The ‘talent famine’ has now been identified as the top emerging risk for businesses.
You may have heard about the skills and talent shortages that many industries are facing and the ‘war’ for talent, as businesses compete for the best candidates in their industries (especially technology industries). These prolonged shortages of candidates are referred to as ‘the talent famine.’
What causes a talent famine?
Enterprise to SME’s are all tied together through their hunt for skilled candidates in the technology market. We are in and facing a greater time of uncertainty in our society through a recent pandemic, social and economic turbulence, and the likely event of a recession before the end of 2022. Yet our clients are growing rapidly and demanding hard to find talent coupled with the above concerns – persuading top talent to move right now is getting harder and harder!
The current talent famine faced by businesses today is caused by the Coronavirus pandemic. As the World returns to the new normal, business leaders and recruitment are experiencing challenges not seen before. Striking a balance between “feast and famine” is also a struggle.
Gartner risk practice leader, Matt Shinkman, explains how organisations face huge challenges…
“From the pace of business change, accelerating privacy regulations and the digitalisation of their industries (…) A common denominator here is that addressing these top business challenges involves hiring new talent that is in short supply.”
To solve this talent famine, adopting new hiring strategies have been found to be the most efficient method. Previous in-house strategies for hiring are insufficient in some firms as they do not have the resources to seek the best talent and lack the appropriate expertise in hiring.
SMEs have faced the biggest burden from this talent famine; despite their importance in generating employment and aiding the economy, SMEs still lack the brand value of Multi-National Companies (MNC’s) to attract talent, especially during a famine.
How can you solve this famine?
The main approaches that help companies get out of a hiring slump and prepare themselves for the future include:
- Casting a wider net for potential candidates
- Engage with temporary workers and ‘gig economy’ strategies
“To succeed (in a talent famine), companies must hire, develop, and retain talent better than their competition… the winners will be those who utilise multiple hiring resources (and) invest in their people” – Pravin Rao, Chief Operating Officer, Infosys
Using Concept Resourcing’s Exclusive Engagement Solution is one of the most efficient methods to widen your talent/candidate search whilst utilising the best resources to do so, reducing the impact of the talent famine on your company. Hiring a retained recruiter may seem like an unnecessary cost – do not underestimate the value a professional recruiter can provide your business. The exposure to a wide cast net of skilled, qualified candidates and time savings retained searches can provide is immeasurable.
Why choose our Exclusive Engagement Solution?
Concept Resourcing’s Exclusive Engagement Solution (EES) creates an exclusive partnership with your company, shortlisting the best and most qualified candidates for your vacancy with Concept as your sole recruiter. Finding the right candidate with the best skills, qualifications and experience can be difficult when recruiting in certain industries with niche roles. This is where the Exclusive Engagement Solution can help – even during a talent famine. Our extensive market knowledge and vast industry networks allow us to seek out the ideal candidate for your position.
Through our EES, we become your eyes and ears in the candidate marketplace, proactively finding the most skilled candidates in a structured and intensive process. We research, engage, and retain the best candidates for your vacancy.
The EES can help our clients find candidates to meet the highest standards in a highly customised search. We thoroughly assess the suitability of our candidates rigorously against your technical and personal needs, relevant experience, and cultural fit for your business. All candidates are highly vetted, from background and reference checks to psychometric profiling, this comprehensive process leaves no stone unturned.
Our robust process ensures that the shortlist of candidates we deliver is an ideal match for your requirements and that a guaranteed hire is made. Furthermore, the long-standing relationships we have with our candidates means we have access to ‘hard to reach’ candidates who may not be accessible outside of Concept.
By entering the Exclusive Engagement Solution with us, we get to know your company and the role inside out, focusing on the quality of service with your placement at top priority.
Our retained search is one of the most effective methods of talent identification, reducing the impact of the talent famine on your company.
Read more about the benefits of Concept’s Exclusive Engagement Solution here.
Get in Contact
If you would like to know more about how Concept Resourcing’s Exclusive Engagement Solution can help your business, please get in touch with Robert Taylor:
robert.taylor@conceptresourcing.com
01384 246 252
