Top Talent – The Current False Economy

Many companies, especially at the moment, are taking the opportunity to have a real in-depth look at their business and how to identify and transform their processes and become more agile. This is more important now than it has been in the last decade. 

There is no doubt that Covid, the war in Ukraine, and the cost of living crisis have affected business in a big way – causing a massive shift in how companies need to work to stay profitable and at the bleeding edge of their industry. 

A large part of how they are analysing their processes and effectiveness is by taking a good hard look at their staffing situation both in terms of how their current teams are performing and who they may need to bring in to meet the market’s new challenges. 

If we break this down into two areas – effectiveness of current talent and acquisition of new staff, we start to see how other businesses streamlining their staffing requirements or having to make people redundant can actually make finding the right person for your business even harder. 

I know this may sound completely counterintuitive as more candidates become available to the market. However, when you take a closer look, companies are not letting go of their best talent – they are in fact trying harder than ever to keep hold of these employees as they are the foundation of their business. The majority of people who are now in the job market after being let go, have now had the past couple of months to hone their CVs, and have taken this opportunity to ensure marketing of their skillsets, uploading and sending emails to all of the recruiters and candidate portals your hiring managers have access to.

This can have a huge impact on your hiring process – from getting sign off on the budget for a particular role when the belief is that with so many candidates available that you should be able to attract people at a much lower salary, to then having to sift through thousands of applications instead of just a few really good ones. 

“When hiring anyone for your company whether it be a CTO or the tea boy

– it’s important that you get the very best person for the role

and who fits your company’s drive & passion.”

So, it is important to remember that even in today’s markets and flooded job boards that the people who are worth their salt are probably the right person to not only meet your needs on paper but also drive your business forward. These candidates know their worth and are unlikely to accept a salary 10-20k below what they would have accepted at the beginning of the year, instead choosing to hold out for the right position. This not only applies to permanent roles, but is even more significant within the contracting sector.

Would you really want to start a project knowing that you are underpaying someone’s skill set and ultimately, whether that candidate is on a permanent or contract basis, they could leave you and your project if they are offered a better opportunity halfway through – potentially leaving you high and dry. 

Do you believe that the package you are offering is enough to hold that candidate to their position when the markets pick up? Even if promised further remuneration offered at this point, in their position, would you want to continue working for someone who has undervalued your skill & input already? 

Of course, the COVID pandemic is having an impact on markets and clients’ budgets and incomes may be reduced. What we are talking about is consideration as to the quality of candidate you want and understanding that compromise is needed.

Whilst many markets are having a downturn, many are still flourishing – This is where having someone with in-depth and current knowledge of job markets can truly help you understand what is realistic, what’s needed to attract the right talent, and how best to retain it. 

Within the IT and Tech market – as even more businesses race to get ahead of the game, find new ways for their staff to work and reach out virtually to customers, the demand for great talent has increased and from a wider range of industries.

This is where Foundations is here to help – People first, we have a great understanding of who will be the right fit for your company, and the network required to find them in such a diluted market. 

Pick up the phone and let’s start with a chat, find out how we can help you throughout the hiring process from identifying your exact needs and sourcing the right individual to your requirements, driving your business forward.

For more information on how Foundations Executive Search can help you

find the industry’s most talented candidates see more of our Latest Insights,

or Contact Us directly.