A recent Mckinsey report revealed that around 87% of organisations globally acknowledged the dilemma of skill shortages; one that is going to accentuate in the coming years. A key driver for this has been the business changes brought on by rapid tech advancements. Studies have today shown that jobs today are at risk of being automated at an accelerated pace. And thus, developments in the fields of Artificial Intelligence (AI), Blockchain, Cybersecurity, Data Science, Data Analytics etc. all influence organisational expectations, of their new hires.
The skill demand and supply mismatch created by tech advancements aren't the only driving force behind a renewed hiring focus. While the pandemic initially slowed down the job market, it's back on track today. The Great Reshuffle showed that employees today are rethinking how they work, where they work, and why they work. Candidates now actively prioritise their growth and choose what they value.
The result of such market forces and behavioural changes have resulted in companies today facing tough competition when it comes to hiring the right talent. Today it's imperative to invest in building the right talent pipeline, one that meets constantly evolving business needs, with innovative capability at the core of problem-solving.
What we have at hand then are two pressing tasks: one is to find future-ready talent that can keep up with the dynamic skill needs, and the second, once this talent is found, how do we ensure they walk through the door?
Key strategies to create a robust talent pipeline
Today’s recruitment processes are continuously coming face to face with unprecedented challenges. Navigating the labour market successfully demands that we shift from the traditional ways and re-look at our hiring practices. Here’s how we can direct our efforts in building the customised talent pipeline businesses actively seek:
Look for skills, not degrees: While hiring, you must hire for the skills your company needs at that time and assess whether the candidate has the specific competencies you are seeking for the role. One way to do it is by looking for candidates who have completed relevant learning programs to access a talent pool of professionals, who are ready to be hired across all organisation levels.
Value experience and learning agility: Look at indicators that demonstrate ability, such as previous work experience and projects (even personal projects) that measure a candidate's skills and their ability to learn new skills. Candidates that continuously invest time & energy to update their skills and apply them in their professions will prove to be resilient in the face of an evolving work environment.
Engage in regular networking: Ensure that your company not only has a strong social media presence but also has an in-person presence at college job fairs, industry conferences, and other events where potential candidates are likely to congregate. The wider you cast your net, the higher your chances of catching hold of the talent that will drive impact. Look beyond traditional talent pools to find the right talent.
Find the right partners: Partner with organisations that can provide you access to business-ready candidates with the latest skills like Artificial Intelligence, Blockchain, Data Science, Data Analytics, Big Data, Digital Marketing, Product Management, etc. Organisations like upGrad Placements can help employers hire industry-ready candidates at no cost, as they have extensive access to trained professionals at all levels. Such partnerships help companies retain agility while responding to changing skill expectations.
Prioritise employer branding: Great places to work tend to be highly successful companies because they get twice as many applicants to bridge the skill gap, owing to their employee-friendly policies. Organisations need to create not only a positive employee experience but also positive employee policies that will support their employees, in order to attract talent. This inevitably increases recruitment traffic and piques the interest of the best talent out there.
Global industries are experiencing a tight labour market, and it will get tighter in 2022. 87% of employers have reported they have trouble finding qualified talent as a result of which, the stakes are higher than ever before. Employer branding has been known to make a difference when it comes to creating greater recruitment traffic but even then, sourcing highly skilled, future-ready professionals will be a daunting task. What becomes fundamental for employers today is to branch out further in their search for talent and engage in partnerships with new-age organisations that give a platform to candidates who embrace lifelong learning.
As we enter the new financial year, organisations must challenge the age-old recruitment practices and focus on impactful hiring: build your employer brand, network, and hire for the in-demand skills along the way. By creating the right mix of these strategies, organisations can successfully build a customised talent pipeline that meets their unique business needs.