The Talent Economy

By Jane Kennelly, Director, Frog Recruitment

“The war for talent is over, and the talent won.” – Josh Bersin, Principal & Founder, Bersin by Deloitte

The Talent Economy looks at the demand of switched-on and highly skilled workers vs. a finite pool of talent. This year, for the first time in five years, employees are in charge. Companies have reduced costs, restructured, rationalised spending, and have pushed their employees to work harder than ever.

The Open Talent Economy sees that the best way to tap into skills is not by necessarily including them in your workforce, but focussing on project completion and outcomes and acquiring talent on an as needed basis. The best way to achieve this is by tapping into, or creating a community enamoured with your brand or product.

Watching the Open Talent Economy unfold, there are several trends we can see developing. But first and foremost if you only learn one thing about how to react to the Open Talent Economy, it is the need to tap into talent networks.

Salaries

2014 has seen business confidence and hiring intentions increase. We should see unemployment fall, inflation rise and pressure placed on salary levels.

Employee reward and remuneration expectations will be a real issue as workers feel they have shouldered the burden long enough. Yes – the signals will be positive for growth, but the challenge lies in the gap between leaders and employees remuneration desires. We need to consider very carefully how to invest in our people.

2014 statistics show industries that will see increased hiring and salary rises include accounting and finance, construction and engineering and IT.

Attraction & Sourcing

To attract, retain, and develop your people – engagement, development, passion and innovation are key.

Become global.

Software engineering, energy and life sciences, mathematics and analytics, IT, and other technical skills are in short supply. This problem is no longer one of hiring top people or recruiting better than your competition.  Now we need to source and locate operations around the world to find the skills we need.

Expand your sourcing and recruiting to a global level. Locate work where you can best find talent. Build talent networks which attract people around the world.

HR transition into marketing.

2014 will be the year HR leaders make a strong move from recruitment to attraction. This could pose a challenge for some, as it requires different skill-sets and a new approach to recruiting.

A shift will occur from simply filling roles to devoting more resources to set themselves up for long-term success, such as defining messages and communication strategies that generate potential candidates’ interest.

Don’t forget the personal touch.

Yes, we have all embraced technology to help do our jobs better and do more with less, but for most people, this has created a lot of noise. To cut through the noise and allow your organisation to stand out, you need to offer the same personal touch that people love, appreciate and want.

Consider how technology can help facilitate, rather than replace, a personal interaction.

Get Workforce Planning

Recruiters will need to stop focusing on reactively filling vacancies; rather, they will need to turn their focus to forecasting business needs and branding to build future talent pipelines.

2014 will see:

  • Reward and recognition programmes in place
  • New and bespoke leadership development programmes
  • Focus on the high calibre talent pools and their ongoing development

Ask yourself:Are your managers paid to consume talent or produce talent?’ Often best skill sets are generally within your organisations so if you cannot make internal mobility easy, top talent will go elsewhere.

To learn more about how you can increase your organisations workforce planning, ATC are holding a Strategic Workforce Planning Conference in Wellington from 1st April – 2 April 2014. Click here to find out more.

The ICEHOUSE: Building Businesses of International Quality

This year we are delighted to announce our partnership with The ICEHOUSE and the BIQ Barometer to take products and services to the SME market across New Zealand.

The BIQ Barometer has been developed to help grow New Zealand businesses and grow the economy with the NZ owner manager in mind.

The BIQ Barometer will identify business strengths and opportunities for improvement across 6 key areas: Leadership, Offering, Market, Processes, Governance, and Capital.

On a final note

As the world changes, we cannot cling to an old model of recruiting, with developing silos of expertise and gap-filling as our reason for being.

Of importance is the need to understand the shifting sands of the Open Talent Economy, and align your Workforce Strategy to these new realities.

Our job is now about fostering communities of individuals willing, ready, and able to participate in projects at all levels of engagement.

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