Many experts believe the U.S. is about six years away from a catastrophic lack of skilled and experienced workers. In fact, by 2020, employers will see a shortage of nearly 18 million college-educated workers. This will lead to a war for talent in many industries.
Few companies are effectively addressing their recruiting process and talent brand. As a result, most firms will feel the bite of trying to fill critical leadership roles. Smart firms are improving their recruiting and talent brands. Executives are starting to understand how important their talent brands are to their overall success. A strong talent brand reduces cost per hire by over 50 percent and lowers turnover rates by 28%.
Recruiting is becoming more like marketing; companies must embrace the idea of developing and protecting their talent brands. Leaders need to be sensitive to what employees think and feel, and what they share with others about the companies as workplaces. A strong talent brand will increase a firm’s ability to hire top talent. A weak talent brand will cause recruiters to continue struggling to attract and maintain quality talent.
Tiffany Thompson, President of DaMar Staffing, believes “most recruiting executives will find it harder to hire great talent for a company with a poor talent brand.”
The CEO and leadership team must be the evangelist for their talent brand. Building a strong talent brand will require input from HR, marketing and communication, each contributing to how your company is perceived by potential applicants. Ultimately, the employees are driving force behind your company’s talent brand. Their experiences, testimonials, and reviews are what make for a truly great talent brand.
A strong talent brand gives an organization a significant competitive edge in recruiting, retaining and making the most of employees; it is a differentiator, aimed at building engagement and loyalty through identity. Companies experience an exceptional return on investment from a solid talent brand. There is an increase in productivity, retention rate, employee engagement, quality of hire and a lower cost per hire.
However, to unlock this positive vision, your talent brand and workforce strategy must be your key business imperatives. This means designing a sound lifelong branding and learning system, investing in human capital and collaborating with other stakeholders. It’s a new game.
DaMar Staffing Solutions of Indianapolis is a full service, contingency-based recruitment firm, focused on administrative and professional staffing for all industries. There are many staffing agencies, but you want a staffing agency that will work for you. With over 20 years of experience, DaMar Staffing Solutions has built a reputation for providing quality service, top-notch professionals and flexible recruiting solutions for Indiana companies.