Introduction “And better talent is what will separate the winning companies from the rest.” McKinsey “The War of Talent”
Our survey reflects this sentiment…. 50% professionals feel increasing competition in talent acquisition is driving recruitment strategies iRisk Comment Enabling functions like IT and IT Security are increasingly becoming important for being competitive. The fact that IT Act (Amendment) 2008 has brought these sectors under ‘intermediaries’ also makes acquiring best talent that much more imperative.
Gone are the days of quantities and qualityrules the day today…. 76.5% respondents felt that not just acquiring the right talent but the ‘BEST’ talent is significant to up the ante iRisk Comment Quality of talent acquired is the most significant metric in assessing the success of the manpower acquisition strategies of organizations in the current economic scenario
Industry or domain expertise is the way togo in acquiring that elusive “BEST”talent…. 55% organizations are engaging talent acquisition solution providers based on their scale of industry or domain experience iRisk Comment Recruitment needs better understanding of the domain and provide value instead of playing a dice game of sending 8 resumes daily to see success in 5 days (dice game of hoping to click both dice at 6 with a probability of 1 in 36)
„BEST‟ talent will go where there are „BEST‟growth opportunities …. 72.7% professionals felt their key reason to shift from their current organizations is growth opportunities offered by available positions iRisk Comment While monetary compensation is still a very important factor for skilled professionals to make moves, that very same talent pool is more keen on ‘real’ growth opportunities having seen few economic downturns & upturns in the last decade alone
Race is long but time is always short in theincreasing competition and economic upturn…. 50% participants felt time to fill available vacancy was next only to quality of talent acquisition in providing an edge iRisk Comment Any vacant position is additional cost – a function of: •administrative overheads for professionals handling it in the interim •cost of opportunities lost for the business and •last but not the least cost of mental stress for individual handling the role internally but not having the required skill sets for that position
Corporate’s are willing to shell that extra$ to acquire talent…. 39.4% companies are increasing their talent acquisition spend by more than 20% in this economic upturn, up 3% then last year iRisk Comment Acquiring niche and specialized talent mandates companies to get those extra budgets from their management. This could mean paying premium to niche talent acquisition partners or paying that ‘little’ premium to good talent
Strategy Periodic or frequent manpower planning came out as the most prevalent strategy topping the chart with 35%
Drivers Factors driving organizations talent acquisition strategy 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Lack of required skills in available candidate pool Changing customer requirements or demands Increasingly competitive environment for employers seeking top talent Changing demographics and requirements of available workforce (cultural and lifestyle differences) Budget cut backs Others Competitive environment is way ahead as the leading factor driving hiring strategies
Techniques Job portals are preferred way to recruit with 44% preference while last year is was referrals with 38%, slipping now to 22%
Reasons Growth and money are the two key reasons for talent drift, exactly top 2 reasons stated last year
Challenges Recruitment metrics for consideration Candidate and/or reporting manager satisfaction 9% Cost per hire 22% Quality of hire 34% Time to fill 24% Source analysis 11% Quality of talent and time to hire are the top of the challenge heap
About iRisk Placement iRisk Placement is a premier recruitment firm specialized in the recruitment of middle and senior professionals in information technology, information security and Data Analytics domain. It is a unit of CPA iRisk Advisors Pvt Ltd with interest in Offline Recruitment, Knowledge Portal and Corporate Training in Risk Management Consulting Skills.