In one of our previous blogs, we shared the importance of adopting a more strategic approach to talent acquisition. Touching on how incorporating data can inform the big decisions that guide your strategic direction, as well as the part employer branding plays in your recruitment strategy.
As a business leader or Head of Talent Acquisition, you already know that human capital is pivotal for your future growth, but we often hear that businesses are being held back by the current skills shortage.
So, what else should you be thinking about strategically to uncover breakthroughs?
Ignore spiralling wage inflation at your peril
LinkedIn’s recent survey, The Future of Recruiting 2023, identified that compensation was the top priority for candidates right now.
We’re in the perfect storm where inflationary pressures are impacting real wages against the backdrop of a highly competitive jobs market. It’s vital that firms are agile and remain competitive when it comes to salary benchmarking in the current climate.
At a time when pay transparency is increasing, there is a potential flight risk of great candidates being swayed by a better offer. Strategically, we would argue that it’s a false economy to ignore this.
It’s important to have a finger on the pulse. You should have accurate data around remuneration packages; there’s nothing worse than finding your ideal candidate and then losing them at the final hurdle!
As we know, money pays the bills, but it doesn’t give you everything.
Candidates deserve a fair wage, but they also deserve a range of other benefits, such as flexible working, better work-life balance and professional development.
As part of your employer brand, you should be establishing your EVP and building an employer brand strategy to support this.
Talent strategy and organisational design
Another key element of the recruitment strategy jigsaw revolves around organisational design.
By taking a step back and adopt a more strategic approach, you remove yourself from firefighting and instead align your hiring activities with your wider business goals.
The cornerstone of an effective organisational design structure is being clear about what you want to achieve. Audit your talent needs to get clarity on what roles are pivotal to future success. From there you can develop a detailed plan that’s linked to your operations and systems.
Aim to create a framework that encompasses what is effectively a talent cycle. Start with identifying and attracting ideal candidates that are a good fit and considers your internal capability around developing new hires as well as retention once they’re embedded into the business.
And if all of this sounds a bit daunting, then don’t worry as we can help you to put it all together.
Curious about how an outsourced recruitment model might work for your business?