W3: Talent Acquisition in a Full Employment Economy Mark Sims Matthew Camilleri Gilbert Galea Senior Manager, Castille Chief Executive Officer, Castille General Manager, Castille
Talent Acquisition in a full employment economy ____________________________________ #HrChallenge #CompetitiveAdvantage
TALENT ACQUISITION FOR COMPETITIVE ADVANTAGE 1. Context – Key market conditions - Matthew Camilleri 2. The increasing importance of Employer Branding - Matthew Camilleri 3. New Age TA methodologies - Matthew Camilleri 4. Managing the selection process in a faster market – Mark Sims 5. Legal practicalities of on-boarding hires - Matthew Brincat 6. Alternative Resourcing models in specialist skills – Gilbert Galea 7. Exchanging notes and QA - Matthew Camilleri
CONTEXT - MARKET CONDITIONS : Matthew Camilleri
Key Market Conditions Global Trending in supply for professionals with specialist skills: • Not a Local phenomenon. • World is experiencing structural shortages in specialist areas but in digital skills in particular. • Speed of Digitalization and Complexity is leaving education systems unable to catch up – likely to be the case for the next 50 years according to many studies. • This is driving significant changes in work trends from remote interviewing, to remote working to partnerships – all in the name of securing best talent. • Skills mismatch index has continued to widen across the world according to the HAYS Index 2018 , creating widening skills premiums. • 80% of CEOs worried about the availability of key skills with 50% struggling to find Digital talent .
Key Market Conditions • Neither is it only a Western Phenomenon - 28% of CEOs globally are extremely concerned about the availability of Digital skills in country, increasing to 49% in SA, 51% in China and 59% in Brazil. • Nearly 300,000 IT jobs are currently vacant in the United States, costing the country about $20 billion in potential economic opportunities. • According to De Spiegel there are 40,000 unfilled software engineering vacancies in Germany. • UK wages rise as companies struggle to fill vacancies, Unemployment rate close to its lowest level since 1975. Hospitality, Finance and IT workers are the most in-demand . • Rising vacancies in European countries becoming a major challenge. Despite mixed picture on wage inflation – candidates in areas of skills which are in high demand are receiving multiple job offers and counter offers driving wage inflation.
Key Market Conditions Mitigating factors: • Significant increase in female worker participation . • Skilled migration – there are more global migrants today than ever before – 3.3% in 2017 and interestingly these migrants are increasingly well educated. Problem is these high skilled migrants tend to be concentrated in a small number of countries such as the UK, US, Canada and Australia mainly attracted to clusters such as Silicon Valley and the City of London . • New Working trends driven by such shortages and the widespread availability of mobile bandwidth and social networking sites. • Growing army of Gig workers – growing from 10% to 15% of the US economy and in the EU such roles having grown 400% more than permanent ones in the last 5 years.
Key Market Conditions Drivers for the shortages: • Working Age Population across all countries forecast to decline by millions as the global workforce ages. This trend will accelerate as Baby boomers begin retiring from 2020 and due to low birth rates will not be replaced in market. In Russia the UN forecasts there will be a million fewer people in the labour market in 2017 compared to 2016. Smaller falls estimated in Poland, Germany and Italy. • Inability of education sectors to respond resulting in a growing skills mismatch across most markets. Driven by the speed at which the world is going digital and complexity. • Limitations on worker mobility . • Cries that technology is making jobs redundant is overdone , whilst AI will replace some jobs, others (higher skilled) will be created as a result of these new technologies whilst tech also increases productivity which in turn generates more jobs.
EMPLOYER BRANDING – TRENDING Matthew Camilleri
Employer Branding Findings show that the strength of the employer’s brand is the most important factor for attracting talent (75%), closely followed by a competitive salary (62%), and learning and development opportunities and job security (both 61%).
Employer Branding What distinguishes your company culture and employment from your competitors? 1 • Targeting the right talent • Standing out from the crowd • Delivering on your promises • Confronting the facts The company’s own website and social media accounts need to carefully reflect which values stand at the brand’s heart. Employer branding portals that specifically tailor to niche segments, for example Tech & Finance candidates, might prove to be the differentiating factor between two similar organizations. 2 While most employees will, in good faith, do their best to promote a good service, this goes beyond and requires of them soft skills related to problem solving, communication and follow-up techniques.
Trending: Employer Branding Top 10 marketing priorities by employers 3 Key Observation: employer branding places 5th with 35.8%. •
Trending: Employer Branding Are employers choosing the right channels to target candidates? 3 Key Observations: 1/3 of employers would advertise a job whereas only 14% of • candidates would check ads. Very few candidates use social media to search for opportunities, • explaining low CR. Top tools – Linkedin and networking with colleagues. • 63% checking employer career sections directly. •
Trending: Candidate behaviours Generational differences among candidates media trends. 3 Key Points: Baby boomers more likely to turn to their network, Gen-X • industry publications and Millenials purely digital medias.
Trending: Employer Branding Key considerations on opportunities: 3 Key observation – widest gap in employer/candidate consideration: Office location/commute distance • Ability for remote work/telecommuting • Benefits • One to add – Development and in the case of Digital workers – • new technologies.
Trending: Employer Branding What do candidates care most about – generational differences? 3 Millennials were more likely to focus on building a personal brand in their industry.
Trending: Employer Branding • 91% of candidates seek out at least one online or offline resource to evaluate an employer’s brand before applying for a job. • Millennials not only have the ability to find out what the entire interview and hiring process is like for a position they are after, but they can find salary ranges for their location. • Millennial job seekers are twice as likely than Baby Boomers and 50% more likely than Gen-Xers to perform research beyond a prospective employer’s website. • Companies should strive to establish a clear, consistent, and honest view of their actual company culture. Videos tend to be the best representation of how a company operates, especially when those videos are testimonials from their employees.
Trending: Employer Branding • 77% of Millennials say that flexible work hours would make the workplace more productive for people their age. • As the Millennial generation becomes the majority, we can expect flex time and telecommuting to become a common workplace practice rather than a special privilege. • By around 2030, the Millennial majority will likely have done away with the 9-to-5 workday entirely.
NEW AGE TA Matthew Camilleri “Fundamental shift required from a reactive recruitment process which is totally ill suited to current market conditions to one which is pro-active and focused on engaging employer brand and talent pipelining. This necessitates overhaul of strategic focus, planning and execution when it comes to resourcing”. Castille brand team, 2018.
Castille Guidance on best practise Reactive Recruitment: 4 Successful sports recruitment: 4 Employee gives notice/is • Coaches know what positions they • terminated/is promoted may need more depth in, or may be rotating off. Company posts open position on • CRM VS They keep an eye out for up and • coming talent by sending scouts to Company conducts interviews for • schools and attending combines. undetermined number of weeks until proper candidate is found Teams and/or schools (depending • on the organization) are always Candidate then must give notice to • finding ways to get their names now, former employer out there, through commercials, social media, and charitable Candidate starts at Company • giving.
Castille Guidance on best practise Developing specific networks of candidates: Build your network based on accuracy, honesty, data and engagement. • The network challenge – maintenance. Communication and Data. • Ongoing engagement is key in order to retain a warm line of candidates. • Talking same language and being able to relate to candidates from a career perspective • is crucial at a time when candidates have less time for engagement. Ongoing engagement with candidate communities is very effective. • Using employees as brand ambassadors within these communities is recommended. •
MANAGING THE SELECTION PROCESS IN A FASTER MARKET Mark Sims
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