Talent Acquisition Models that yield exceptional outcomes (part 1)
From evaluating our recent projects with the fortune 500, it is apparent that organisations are battling with the fact that they know they will need talent at a point in the future, but in today’s economic climate they don’t have the luxury to hire them when or if they find them!
Pressure is mounting on HR executives and their recruiting teams to deliver better, faster, and more cost effective (or at least demonstrate a return on investment) solutions to identify, engage and attract talent. A current trend is for firms to bring the cost base in house and control the expenditure of using third party recruiters to a minimum, and this all makes sense.
Another trend we have seen is that of a process change. More and more businesses continue to change the way in which they are working and managing a hiring process. Major firms are now utilising a process with which hiring decisions are based on the order book of sales/projects. Now, this works to a degree, providing that you have a pro-active recruitment channel, deliver a good candidate experience and have the tools in place to remain in contact with a candidate pool.
However, what we have witnessed is that a 68% of firms have a desire for one or either of the above, but only at a strategic level and the perception of the risk to change within corporate echelons stymies adoption to a new way of thinking and working with talent acquisition.
83% of executives Avancos engages with tell us they are struggling with managing short-term challenges and long term strategic needs that are critical for change improvements to deliver business success.
1) Financial/Budget Constraints
2) Existing process is reactive
3) Over use of 3rd party agencies
4) Overwhelming amount of ‘white noise’ around technology
5) Little to no knowledge and data on the talent pool
Common Strategic Needs:
1) Brand Identity
2) Candidate experience metrics
3) Formula for time/resource/budget to deliver and execute talent programmes.
4) Shift from recovery to growth
5) Talent community build and engagement
6) Real time forecasting on talent programmes with business units
Questions to Check Against Outcomes:
1) Do we fill 90-95% of our roles without using external providers?
2) Do we have the greatest access to talent to make the best choice for our business customers?
3) Do we have any reqs that take longer than 4 months to fill?
4) Do we have enough bandwidth and/or budget to serve my internal customers?
5) We are moving from recovery into growth soon and I am concerned about our ability to deliver results
If you answered yes or recognised one or more of the above statements as impacting your current or future outcomes, you are not alone. 68% of respondents have the same issues.
So, what are the options?
In my next blog (part 2), I’ll explain the best and worst options we’ve seen with Fortune 1000 companies, then explain how their strategic value positively or negatively impacts the tactical outcome.
In the meantime, if you have any questions or would like to share your personal experiences (all confidential of course), I would be very interested in your input. You can contact me at: firstname.lastname@example.org