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The War for Talent – Again
It is that time again, every few years the upturn in the economy launches the war for talent; as first written about in the ground breaking McKinsey study in 1997 -

The power has once again shifted from Employers to Candidates. Recruitment experts are forecasting a war for talent as UK vacancies are rapidly rising and the unemployment figure is decreasing.

The employer’s benefits have declined over the years in regards to private healthcare, bonus’s and entertainment in addition to no real salary increases – the organisations that respond to this imbalance quickly will be the organisations that will effectively win in the war for talent. Richard Branson has already started having launched an unlimited holiday leave package

What can your business do to ride out the storm?

  1. Roll out your staff retention strategy and set aside budget in 2015 for salary increases – don’t wait for a resignation and deliver a counter offer, it’s too little too late
  2. Consult your top talent and ensure they are genuinely happy – According to a recent CareerBuilder survey more than a quarter of the UK’s workforce are planning a new move in 2015 in regards to promotion and potentially industry
  3. Identify top talent in competitors or better still work in partnership with specialist recruiters like Midas Selection who are experts in doing this for you (Sorry readers, I had to get this in)
  4. Do not expect the talent to come to you as your competitors will be doing the above and will get there first. You will need to market and potentially reposition your business as an attractive place to work thus appealing to passive talent
  5. Act quick! Time is of the essence when recruiting in a candidate driven market place. As soon as someone has decided to “put the feelers out” as we often say, they have committed to leaving their current business in their mind. You need to move quickly with the recruitment process.  Always aim to have absolutely no more than 1 week between 1st and 2nd stage interviews. I have made placements recently with senior sales professionals in less than 7 days from phone call, through 2 interviews and to offer.
  6. Plan – Get the sign off and budget approval, do not start the recruitment process just before you are due on annual leave or when your boss will be out of the country for the 2nd interview processes. The process needs to be seamless and efficient.
  7. Be prepared to make a decision after only meeting a handful of candidates. The luxury of comparison days are over, you need to assess the skills of each individual against the job spec, not against each other.
  8. Hire the best person for the role as opposed to someone with industry knowledge. Yes it does mean initially more training but often it can inject a fresh way of thinking into the team. Someone from outside the industry can usually spot market gaps that industry professionals on autopilot would probably overlook.

Facts & Figures sourced from Sonovate