The talent acquisition system that is currently in place is outdated and needs to undergo significant amendments to make it work according to the demands of today’s talent and recruitment professionals alike. This is not the same generation that used to put their salaries before anything else when deciding to choose a company to work with. Candidates nowadays are more worried about their own values and whether or not the company they are going to work with shares those values. And it is just a few people that hold this philosophy.
More than 85% of the millennials give salary secondary importance. Another trend that the current talent recruitment system doesn’t consider is how more than 80% of millennials have started liking the work from home option – even a day a week of WFH needs to be accounted for. These are just a couple of things that makes the job of acquiring skilled workers tougher every passing day. This is why it has become all the more important for not only the system to change but people recruiting talent to upgrade as well.
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Hiring skilled employees, ensuring that they are kept engaged at all times, and working to retain them are tasks that have become extremely difficult. Skilled employees know their values and rights. It is now the turn of companies and HRs to ensure that they are in sync with those demands and fulfill them to the extent that they don’t hurt their bottom line. Attracting skilled talent is the most difficult out of all the things. Working with an organization needs to appear a lucrative enough proposition for a candidate to think about joining them.
A survey conducted by Deloitte revealed quite interesting yet worrying insights into this matter. Hiring prospective candidates is indeed an issue that around 70% of people who participated in the Global Human Capital Trends survey agreed with. More than 60% of the participants said that hiring people that are both qualified and experienced enough for the respective roles is also a big challenge. The War for Talent, as it is often referred to as now, has become more intense in recent years due to several factors. Some of the most important factors that have contributed to a steady change in the talent acquisition landscape include:
- Global competition for skilled human labor
- The needs of potential recruits have changed drastically in recent years
- The workforce is located in different physical locations
Now the question arises, how can you win this war? The most important thing is to devise a talent acquisition system that takes into account these new challenges, the competition for talent, and the new needs that potential hires have developed. Employers and HRs need to start looking at recruitment with a fresh perspective. They need to attend to the challenges and overcome them one after the other to compete aggressively in this global war for talent.
Reference: “How to Win the War for Talent” | Yael Shafrir | 14 April 2020
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