The war for talent has increasingly become more fierce. Covid-19 may have created an influx of talent entering the job market, however the war for talent isn’t over. In fact, it’s going to get even more competitive in the near future. Are you ready to win the fight?
The war for talent has increasingly become more fierce. Covid-19 may have created an influx of talent entering the job market, however the war for talent isn’t over. In fact, it’s going to get even more competitive in the near future. Are you ready to win the fight?
The war for talent isn’t over, it’s about to get more fierce
Over recent years the competition to attract and retain top talent, has been fierce. Record levels of employment, and the global skills shortage have been well publicised. As has the fact the majority of business leaders cite attracting talent as one of their main business challenges.
The affects of the Covid-19 pandemic has suddenly created an unforeseen, influx of talent entering the job market. Talent, that until the last few months was in short supply, are now proactively seeking, or more open to exploring, new career opportunities.
However, the war for talent isn’t over, it’s about to get more fierce.
Why the war for talent isn’t over
Covid-19 may temporarily ease the highly competitive talent market. There is no denying the fact that an increasing number of companies are making redundancies. As a result, there’s a current rise in available talent.
However, in contrast, other companies are capitalising on the influx of experienced, skilled professionals entering the job market. Snapping up the scarce talent of recent years. Taking advantage of their competitors need for, or decision to, make redundancies, and building for the immediate and future opportunities.
But to understand why the war for talent isn’t over. And why its going to get even more fierce, lets look at the facts.
Why attracting talent has become harder
As mentioned already, the competition for top talent is well documented. The phrase, “the war for talent” has been embraced and well used since Steven Hankin, of McKinsey & Company, first used the term in the late nineties. Reinforced by the book, the war for talent, published in 2001 by Harvard Business Press, the phrase refers to the strategic challenge and business critical need to attract and retain talent.
As the term has become so frequently used, perhaps what’s got lost is the reasons why attracting talent has become harder.
The truth is there’s a number of reasons. Ranging from emerging technology, with to few experienced people in the workplace to meet the demand. Through to the change of generations in the workplace.
Whilst recent record levels of employment paint a picture of prosperity, the fact is the markets for all businesses have become increasingly competitive. So, the reality is low levels of unemployment isn’t necessarily due to prosperity. But, in part, the war for talent it’s driven by the fewer numbers, in the workplace today, compared to the previous baby boomer generation.
The war for talent is about to get more fierce
The current influx of active job seekers may lull you into a false sense of security. Just because there are more available people on the job market currently, whether you’re recruiting or making redundancies, the candidate experience remains vitally important to your future business success. Make no mistake, this sudden increase in talent will be short lived, and the war for talent is about to get more fierce.
Again, to explain why the competition for talent will become even more competitive, lets look at the facts.
What we can learn from previous economic downturns, is many highly skilled individuals leave the markets. With more job seekers currently, than there are advertised jobs, inevitably of those who can’t find a new job quickly, some will leave the sector. Taking with them the wealth of knowledge and experience within it. Others may decide to set up their own business. Therefore, leaving the job market, and possibly becoming a direct competitor.
As a result, combine this with the transition of generations having fewer numbers, prepare for the war for talent to become even more competitive in the near future.
Our view of the markets
We’re seeing conflicting data from the markets. Some of our clients are reporting record sales and are taking advantage of the current opportunities to snap up valuable talent. Other companies are unfortunately letting some incredibly good people go. As a result we’re registering an increasing number of highly skilled professionals.
I appreciate these are challenging times, for some more than others, but if you’re suffering from a downturn of work, if possible I would encourage you to try your best to retain your top talent. They will be hard, and expensive, to replace in the future.
Alternatively, if you’re in a position to explore the many talented individuals currently on the job market, you could be well placed to attract some fantastic people.
However, what ever you’re experiencing, please remember the competition for talent will be even more competitive in the future. So, whilst you may think its a buyers market, if you want to get the best return on your recruitment and on-boarding investment, make sure the candidate experience is good, and your future talent retention rates will be too.
Whatever you’re business is currently experiencing, we have a variety of ways we can help.
If you’re in a position to take advantage of the available talent, get in touch. Tell us what skills you’re interested in, and find out more about our recruitment services. Alternatively, view a small cross section of profiles, for some of the many talented individuals we’re currently working with.
On the other hand, if you’re facing difficult trading conditions, talk to us. We have a network of professional business consultants that can help you devise and implement strategic change and business performance improvements. Often a sense of distance provides a better perspective…