The world economy is on course for a strong 2014, with growth levels expected to rise by 3.3% by the end of the year. But with the increase in business and consumer confidence comes an intensification of the talent market across all industry sectors, with some proving to be more successful in attracting top talent than others.
Indeed, the talent market is more competitive now than it has been at any point over the last 7 years and business owners are acutely aware that the plans and strategies they put in place now can only be effectively realised if they have the right people in place to execute them.
This is particularly the case in certain sectors, such as Oil and Gas, Construction and Engineering, Finance, and IT – all of which are increasing their efforts to attract talent in a bid to become more competitive in the ongoing talent war. So what can each of these sectors learn from each other when it comes to talent attraction?
Here are 4 best practice lessons from the sectors leading the way in talent acquisition.
1. Look outside the box:
When it comes down to it, is there really much difference between the one industry and another when it comes to talent? There is a danger that recruiters who continue to restrict their search for candidates within the confines of their clients' own industry, risk losing out on the wealth of talent which is available elsewhere.
Whilst there may be nuances specific to each, contractors across all industry sectors face the same problems and challenges. There is a veritable goldmine of talent out there who may not have experience within a specific sector but the skills and expertise they do have can easily be transferable. As such, many of the sectors mentioned above are now shifting their attention and looking to attract and retain workers from outside their own industry.
2. Look further afield:
A recent survey which looked at the worldwide mobility of talent across a multitude of industry sectors, found that over 1 in 3 (36%) of those companies who link global mobility with talent management state they have a good talent pipeline of potential assignees to fill various roles, compared to just 15% without such links.
Take HSBC as an example. The bank acknowledges that it pays its most senior staff in China, Brazil and India double the amount it pays those performing the same role in the UK. This, they argue, enables them to attract and retain the right talent it needs in business-critical markets.
3. Recruit great talent continually:
Many recruiters are continually building their talent pools of contractors willing to take on both short and longer term assignments, often at short notice. This has the added benefit of building expertise and eradicates the problem caused when some workers coming to the end of their contracts/notice period are known to be leaving soon and effectively become lame ducks.
4. Nurture what talent you already have:
Over-reliance on external talent can be a risky business and sometimes the 'fantastic opportunity' you're offering will not be enough to get your ideal applicant. The sectors we have mentioned are particularly skilled in developing their local talent-base á la Goldman Sachs.
To develop their local executives, Goldman Sachs encouraged leaders to interact with their colleagues worldwide and share best practice. This has not only been found to reduce the need to bring in costly external resources on short-term assignments, it also helped nurture and develop the local talent which had a longer term benefit.
By the end of 2015, the REC predicts that the UK recruitment sector will be worth £29 billion. With little respite in the ever-increasing war for talent, recruiters need to use every weapon in their arsenal to stay ahead of the game and ahead of their competition. Driving sales is one thing, but looking after the back office function which powers these sales is another – get this aspect of your overall business strategy wrong and you may find your agency could struggle to get out of the starting blocks.
That's why it is important to partner with the right Umbrella company; the one which is right for your business. They help you to keep abreast of any changes to the law that you need to be aware of, and will make sure that as your business needs change, you will be advised on the product or service that is right for you at any given date or time.