Authored by Mathew Markham and Poorna Bhimavarapu, Executive Director, Capco
It is well-known that most organizations do not meet their talent acquisition and retention goals despite increasing employee incentives and larger recruiting spend. This leads to an incorrect conclusion that a skills gap in the market is the root cause of this. While a skills gap and talent does play a big role, it is not the entire reason. We need to take a deeper dive into the current hiring practices and assess them in relation to key drivers and ground realities of digital transformation talent needs to understand the root causes and formulate winning strategies.
Organizations built up hiring practices over multiple decades with minor improvements over time. While the changes implemented are good and a step in the right direction, more is needed. It is time for organizations to completely reimagine their hiring practices in alignment with realities of the post-COVID modern delivery world.
It is important to look at the key trends in the market, the challenges faced by recruiters, and to identify their root causes. To address these challenges, we will lay out a set of core principles to abide by and propose a set of recommendations based on these principles.
Key Drivers- Several key trends in the current market are driving significant changes and disruption to the traditional hiring practices and rendering them obsolete.
Primary Challenges
While there are unprecedented demands on organizations to acquire new talent that is diverse and well equipped to execute on digital transformation initiatives, the ground reality is much worse. Organizations are not even able to retain their existing talent. The ongoing trend of The Great Resignation is resulting in an alarming number of resignations. A record 20 million US workers resigned between April and August 2021 and another record 3% or 4.4 million workers quit their jobs in September 2021.
Five core principles businesses need to adopt to succeed in Talent acquisition
Conclusion- The world is changing rapidly, and pace of change is accelerating driven by advances in cloud computing, artificial intelligence, and blockchain technologies. Post-COVID-19, the world is facing a whole different set of realities with businesses being disrupted at an accelerated pace and having to reinvent themselves in a short timeframe and continue doing so to stay relevant. All of this means executing and delivering on digital transformation initiatives at an accelerated pace. The key ingredient necessary for successfully executing on digital transformation initiatives is access to the right talent that can deliver the technological changes required by these initiatives. The urgency to execute digital transformation has increased post COVID-19, creating an immense shortage for necessary talent. At the same time, the way we work has completely changed post-COVID-19 with remote work and a distributed workforce leaving organizations scrambling to adopt to it and deliver on the necessary change initiatives. While it seems like a daunting task to acquire necessary talent, it can be accomplished by understanding the key drivers and adopting a set of core principles and strategies laid out in this whitepaper.