A solid talent pipeline is not just the key to faster hiring; it’s also necessary if you want to hire the talent your organization will need in the future. Unfortunately, 87% of companies struggle to build a talent pipeline. So, what can you do to fix it?
Most companies are failing to build a successful pipeline today because they are building their talent pipelines backwards. Let’s take a look at some research that explains why this is happening, and assess how Recruitment Marketing can help.
Talent in today’s market can be split up into four quadrants:
While over time the definitions of active and passive candidates have largely remained the same, in the wake of the 2008 financial crisis the definitions of skilled and unskilled have changed. Companies today want new hires who can hit the ground running and deliver what they need now. As a result, “skilled workers” are defined as those who fit the skills requirements of a given role without any need for internal training or further certifications.
But the new definition of “skilled” is too narrow. Today, recruiters are focusing on open jobs, or ‘reqs’, as they come in. These reqs are focused on what the company needs today rather than what it will need in the future. This is because hiring is still being driven by the limits of the budget. In today’s c-suite, managing the budget has overwhelmingly become a quarterly priority, shortening the corporate outlook and limiting the amount of risk that management will take on for new ideas, concepts, or directions for the business.
The lack of risk-taking means that the post-2008 crisis c-suite won’t spend money to develop new concepts. While an average of 63% of companies are prioritizing building a more innovative work environment, 75% of them are failing to prioritize the development of new products or services that otherwise create new markets. The corporate instinct has been to blame this on the workforce, but it actually has more to do with how far the c-suite has pushed the responsibility for new initiatives down in the corporate hierarchy. Without the buy-in of the c-suite, managers are only going as far as taking a chance on incremental new developments that differentiate existing products or services without really creating anything new.
The c-suite’s focus on incremental differentiation is putting pressure on talent acquisition leaders to search for candidates with deeper skill sets in hyper-focused areas of today’s product development, not for what will enable the company to compete over the next 5-10 years. The demand for these micro-skill sets is changing faster than the rate at which formal training is changing, creating a perpetual disconnect between skills needed and what exists in the labor market.
Aberdeen looked at job titles over the past 10 years and found that transferability between organizations has reached an all-time low – as an example, a data analyst at one company today requires vastly different skills than a data analyst at another company. Ten years ago, the skill sets needed Go to the full article.
Source:: Business 2 Community