bit harder than the rest. Talk to us or fellow industry peers about their flexibility programs to understand how these can benefit you.
True succession. Often HR will drive succession and bench strength in the business however we found TA professionals didn’t feel clear on their career progression and what capabilities are required to move into other areas of HR, creating a real opportunity for organisations to stand out when attracting and retaining talent.
The Importance of Salary
Note that none of the above points include a pay rise. A great candidate will expect to be paid at market rate but avoid ‘panic buying’ and being caught up in the ‘supply and demand economics’ analogies doing the rounds. Overpaying is a short-term solution with long term risks. Thinking differently about what you ‘give back’ to a Talent Acquisition candidate and how you develop their career is a far more sustainable and engaging strategy to win in a talent shortage.
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