Time to Update the Talent Acquisition Playbook
The game has changed significantly, and it is becoming increasingly obvious that many workforce management practice leaders are calling plays from an outdated and increasingly ineffective playbook. They’re bringing outdated tools and strategies to the task of finding viable talent in a labor market that looks radically different than it has for many decades preceding the onset of the global COVID-19 pandemic. Are you packing a knife for this gunfight? Or are you properly equipped for the talent battle? Let’s find out!
First, make a clear-eyed assessment of the landscape. Accept that severe talent scarcity is today’s reality, limiting many organizations’ ability to run at full capacity. In this environment, the reflex may be to throw more money at the hiring process and attempt to get ahead of the game by upping the compensation you offer for talent critical roles. In normal times, this might have been enough to attract top talent ahead of others looking to hire. While it is still somewhat effective to offer increased compensation as a tool, hiring authorities can no longer rely on this as the only tool. Yes, it makes sense to base compensation packages on actual market rates. However, it is important to recognize that today, you are competing for talent across so many industries also actively seeking talent with similar skills – particularly in high-demand fields like IT, healthcare and others.
One way nextSource is delivering advantage to customers in this hyper-competitive environment is by providing regular rate reviews which help ensure prospective employers are offering competitive compensation packages without overpaying. Using independent, third-party research collected from multiple sources and measured against data from nextSource’s network of suppliers, these reviews look beyond the prevailing rate needed to attract the best category of worker for each job. These reviews also factor in locality and other factors to derive the best places/sources to find the professionals your operation requires.
Beyond just the money, it is increasingly important for workforce management to understand that the payrate, while still an important factor for candidates, is often outweighed by other issues now being considered by professionals when seeking employment. For example, today’s candidates are much more sensitive to the quality of the work environment. The employment brand and workplace reputation has never been more important to building an effective workforce management program. The experts at nextSource help employers build a playbook of contemporary strategies for effectively connecting with talent, engaging and retaining the best.
Reach out to us today to learn more about how nextSource can help you update your playbook and stay competitive in this battle for talent.