The Shrinking Talent Pool

Fantastic senior talent is in increasingly short supply, making it more challenging than ever for businesses to attract the best and brightest candidates. Whilst talent pools continue to shrink, it is important for organisations to consider the impact this has on all aspects of the talent management lifecycle and develop strategies to counter this growing issue. Here are our top tips.

Ensure HR is represented at board level

A shortage of skilled senior candidates means that talent acquisition and retention are more business-critical than ever before. A good way to ensure that the issue is being considered strategically as well as operationally is to ensure that your HR Director is a full Board member. A good HR Director will have a grounding in operations and will be able to translate the ‘people needs’ of the organisation into a credible business language that will influence peers in the boardroom. 

Build your employer brand

Employer branding also becomes critical whilst talent is in short supply. This isn’t just a question of having a great website and an effective careers page, it needs to be reflected right through the business. Companies need to be recognised as great places to work, places that consider all of the needs of their staff and provide the right conditions to ensure a ‘win win’ for employers and employees alike.

Offer benefits that go beyond an attractive pay packet

A one-size-fits-all list of benefits is no longer enough. Companies need to demonstrate that they truly value their employees and offer flexibility to meet individual life needs. There are many business-savvy ways to accommodate this individualism without the need for large financial investment, from flexible working arrangements, to creating an open and respectful working environment where employees are free to contribute their opinions and raise their concerns.

Invest in relationships with key external recruitment agencies

It is also important to reflect this strategic talent acquisition in your approach to interacting with external executive search firms. Find a committed and focused agency and form a strategic relationship with them. Share your future talent requirements with them to allow them time to build talent pools and identify potential candidates in advance. Investing in a few key relationships with agencies that understand your company’s values, roles and specific needs will also help to ensure that you are hiring candidates who are a good cultural fit for your organisation, saving both time and money.

Look after your existing talent

The work doesn’t end once you have hired talent. Look after your people from the very start, by providing a best-in-class induction and on-boarding process. Once they are embedded in the company, focus on leadership development and succession planning to ensure your company is prepared for the departure of senior members of staff.

Recognise the value of every generation

Another factor contributing to the shrinking supply of senior candidates is the growing talent pool of older workers who are often overlooked due to traditional thinking. However, stereotypes of the past are beginning to be debunked as employers increasingly recognise that older executives continue to offer value well beyond traditional retirement age. Many of these may also value part-time or flexible working arrangements. In return, organisations benefit from a diverse range of opinions and approaches that can set them apart from their competitors.

If you are interested in finding out more, or would like to discuss a position you are currently recruiting for, get in touch with a member of our team today and see how we can help, we’d love to hear from you

The Shrinking Pool of Senior Talent – Blog