There is simply no getting away from the fact that we are currently in a financial crisis. It’s affecting all industries and individuals in different ways — people and businesses feeling the weight of inflation and the cost of living.
How does that affect the job market, and how can businesses and organisations attract and keep good talent with great skills? There is much more to this — which this blog will allude to later — but what has been happening in the job and talent market? And how can businesses and organisations prepare for and move with the times?
As the UK’s population evolves, so do its workforce’s skills, experiences, and values. Factors like an ageing population, increased migration, and a changing educational landscape will impact how companies attract talent.
As we approach the autumn of 2023, ask yourself — is my business or organisation thinking about their statistics measuring the rate at which employees leave an organisation — voluntarily or involuntarily? What is employee turnover?
Can this be measured and used as a key indicator for HR teams to analyse retention efforts and understand organisational dynamics?
And what about internal mobility, and what that means? Internal mobility represents the movement of talent vertically or laterally within an organisation. An “internal mobility strategy” takes this further by implementing a framework for moving existing employees between roles.
The following article from Indeed gives a great insight into what it means and why it’s an important factor within an organisation.
By having both these at the forefront of a business strategy, how can you work to ensure all these things are in place and that your organisation is recession-proofing your business for rough times and smooth?
Talent trends for 2023/24
The main trends surfacing since the pandemic have significantly changed the way we work and how organisations have had to adapt. Some of the factors to take into consideration are:
- How dynamics have changed since then between employers and employees since COVID-19 changed the working landscape
- Technological changes and advancements in the workplace that have had to adapt and develop
- Working around labour shortages and finding the right people for the job with the right leaders to lead them
- Promoting the gig economy in different ways
- Embracing Gen Z and Millennials coming into the marketplace (and how they will make an impact on any other future trends)
And how do we mitigate and embrace these as part of the reason for change?
When the going gets tough — the tough get going
Without a doubt, there is an economic downturn. The experts say it’s not forever, but to be prepared for this and to ride the tide of uncertainty. The obvious solution that many organisations take is to cut costs, reduce resources and look at redundancies. But there is a better answer.
Instead of reacting knee-jerk, leadership, hiring, and HR teams must be even more strategic and think outside the box than ever before. They need to focus on a strategy that gives them their good, best and ideal scenario for future scenarios and protection — and always to keep their eyes peeled and ears to the ground within the marketplace.
A storm inevitably leaves a certain amount of devastation in its path but remember — the storm always passes. To hit the ground running after rocky times have been and gone and when budgets are released, those senior teams at the core of any recruitment (and retention) drive need to hang on and steer their teams through the ups and downs.
How do we bring all this together as part of your business model?
Look after your people and they will take care of your business
The future of talent attraction means giving people what they want and need. By thinking and planning strategically, you’ll hang on to key people, which will only attract more people who want to join your organisation.
Flexible working preferences: with a growing emphasis on work-life balance, flexible working conditions and remote working, especially after the COVID-19 pandemic, is a requirement. Companies must adapt to these preferences to attract (and keep) top talent.
Diversity & Inclusion: As societal attitudes evolve, there’s a growing emphasis on building diverse and inclusive workplaces. This isn’t just the right thing to do but is also seen as a way to drive innovation and performance.
Training & Development: The future workforce is likely to place a higher emphasis on continuous learning and development. Companies that offer robust training programs and clear pathways for advancement will have an edge in attracting key talent.
Employer Branding: with platforms like Indeed, potential employees have more information about companies. A strong employer brand, which conveys a positive workplace culture and values, is crucial for attracting talent.
Gaining individuals’ trust (short and long-term) is challenging, but it’s essential for any organisation that wants to grow and take care of people and teams to do this correctly. Businesses must be prepared to invest in their people and develop a positive organisational culture that promotes creativity, cultivates commitment, boost staff retention, and raises your image and reputation as an employer.
Investigate and tap into strategies that enhance the talent experience and tackle the challenge of in-demand skills in a competitive market head-on.
How can technology work alongside the human being?
With the rise of AI, machine learning, big data analytics and much more automated systems, companies have more tools to identify potential candidates, predict their fit for roles, and streamline the recruitment process.
Technological advancements: by having good ATS (Application Tracking Software) systems and processes, organisations can work with their teams to attract the right people and keep workflow systems moving. With automation and technological advancements, the types of roles available and the skills needed are constantly changing; you can track it all with automated systems — meaning that talent attraction strategies must be dynamic and adaptable.
Maximising your return on investment with talent management technology and matching it with a holistic approach to your business or organisation will attract and bring in new talent. This will, in turn, bring critical skills, retaining good people with fantastic employee benefits, incentives and, continuous development, and growth opportunities. Organisations and individuals will have plenty of scope to move around in their internal careers with internal mobility strategies.
By improving candidate experience with tech and humans working together, you can ensure the future of talent attraction is set for a smoother transition.