Competition for talent has never been greater than it is today. And this is true across all industries that need to source contingent workforce talent. And since a rising tide lifts all boats, the severity of the competition has grown in proportion to the skill sets where competition has always been high. This means industries and skill sets that haven’t been super competitive historically are getting a taste of what it has been like for those that have long been in high demand. And for those skills and industries that have long been super competitive, today’s playing field is extremely competitive. In short, everyone needs a new equation for finding the talent they need.
To illustrate, let’s examine some of the most historically tight/competitive talent markets before we reveal the new equation for overcoming today’s difficult sourcing environment.
Financial Services | The digital transformation of the financial services industry has exploded the demand among employers to source, acquire and retain the right kind of talent. For FinServ this means talent equipped to work in these new, tech-forward fields while also demonstrating the important skills critical to serving customers. As a result, financial institutions find themselves seeking the most “in demand” resources during a period of incredibly intense talent scarcity.
Higher Education | The practice of tapping the international marketplace is growing as academic professionals increasingly seek positions outside their own countries. Lured by higher salaries, better working conditions and the desire to join more prestigious universities and enabled by the worldwide embrace of remote workplace tech, talent in the higher education segment is finding multiple new avenues for potential employment, opening competition for their labor to a broader global audience again during this period of intense talent scarcity. Since virtual learning requires technical talent, there is also increased competition from the corporate sector on top of that posed by other academic institutions.
So, what’s the new equation organizations can use to overcome these challenges? To get ahead of the game, FinServ and Higher Ed organizations must use compensation as a tool, but not the only tool. While they must base compensation packages on actual market rates, they must also recognize they are competing for talent across industries that need similar skills. This is why nextSource applies the following equation and backs it up with the expertise needed to make it work.
DATA + RATE ANALYSIS + REVIEWS = COMPETITEVE RATES
nextSource analyses independent, third-party research drawn from multiple objective sources and combines it with data gathered from our expansive network of suppliers. Along with competitive analysis and regular rate reviews, nextSource clients in FinServ and Higher Ed know they are offering competitive compensation packages. We go beyond “how much” to recommend the best category of worker for each job, and the best places to find those professionals.
Wages, while still important, are often outweighed in professional priorities by other issues, starting with the work environment. This new equation is all about connecting with talent – engaging and retaining the best.