market imperatives for resourcing solutions strategic priorities.

Interesting insight from article in The Guardian 22/01/20.  (Phillip Inman)

Figures from ONS indicate better than predicted recovery in UK Job market Sept-Nov 2019:

? Number of people in employment jumped by 208K, nearly double the 110K forecast, People in employment at joint equal high of 32.9M, Unemployment at 45 year low of 3.8%

Contrast this with data indicating a more stagnant economy and a potential future squeeze in the job market from rising wage demands:wages growth has stuck at 3.2% from previous period (down from 3.9% in May to July), Pay rises have dropped to 3.4% from 3.5%

John Philpott market analyst ‘Jobs Economist’. “…concerned by the hidden message in these figures, a jobs surge in a stagnant economy means even weaker labour productivity. Threats to long term sustainable growth”.

The above context emphasises the importance of Strategic Resource planning – “Talent Scarcity combined with weaker labour productivity and demands for wage increases” – this has to be a critical indicator shaping Resourcing Teams conversation and line of effort? 3 key lines of effort must be the priority for Resourcing Teams talent acquisition and retention strategies:

1.    Strategic Workforce Planning – (Underpinned with worker data and insight to inform):

·     Blended workforce planning – all workforce types (Perm, Contingent, Temp, internal mobility (succession maps), SOW, ECM mapped across all business demands – Primary Resource, Secondary Resource and Tertiary Resource pools

·     Assessing productivity and utilisation data for workers to enable flexible dynamic deployment of resource across multiple business verticals. (FMS to enable this for contingent workers and other workforce planning platforms for perm)

·     Mapping of skills gaps against current and future business skill needs and defining succession and talent pool development programmes to grow and nurture own talent

2.    Labour market data and insight - (Use market talent data and expert insight to shape talent strategy for):

·     Attraction and sourcing models that compliment preferences and expectations of your targeted talent

·     Employer Branding positioning for attraction and EVP aligned to candidate/employee expectations improving retention.

·     Competition benchmarking for those organisations fishing in the same talent pool as your organisation driving Kaizen culture for resourcing models

3.    Talent centric engagement culture – (Candidate experience will continue to increase as differentiator for engaging talent)

·     Assess ROI of new tech into your recruitment process against Socio-Tech model principles. Ensure the driver for tech in resourcing solution is to be easy for talent to do business with the organisation

·     Look at your end to end recruitment process from the eyes of your targeted talent – complete full E2E ‘Moments of Truth’ process mapping and Lean 6 sigma principles to identify non-value add steps for the candidate and hiring manager

·     Create true CRM culture in Resourcing Teams – CRM is more than a system, it is an attraction, engagement and nurturing tool for your talent pools. Build and develop talent communities, build candidate pride

Failure to drive these lines of effort perpetuates a tactical narrow daily ‘open vacancies’ culture within resourcing teams. If there is no internal strategic resourcing capability to build these lines of effort, it is essential organisations partner with experts in this field to ensure they are not caught out by predicted labour market trends such as those reported by ONS.