Four Factors that affect an Organisations approach to attracting talent and recruitment and selection
1. Skills Shortages 2. Costs / budgets 3. Lengthy recruitment and selection process 4. Economic Climate
This is a strong factor for an organisation at the moment when trying to attract and recruit talent into a business. The unemployment rate in 2012 has grown significantly; however, even though quantity of applications has increased when recruiting, the quality has decreased. I feel this is based largely around the current economic climate. A lot of ‘skilled and talented’ individuals appear to be staying in their current roles for job security, which is causing a huge skills gap for employers who are recruiting.
1.‘CIPD Press Release’- This year, three-quarters (75%) of organisations experienced recruitment difficulties. As in previous years, the main reason for these recruitment difficulties is a lack of necessary specialist or technical skills.
Costs / Budgets
One focus for certain organisations this year has been around budgets and cutting costs where possible. One area where budgets have dramatically tightened is recruitment. This has caused a review of specific methods that are used to attract talent into the business at as minimal cost as possible. It is important to research the ‘best’ method of attracting the ‘right’ individuals to the position; if this is not done correctly it could cause a cost implication due to unsuitable applications being received, and vacancies not being filled. The use of agencies to source talent has reduced dramatically due to the cost impact this has on the business. In order to save costs of recruiting the focus now seems to be on developing talent in-house rather than attracting external talent into the business. This may also, however, have a cost implication to an organisation as, in order to retain and develop existing talent, a review of the company benefits may