Talent Acquisition & Retention: Timeless Challenges, Smart Solutions.

“We face challenges with recruitment, what can we do differently?”

I have often had this conversation with clients as a external recruiter or in-house TA Head and have done so for over 20 years… the same types of issues arise.

But there are, in most cases, simple solutions.

1. Persistent Talent Shortage: The talent shortage isn't waning, with employers consistently highlighting the difficulty in finding qualified candidates.

A: Or perhaps, looking at cross training existing team members? Seeking people with the right traits for a role or transferable skills. People returning to work or those that have been retrenched from departments that were reduced in size or automated.

2. Skills Gap: Companies struggle to find qualified talent, yet 38.5% of jobseekers say employers set unrealistic standards.

A: Unrealistic, often translates to a desire for highly qualified talent and a budget below market rate/ salary / package on offer. Therefore, junior candidates are overwhelmed, (if offered) and senior candidates don’t apply or reject offers.

3. The Great Resignation Continues: Over 57% of candidates, employed or otherwise, are actively/passively job hunting, suggesting the trend isn't abating.

A: Lack of training, development, internal opportunities to really try something different. Work overload, burnout, calls 24/7 or expectations to respond to emails round the clock. Low pay rises that aren’t in line with inflation. Insecurity in their roles, companies making job cuts to save cost. Means that people are less loyal than they used to be.

4. Economic Impact on Hiring: As economic uncertainty looms, transparency in job ads (like mentioning salary ranges) could be key in attracting talent.

A: Employers need to avoid putting Senior sounding titles with regional or global remit, then add, 3 years’ experience required. Transparency around salary would help people decide if it is worthwhile putting their hat in the ring. Showcasing the right things depending on the location / target culture is critical. What works in the West does not work in the East.

5. Job Boards are Crucial: 60% of employers are leaning more on job boards for recruitment. Similarly, 66.3% of jobseekers would first head to a job board in urgent job searches.

A: Easy to do, but recruiters can also help candidates navigate the market and provide insight. Some job adds, are poorly written, discriminative or use internal jargon that makes no sense to external applicants. Therefore, impacting on the number or quality of candidates applying.

6. Ghosting Fears: Clear communication is essential. Both parties’ express concerns over unresponsiveness and ghosting.

A: Yes, this happens on both sides and is not ideal for anyone. However, an organization should not be ghosting candidates that have invested time in the interview process. It reflects very poorly on them and can impact their image externally and reputation. In small markets, candidates may share negative experiences, making it then harder to attract talent.

7. Remote Work Remains Popular: Candidates still desire remote roles, but they're becoming harder to find, challenging employers' hiring strategies.

A: This really, in my view, depends on what you do for a living. In some cases, you really don’t need to be onsite, in other cases you have to be. Sensible approaches by businesses and looking at role types should be straight forward enough to do.

8. Quick Application Processes: Speedy application processes are in demand. Almost 20% of jobseekers find long application processes daunting.

A: Yes, yes, yes. This is a key reason you lose talent at any time. Anyone that is in demand will be gone quickly or loose interest. If you don’t feel wanted, you won’t join a business. It also potentially means that candidates may not reapply or be interested in the future either.

9. Diverse Reasons for Job Searches: From searching for supplementary roles to returning after caregiving, candidates' reasons to seek jobs are multifaceted. Tailored strategies are crucial.

A: You should be seeking talent from as many pools as possible. Fishing for talent locally only, in the exact same space, with irrelevant language requirements is not always the best approach. Think about what is nice to have vs what you really need.

10. Retirees Re-joining Workforce: With a noticeable uptick in "unretirement", the challenge is finding the right fit for this demographic.

A: Great to leverage off experience. Something all businesses should consider. But expect to pay for it. As you should.

· The points above often made by companies are not new. Nor are the solutions.

· The real question is when you are looking for talent, how do you go about it?

· Are you realistic?

· Flexible?

· Thinking long term or short term?

· Is your Talent acquisition team dialled in to the requirements, are your external recruitment partners? Have you all sat around the table and shared information and advice?

· Are you listening?

If you would like to discuss your hiring strategies or requirements feel free to get in touch.

https://www.cgrahamconsulting.com/

CFO hiring trends in the APAC region post-COVID:

Being a flexible and adaptable CFO, these days is integral to business needs. The virtual world and remote working has enabled many great things, but also adds complexity. It’s difficult to stay up to date on things when performing a full-time role and managing teams globally or remotely.

Some key skills that are sought after by employers is something that you will need to keep in mind. How your role is evolving, what direction businesses may wish to take and how you can add value is rapidly changing.

