Sourcing talent in challenging times

In today's world, the political situation is becoming increasingly uncertain, making it difficult to predict the future of the labor market. However, despite the volatility of the global economy, there is still hope for those with the right talents. Those with the skills and creativity necessary to survive tough times are the ones who will be best equipped to not only survive, but thrive in the future. With determination and perseverance, anyone can develop the necessary skills to succeed in a challenging environment.

Recent years have demonstrated the necessity for companies and organizations to be able to respond rapidly to evolving realities, such as geopolitical instability, supply chain disruptions, energy crisis, rising inflation, and the specter of recession. According to a study by Kestria, the world’s largest executive search alliance, it is predicted that the global labor market in 2023 will be characterized by a similar environment. Thus, organizations must be prepared to respond quickly to the changing conditions.

Managers are urgently needed

Due to political and economic changes, the sense of security for both lower and higher level employees has decreased. Respondents reported that C-level employees are more likely to stay in their current jobs and less likely to participate in recruitment processes, thereby creating a shortage of qualified managers on the market. Experts predict that the managerial recruitment sector will face several new challenges, including competition for qualified and experienced leaders, a financial gap between candidates' expectations and employers' capabilities, and increased selectivity from both sides. Moreover, the mismatch between corporate requirements and the expectations of "Z" generation managers (e.g. more flexible working arrangements) is becoming a growing problem.

In Poland, global recruitment trends are evident, with companies prioritizing the pursuit of development and experienced managers who can foster digital transformation and sustainable development. The outdated mindset of achieving profit by reducing staff and mistreating employees is no longer viable. Instead, employers recognize their employees as their greatest asset, and are now seeking leaders with a similar mindset.

The findings of companies within Kestria's network reveal that the hotel industry, which was heavily impacted by the Covid-19 pandemic, experienced a significant decrease in recruitment for managerial positions. This underscores the immense challenges that the industry has been facing due to the pandemic. Although an increase in recruitment for top positions in the IT and new technologies industry is expected in the near future, the AI, automation, sustainability, healthcare, renewable energy, communications and agriculture industries are also likely to invest in talent. In particular, medium-sized companies continue to offer development opportunities for specialized candidates, according to a recent study of the global labor market. Consequently, recruiters and candidates alike should continue to explore these opportunities.

Competences for a rapidly changing reality

The COVID-19 pandemic and its associated disruptions to supply chains have spurred many permanent changes in companies. To cope, organizations have streamlined and shifted their processes to online systems, while employees and job seekers have increasingly prioritized work-life balance. In addition, managerial skills are now being viewed and assessed differently, with talent management and leading remote teams becoming essential capabilities for senior executives.

The ability to build and strengthen organizational culture among employees working in dispersed teams has become a highly sought after capability, especially during the pandemic. In order to be successful, managers must be open to learning new technologies and have access to modern HR and internal communication teams that are responsible for recruitment, onboarding processes and training activities. Moreover, these teams must constantly strive to keep up with the ever-evolving digital environment.

Kestria labor market experts have identified the most desirable skills for management staff, including flexibility, focus on sustainable development, knowledge of technology, managing multicultural teams, communication, empathy, and remote team management. Additionally, these experts have highlighted the importance of strategic development in order to ensure that managers remain competitive and successful in their roles. By cultivating these skills, management staff will be well-positioned to lead their teams to success.

Talent acquisition and retention have become key management goals for both local and international companies, as employers strive to employ, develop, and motivate the best leaders in these times. Candidates increasingly want to be part of an organization with a purpose and understand how their potential employer contributes to social change, embraces diversity, and is engaged in activities for the natural environment. Consequently, employers must ensure their recruitment strategies and organizational culture meet these expectations if they are to attract and retain the best talent.

See the results of the study:?Sourcing talent in challenging times | Kestria