Over the holidays I read a great article from YPO, it was a global survey where over 36,000 Chief Executives, operating across 101 countries and 44 industry sectors shared the challenges they are facing, their actions moving forward and their thoughts on pertinent business trends and issues.
The key findings were a mixed bag of the good, bad and ugly
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Over one third have increased revenue since the beginning of 2021.
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Inflation is a key concern for over 70% of respondents.
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Supply chain issues continue to hamper success with the feeling that no end is in sight
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Remote and flexible working is on the increase however most business leaders felt that their teams were less productive remotely (99%)
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Mental health of employees is a key concern for most business leaders with 35% investing in supporting mental health within their organisations
It’s clear that there is a unified view on the global stage of the key issues facing businesses like yours.
While all of the above resonated with me, I was particularly interested in the feedback on the labour market and recruitment as it encapsulated how I see the dynamics of the employment market today.
67% of respondents say it is difficult to recruit, especially at C-suite level and 38% have hiring needs right now.
The pendulum has swung completely towards a candidate drive market, from one extreme to the other in the blink of an eye. You may think this is music to my ears, as a Recruiter, however quite the contrary. It presents different challenges to the market that prevailed throughout Covid, one that was rich in available talent and poor in opportunities.
I have been busy advising my clients about how they can maximise their recruitment efforts in this type of market where they are now the candidate and not the client.
Here are some ideas :
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Flexibility and adaptability are critical.
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Throw out old thinking about recruiting talent, embrace new methods of attracting and recruiting.
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Think outside the box about the type of employee you would normally hire - you may have to move away from your traditional comfort zone and take some risks.
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Be prepared to pay market level increases.
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Move quickly, if you identify a potential candidate move quickly of course complete your due diligence but do it at speed.
If you would like advice or support with your talent attraction and retention, Engage can deliver a slick, cost-effective recruitment process that delivers the best talent for your business.