The demands on a talent acquisition leader.

The demand for talent acquisition leaders is rising. How can you empower your business to win the war for talent? Attracting and retaining talent within a dynamic and disruptive market has led to many reassessing their recruitment plans. The talent market has become very candidate and skill-driven, but further economic and political pressures means there is a critical need for talent leaders to reduce the costs of hiring, while enhancing their capability of reducing the existing skills gap.

Technology developments have placed considerable pressure on business outcomes and the overall performance of the bottom line. This technological disruption has caused higher competition for technology skills and tech-based roles. The demand for digital and tech talent has spiralled, and industry experts suggest that many candidates have multiple job offers, reducing the power of businesses today. Hiring times have become more challenging, and the cost of re-hiring remains considerable, with individuals often leaving for better offers. As a consequence, the impact of higher hiring and opportunity costs impacts business targets and sustainable growth.

Talent plans today must be beneficial to the business and its workforce. Upskilling is critical to retaining talent. It is also vital to boost productivity and enhance specific skills in a company. Skill-building can help employees define their interests within a business and enable individuals to take on new roles and expand their existing responsibilities.

borrowing talent.

The gig economy for tech talent is growing considerably fast. With rising flexibility in employment, many skilled professionals can be hired, on a freelance or contractual basis. Instead of being dependent on in-house talent, businesses must recognise how they can use these opportunities to grow their business.

It has been challenging for talent leaders over the last few years. During the early days of the pandemic, many talent and recruiter professionals lost their jobs or were furloughed. The situation looked relatively dire for professionals whose role was to find people jobs with few opportunities available. The economy reached a record level of layoffs, but over time, the economy recovered. Businesses became desperate for new employees, and talent demand increased significantly. With the dramatic rise in the war for talent and managing higher figures of people changing or leaving their jobs, talent acquisition leaders faced further challenges.

Data from LinkedIn suggests that in May 2020, the demand for talent leaders had dropped significantly by 70%. This year, recruiters are struggling to maintain pace with the requirements of businesses. Data from LinkedIn shows an 11x growth in requirements for talent leaders. It's difficult to find, attract and recruit professionals that have the desired skills for businesses. Data from LinkedIn shows that people changing their jobs has increased by 4% year on year. With a significant rise in new job opportunities, it’s understandable that potential candidates are more selective with their career choices.

Employees are also reconsidering what matters to them. People are reassessing their work and life priorities. Most importantly, individuals want more flexibility and choices over how they work. There are far more expectations on companies providing support for employee health and wellbeing. All of this makes it more challenging for talent acquisition. If businesses fail to provide these services or introduce the desired working culture, people are more likely to leave their job and find an alternative.

There are continuous ups and downs in the job market. Despite rising inflation rates, supply chain changes and the pressure on daily living, many jobs are still available.

Talent leaders need to maintain flexibility with sudden changes and disruptive events. They must be capable of dealing with other challenges, such as geopolitical and economic events that impact hiring decisions.

Since the impact of the pandemic, there has been a rising trend of unpredictability, and businesses are consistently trying to maintain pace with ever-changing market conditions. Given this volatility, plenty of readapting and reassessing plans at all levels are required. While on one side, it's critical for a business to attract and retain the best talent, striking a balance is necessary between consistency and onboarding new talent for various roles.

This year has come with its own challenges, yet recruitment and talent leaders have a great opportunity to revitalise their message and promote the reasons to work with their business. Some industry leaders believe this could be a critical moment where talent acquisition is pivotal to the success of a business, and talent professionals could reshape into more of a business leadership role.

While we are experiencing a balancing of the urgency in hiring this year, the hiring process will likely continue to be challenging. Quality candidates will continue to be in high demand, and there will inevitably be more job openings and competition than in previous years.

With a rise in working from anywhere, hiring anywhere and a simple interview process via virtual means, there are many reasons for employees to be seeking better opportunities. Businesses and their talent acquisition team are creating a constant stream of candidates for their workforce.

The talent supply chain will likely cost more this year than previous years, and employers will need to invest more in talent acquisition and hiring.

meeting the requirements of the employee of today.

People have higher expectations of their employers. Candidates demand flexibility and prioritise factors such as wellbeing and company culture over salary and working conditions. Job board platforms are experiencing a surge in views and applications for job ads that mention flexibility and work culture. It is up to talent acquisition leaders to display to candidates how their business will meet their expectations. Talent leaders must be completely aware in the search process of what candidates are looking for.

Employers must focus on promoting their brand toward employee expectations and fulfilling that promise. Recruitment messaging should meet the needs of the workforce today. It is an ideal opportunity for talent leaders to determine where people are leaving and expand relationships with these groups. Many businesses are ensuring their talent teams focus on the employee value proposition within the hiring process and engaging candidates. Last year companies were focused on hiring numbers and had to fill this demand. The focus is now moving toward the candidate and employee experience.

Enhancing the brand of a business has become paramount. What an employer views as a critical part of their culture has transformed in the last few years. There is an opportunity to adapt this message and involve close collaboration between talent acquisition and marketing teams.

the power of retention.

Businesses and talent teams must focus on existing employee retention in a competitive job market. Talent teams play a major role in supporting retention. The significant talent migration is challenging, but it's an opportunity for talent leaders to manage and develop their business culture. Any new hires to a business must be contributing to the culture. Talent leaders must ensure their business delivers the experience and opportunities they sell to prospective candidates. Being authentic when engaging with candidates is critical. Focusing on balancing the needs of a candidate and the interests of a business will support retention in the future.

Onboarding is a vital part of the candidate experience, and businesses should prioritise their communications with new hires and look to invest in digital onboarding channels. Talent leaders should explore the option of refreshing their onboarding resources. Our world has changed, and recruiters must understand how these changes impact a business and deliver the right message.

utilising your existing talent.

With rising talent scarcity, businesses are exploring their employees to fill open roles. There has been an increase in internal mobility since the beginning of the pandemic, and this year, companies are taking a more holistic approach toward talent acquisition. Internal mobility plans are becoming a focused retention tool as reports suggest that employees are likely to remain in their jobs with a change in investment in their careers and personal development.

The current challenges make it a critical time to upskill, reskill and invest in your employees. Developing internal mobility measures will demonstrate how serious a business is about supporting its people, a factor that significantly influences talent retention.