Daya Prakash is the founder of TalentOnLease, an organisation that provides “IT Talent On Demand.” He has more than two decades of experience in enterprise and digital technology. At TalentOnLease, Daya provides strategic guidance and leads the team to achieve rapid expansion and profitability. In his position as LG India’s CIO (Chief Information Officer) from 2001 to 2013, he was able to evolve from a mere IT leader to a business leader with in-depth knowledge on various aspects of business management and the ability to leverage the power of IT at both strategic and tactical levels.
The crucial and fundamental component of setting hiring priorities is the clarity of the organization’s business objectives and clearly defined strategic initiatives. The next step is to conduct a thorough evaluation of areas with human capital gaps to achieve these business objectives. Any organization’s roles and responsibilities must be clearly defined and linked to generating revenue, reducing costs, or increasing productivity. Focusing on quality hires can help ensure long-term success because a single hire can make or break the culture and growth of an organization.
According to Korn Ferry’s research on the global talent shortage, 85 million jobs will be unfilled by 2030. Unsolved job shortage problems could result in $8.5 trillion in annual revenue losses.
An unprecedented talent war has emerged as a result of globalization, rising costs, and rapid digital transformation. Businesses want to attract, retain, and acquire talent to compete in the future workplace. With more automation and AI, businesses can no longer rely on traditional hiring methods to retain and attract talent. Today, every company must carefully choose which talent war battles to fight by keeping a priority list.
The following are some pointers for identifying, developing, and researching hiring strategies in scenarios where there is a scarcity of qualified applicants:
Organizations are now employing a more proactive strategy to find and attract the best candidates, even those who aren’t actively looking for work. Even though it may seem impossible to compete with big companies with well-known brands, your employer’s brand can be your secret weapon to attract the best people. According to LinkedIn, 75% of job seekers look into an employer brand before applying for a position, and 86% of employees won’t work for an organization with a poor or nonexistent employer brand. Therefore, building your employer brand can assist you in leveling the playing field in the talent acquisition industry.
Employers must now implement a quick and efficient process that corresponds to the digital expectations of today’s top talent. This is because a good onboarding process sets the tone for a better work experience and shows new employees that their time is valuable. The initial days and weeks of a new employee’s tenure have a significant impact on their long-term retention. Digital tools like Emotion AI-enabled virtual hiring platforms, paperless forms, e-learning, goal-oriented performance management, and AI-powered employee wellness platforms are just a few that can help to simplify this vital HR procedure. Not only by offering competitive benefits but also by utilizing digital tools to streamline HR and administrative processes, an organization can demonstrate to its employees that it values their quality of life. Digital-first implementation is important if you want to attract, keep, and grow a culture of top-tier talent in a workplace that is changing quickly.
Diversity & Inclusion
According to the Diversity & Inclusion Workplace Survey conducted by Glassdoor, nearly 76% of employees consider a diverse workforce to be a vital criterion when considering organizations as well as job offers. According to research, companies with more diverse staff have higher levels of productivity and innovation. These have a direct relationship to growing financial performance and customer gratification. For example, combining software with other strategies for hiring people from different backgrounds, such as blind resume screeners and work assessment methods, or using hiring tools that are made especially for hiring people from different backgrounds.
Global Workforce & Remote Working
According to reports, 45% of employers are concerned about hiring talent with essential job skills, and 72.8% of employers say it’s difficult to find the right candidate. It is crucial to prioritize skills over location to create a better workforce in the future. A geographically dispersed workforce helps hire the best candidates and opens avenues for the company to expand to new regions. A business’s expansion into new regions is facilitated by the addition of diverse cultures, experiences, and employees from all over the globe. People with different backgrounds bring “creativity” as well as professional skills to the table. The blending of different ideologies, opinions, and insights can produce original concepts that can take your company to new heights.
The increasing prevalence of contingent labour is a worldwide phenomenon. According to a survey conducted by Oxford Economics, 83 percent of executives reported an increase in contingent labour utilisation to meet business objectives.
Contingent workers are an essential and growing part of the workforce in today’s economy. There is a significant demand for all types of contingent labour, including freelancers, consultants, and contract workers. Contingent labour is often the quickest and most efficient way for businesses to increase their current workforce, meet the demand for talent, staff significant strategic initiatives, add new skills and expertise, and spur growth.
A larger percentage of the workforce prefers to work as contingent workers because it’s more flexible.
Businesses often find contractors or freelancers more cost-effective than full-time employees. Contingent workers are often skilled professionals. Employing specialists is the best way to bridge a company’s skills gap. A company can rely on contingent workers to fill a sudden work influx. Freelancers and contractors have flexible schedules and can be contacted at the last minute. Using contingent workers also enables businesses to take more risks.
Organizations are now prioritising work-life balance, mental health, and future development and learning as they adopt a more human-centered approach to operations. A candidate’s values and needs must be taken into consideration if you want to build a highly effective workforce. Employees are more committed and productive and stay with a company longer when their values align with the company’s core values. Consider adding an assessment to your interviews and giving culture-related questions top priority if you want to achieve stronger alignment. People who share your company’s values and thrive in the culture you foster are more invested in the success of your business as a whole.