Bhumi recently sat down with Bonnie Stevens, a Client Services Director with Korn Ferry to discuss the changing world of talent management and how companies are responding. They had a great, in-depth discussion, which you can read below.
If you would like to watch Bonnie and Bhumi’s talk, there is a full video at the bottom of this page.
Changes in the Talent Landscape for Businesses
Bonnie has been working in the RPO world for 15 years and during this time has seen the talent landscape shift completely. It is a shift which has proven challenging for companies as they try to adapt to the changing needs of the marketplace.
In what Korn Ferry refer to as a ‘talent crunch,’ we are experiencing a shortage of talent specific to the needs of the business. She explained how, ten years ago, Social Media Managers and Data Scientists did not exist. These are roles that have been created out of the tech revolution we are currently in.
Business attitudes to changing talent management
Korn Ferry believes this shortage will only become more prevalent. She predicts that there will be more than 85 million worker shortages by the year 2030.
In order to acquire the best talent, companies are having to ‘hunt faster, quicker and pay more.’ A never-ending cycle when recruiting, if the route cause is not addressed.
As a result of this, people are beginning to discuss the idea of ‘hiring for potential, rather than skill.’ This included investing in graduates and assessing their ability to be trained into the role. Bonnie believes this route may pay dividends but does require a larger initial outlay from the companies as these employees may not be as effective from day one.
By doing this, companies are tackling the skills shortages head-on and not hoping the problem will go away.
The business risk from outdated talent management
Companies are beginning to recognise that not addressing the issue is more of a problem than addressing it. Bonnie says there definitely is an appetite for change, but practical delivery can be harder.
One change that has been noted is how HR Managers/Recruiters now view CVs, accepting that it is now the norm for employees to move roles every 18 months or so at the end of a project lifecycle. This ties in with the huge societal shift we have seen where people require a better work/life balance. It means that companies have had to change their mindsets and become more agile when it comes to their talent.
Employees don’t want to feel like ‘just a number’, they want to feel like they can really make a difference. If companies do not address this then they are at risk of sliding down the scale of desirable places to work and can be overtaken by their competitors.
This issue is exacerbated by the growth of entrepreneurial companies. In a time where demand for talent outstrips supply, it is essential that companies address these issues, so they are not left behind.
If you would like to get in touch with Bonnie Stevens, please contact her via her Linkedin: www.linkedin.com/in/bonniestevens
You can watch the full discussion between Bhumika and Bonnie in this video.