Are you prepared with your Talent Management strategy for the new financial year?Posted on 6th April 2016
Financial and Recruitment Facts April 2016
A regular monthly survey of employers conducted by the Recruitment and Employment Federation (REC) found:
· more than eight in ten employers plan to hire more permanent staff in the next three months
· 80% of employers say economic conditions are improving
· 82% employ temporary workers in order to ‘access key strategic skills’
· Employers expect a shortage of workers for both temporary and permanent in the technical, distribution and professional and management positions
So with all the above in mind, along with starting a new financial year, is your business ready with a talent management and recruitment strategy for the year ahead? Has your business got a clear and concise plan of what KPI’s they need to achieve over the coming months to ensure they secure the right talent for your organisation?
If you are still approving budgets with various stakeholders for the financial year, it is important to ensure recruitment is included within this budget, so your business can be sure they are securing the very best talent within the market.
The new financial year is a great opportunity for reviewing recruitment strategies and working out how this can be improved upon or adjusted in a new direction, if this is required. Past analytics can be revisited to help target and plan your businesses recruitment activities in line with your key objectives to increase ROI.
What Talent Management measurements should you and your business be considering?
The shortage of talent in the market has been impacting businesses and their growth, particularly in the last 12 months and companies are finding it difficult to source and recruit the right talent to ensure they meet their growth plans.
Here are some of the things you may want to consider as part of your strategy. The Maine Group can assist with a more exhaustive and detailed strategy if required:
· Hiring volume for a period of 12 months
· Any business cycles that could cause a spike in requirements
· Business Critical roles
· Compliant and interesting job descriptions
· Key success factors and key performance indicators for all roles
· Review performance and succession plans
· Employer branding and value proposition – why should talent join your company
· Identify any gaps in talent
To ensure success, companies should make sure that their recruiting model is aligned to the business model to help deliver on business results. As Specialist Consultants to the Recruitment industry, our team at The Maine Group has a wealth of experience and would be delighted to assist with any queries you may have on your talent management strategy.