Strategies to Acquire Talent in 2024
Get ahead of hiring challenges by leveraging offshore resources without compromising your local teamTalent acquisition in the Australian and New Zealand market is experiencing a seismic shift in 2024. Hiring is increasingly competitive with many organisations struggling or working extremely hard to hire the right candidates. The options are limited when you try to locate the right person in a pool of candidates, and in the end, you often end up settling for a candidate that is the best person at the time despite them not the best fit for the job. It is evident that the traditional methods of talent acquisition are no longer sufficient, and businesses must reassess their hiring strategies to tackle this dilemma.
Navigating Talent Acquisition Challenges
At the heart of the talent acquisition dilemma lies a variety of interconnected challenges.
Shrinking Talent Pool
For certain industries, the pool of skilled workers is diminishing, exacerbated by the skilled, aging population getting closer to retirement. As industries evolve rapidly due to technological advancements, the skills required for certain jobs may also change, leaving a portion of the workforce underqualified. This puts more pressure on organisations to fight for a restricted talent pool, increasing competitiveness and making it more difficult to hire top-tier professionals.
Lengthy Recruitment Processes
The recruitment process has become increasingly more time-consuming. Research indicates that recruitment managers are conducting more interviews, leading to a substantial increase in overall hiring time. This prolonged process not only delays the onboarding of new hires but also incurs additional costs and administrative burdens. Such an extended decision-making process threatens talent loss, undermining your competitive edge.
Rising Costs
Wages and resource costs are soaring due to historically low unemployment rates, driving up competition for skilled workers. Rising costs of living across Australia and New Zealand further perpetuate wage increases that stretch hiring budgets. Organisations must allocate more resources towards attracting and retaining talent, putting strain on operational budgets and financial sustainability.
Training and Development
Despite efforts to attract excellent people, there is often a mismatch between the new hire’s talents and the requirements for the job. New hires typically expect further training to learn and improve existing skills to improve their performance. Organisational knowledge is also extremely valuable. If you are hiring to fill the role of a long-term employee there will be functions they cannot perform without additional training.
Additionally, there needs to be a path for ongoing development and professional growth. These factors contribute to retention but can also drive hiring – especially in such a competitive landscape.
Get ahead of Talent Acquisition Trends
Keeping up with the latest recruitment trends is not easy. It is vital to stay ahead to succeed in the highly competitive recruitment world. According to Lever, these are the top talent acquisition trends in 2024.
Data-Driven Decisions
Data-driven decision-making is a requirement of modern business. Recruiters are harnessing the power of advanced analytics to not only pinpoint top talent but also forecast future hiring needs and explore potential outsourcing opportunities. Data, like the results of a cognitive or personality test, are objective ways to take unconscious bias out of the hiring process and potentially make better decisions for the role. By integrating data analytics into their processes, companies can streamline recruitment efforts and make more informed choices throughout the talent acquisition journey.
Thriving Workplace Culture
Companies are prioritising the creation of positive, inclusive workplace environments that nurture employee morale and loyalty. A positive workplace culture not only reduces turnover rates but also serves as a magnet for talented individuals seeking fulfilling professional experiences. Additionally, it positions organisations as desirable employers, even for outsourced talent, thereby enhancing their overall brand reputation.
Supporting employee well-being focus
Organisations are recognising the importance of supporting both the mental and physical health of their workforce. Initiatives aimed at promoting well-being, such as wellness programs and flexible work arrangements, are being implemented to foster happier, more productive employees. This commitment to employee welfare extends to potential outsourced workers as well, with companies striving to ensure similar standards of well-being across all their collaborators.
Strategic Solutions to Address the Talent Crunch
Strategic outsourcing and offshore resourcing offer a compelling solution to address manpower shortages and skill gaps. By leveraging global talent pools, organisations can transcend geographical barriers and access specialised expertise. This approach offers numerous benefits, including value arbitrage, 24/7 operational coverage, and a pathway to process excellence. Outsourcing also takes the pressure off the constant need to always hire. Let the outsourced team take care of the easy stuff so that your specialised local team can concentrate on business-specific strategies.
South Asia, renowned for its abundant pool of skilled professionals and mature Business Process Outsourcing (BPO) industry, emerges as a prime destination for strategic outsourcing. The region boasts one of the highest concentrations of qualified accountants globally, offering a rich source of specialised finance skills. Collaborating with reputable BPO providers in South Asia enables organisations to access a diverse array of services tailored to their specific needs, ranging from financial analysis to compliance management.
How to build your offshore finance team
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Infomate is Sri Lanka’s premier outsourcing business process management company specialising in finance and accounting, back-office, knowledge, and data processing services. With over a decade of experience servicing clients across the Australian region, Infomate strives to create operational excellence within your finance function. They measure every performance aspect and demonstrate quantifiable improvements in key performance indicators. The Infomate team has experience with multiple ERP platforms, automation, and cutting-edge technologies, and they are exposed to multiple industry verticals. The combination of experience and skill helps you re-engineer your business processes and achieve world-class financial and accounting standards.
To start a conversation about Infomate, email samacs@kilimanjaro-consulting.com or call 1300 857 464 (AU) or 0800 436 774 (NZ).