Following industry news and subscribing to key news groups helps to stay on point. It is ongoing and should be part of your daily / weekly planning.

Here are some additional areas that you may wish to strengthen and develop your knowledge on in order to be able to be better positioned to secure good opportunities further down the road.

· Increased Focus on Financial Resilience: Many companies in APAC have recognized the importance of financial resilience in the face of unexpected crises. This led to a heightened emphasis on hiring CFOs with a strong background in risk management, financial planning, and cost control.

· Digital Transformation: The pandemic accelerated digital transformation efforts across industries. CFOs were increasingly expected to have expertise in digital finance, data analytics, and technology adoption to improve financial processes and decision-making.

· Remote Work and Collaboration With the widespread adoption of remote work, CFOs needed to manage remote finance teams efficiently and ensure secure financial operations. This often involved investing in cloud-based financial systems and collaboration tools.

· Supply Chain and Risk Management: Companies in APAC, given their reliance on global supply chains, became more conscious of supply chain risks. CFOs were tasked with developing strategies to mitigate these risks and ensure business continuity.

· Sustainability and ESG Reporting: Environmental, Social, and Governance (ESG) considerations gained prominence. CFOs were involved in sustainability reporting, and some companies looked for CFOs with ESG expertise to integrate sustainability goals into financial strategies.

· Increased Regulatory Scrutiny: In response to the economic impact of COVID-19, governments and regulatory bodies introduced new financial reporting requirements and stimulus packages. CFOs needed to stay updated on these changes and ensure compliance.

· Mergers and Acquisitions (M&A): Some companies took advantage of market conditions to pursue M&A opportunities. CFOs played a crucial role in financial due diligence, integration planning, and post-merger financial management.

· Talent Development: CFOs were also tasked with developing the skills and capabilities of their finance teams, especially in areas like data analysis, automation, and financial modelling.

· Remote CFO Roles: Remote or virtual CFO roles became more common, especially for start-ups and small to medium-sized enterprises (SMEs) looking to access experienced financial leadership without the need for a full-time, in-house CFO.

Stay updated with industry reports and networks for the latest trends! 📊💼 #CFO #FinanceTrends #APACBusiness"

Counteroffers

New research from the CIPD suggests that employers are turning to counteroffers to retain key staff as skills shortages persist.

According to the latest CIPD Labour Market Outlook report, 40% of UK employers have made a counteroffer in the past 12 months. Of those that had made a counteroffer, 38% matched the salary of the new job offer, and 40% offered even higher sums. Counteroffers are most prevalent in London (58% of London-based employers in the last 12 months) making it the ‘counteroffer capital’ of the UK.

The CIPD is urging employers to have a clear process for considering counteroffers, as part of a fair and transparent reward and recognition strategy that looks beyond pay. These strategies should consider the broader employer offering, for example flexible working and other benefits.

Key findings from the survey of 2,000 UK employers include:

• Of those employers that are using counteroffers as part of their retention strategy, more than half (51%) have increased the level of counteroffers they have given over the last 12 months.

• A quarter (25%) of employers who have used counteroffers previously anticipate the need to offer even more in the next 12 months, with only 8% anticipate offering fewer.

• Nearly half (45%) of employers believe counteroffers are effective in retaining employees for 12 months or more, compared to three in ten (29%) of employers who believe it is ineffective.

• Just one in five (22%) employers that make counteroffers have a formal policy regarding them.

"While pay is often the most typical focus of a counteroffer, there are other things employers should consider in making roles more attractive, such as flexible working, additional paid holiday, opportunities for career development, or better pension contributions."

Jon Boys, Senior Labour Market Economist, CIPD

Other findings on pay, vacancies and hiring:

• Public sector pay expectations have risen from 3.3% to 4% this quarter - the highest reported since the CIPD’s time series began in 2012.

• A key driver for pay increases for many employers was the increase to the National Minimum Wage and National Living Wage - one in five (18%) employers believe it has impacted their wage bill to a large extent.

• 44% of employers have hard-to-fill vacancies, rising to half (50%) of public sector employers.

• In the last six months, 44% of employers have raised wages and 35% have increased the duties of existing staff.

• Almost three-quarters (73%) of employer’s plan to recruit in the next three months, with recruitment intentions remaining highest in the public sector (83%), followed by the voluntary sector (76%) and the private sector (70%).

• Overall, 19% of employers are planning to make redundancies in the three months to September 2023.

· What is your experience with counter offers in your team? Would you agree that this is an effective strategy or a short-term solution?

· Beyond salary should you consider why you or your staff wanted to leave in the first place?

· What are the risks? If you have given notice that you want to leave how may that impact your future internal opportunities?