Thomas International – the need to reshape Recruitment

‘Thomas International’ conducted research with 500 HR and Talent Management professionals.

Here are the quicknotes version of the findings.
Confidence in recruitment is low
1. 50:50 chance for new hires

A survey of 500 businesses revealed that over half (57%) of hires are not working out, according to the people who made the hire. This alarming statistic indicates that traditional recruitment is potentially broken.

2. It’s the door for one in four

A quarter of these bad hires have left the business or are not working out, while a further third (32%) are struggling with some elements of their role.

3. Risk is ramping up

After a slow year, 64% of businesses are increasing their recruitment activity again. Making the right hires is vital, yet as recruitment activity increases, so does the risk of making a poor hire. PricewaterhouseCoopers estimates that direct and indirect costs of a bad hire range from between 50% and 150% of the employee’s annual salary.

Reshaping recruitment
4. Remote working remains

Whilst 44% of recruiters still cite remote working as the biggest driver of transformation in the sector, it is less influential for most. This suggests that a level of adaptation to remote working may already have been achieved.

5. Buffeted by Brexit

Four in ten recruiters are concerned about the impact of Brexit and say that the disruption caused, continues to be a major influence on their hiring and skills acquisition activity.

6. Differentiation difficulties

Despite the disruption, the primary challenge recruiters say they face is distinguishing between candidates (88%). Just 21% of hiring managers think that CVs are a strong indicator of the future performance of a hire.

7. Quality is the Priority

Recruiters’ top priority over the next 12 months is improving the quality of hires. 38% of survey respondents say they prioritise hire quality over any other consideration in the hiring process, including speed, cost and candidate experience.

A new world of recruitment
8. Culprits: complexity and culture fit

According to recruiters, the root cause of frequent failed hires is a combination of complicated, drawn-out processes (31%), poor candidate experience (31%) and an inability to test culture fit (31%).

9. Evolve or die

99% of recruiters think that improving the quality of recruitment systems and processes is important in the current environment. This highlights an overwhelming need for recruitment systems to evolve in order to bridge the trust gap that is currently undermining them.

10. Tech for trust

The majority of recruiters (80%) believe that technology will play a key role in the evolution of recruitment processes. In contrast with ‘gut-feel’, tools like predictive hiring and psychometric testing are considered to offer accurate, objective information that can help to close the trust gap.

 

Want to dive deeper? Download the full ‘Mind the Trust Gap’ 2021 research report from thomas.

#mindthetrustgap

Is your team in good shape? What skills are you missing?

The CBI advises that 9 out of 10 employees will need to reskill by 2030, to avoid a sustained unemployment crisis and to support the future UK economy.

No matter what sector you work in, competitive advantage in today’s economy has never been more critical and maximising your team’s output is imperative. But with the pandemic affecting many organisations growth plans, there is a clear need to find alternative ways of upskilling or supplementing your teams bandwidth.

We recently reported on how many people have become naturally risk adverse and have decided to stay in post if their role is secure and choosing not to move jobs. The question is, when is the ideal time for employers to reward loyalty, invest in their people, increase their teams skills, capability and future career potential within their own business?

Ultimately, every Procurement & Supply Chain leader’s success relies on having a great team behind them.

It’s therefore vital to take time to regularly assess the teams’ personal development plans, their remote working challenges and understand their individual career plans better. This identifies any skills gaps, builds a higher performing team and matches their capability to the current challenges, as well as mapping future workforce planning needs. To do this you first need to identify the skills most important for your team.

Once you are clear on your needs, the biggest challenge is assessing your people against the organisational requirements quickly. There are very few specialist ‘Procurement & Supply Chain’ competency assessment tools in the market and not all are fit for purpose, as they’re sometimes reliant on workshops or external consulting teams measuring this for you. However, in response to the pandemic these online solutions are now available, find out more.

Upskilling your existing team will help you understand the short, medium and longer term gaps and how to manage them.

Upskilling is an effective strategy, understanding the priorities across the team and engaging in these training areas first will give you a quick impact on the teams performance and also identify the real gaps, where you will need to recruit.

Hire the right people with the right skills.

Taking the time to identify the skillsets you are missing, will greatly enhance your ability to find the right person for the role, first time round. You can also utilise the same competency assessment tools as part of the interview process, ensuring candidates possess the right capability attributes. Getting it right first time can save you a lot of time and money in the long-term.

There is also the option of interim support.

If your needs are more urgent and the time to recruit and train someone prove impractical, then an Interim solution could solve the problem. Bringing experienced interims in who can ‘hit the ground running’ can certainly be the quickest and most straight forward solution. And better still, a good interim will bring experience to the table which can help upskill other members of the team. Whilst it may seem a short-term fix, it can prove to be a good solution for special projects.

Our recent Covid recruitment impacts survey found that prior to Covid only 15% of organisations used ‘Procurement & Supply Chain’ functional capability assessment as part of their interview process, this has now risen to 70% who are either using it now, or plan to use it.

Put simply – upskilling is essential to any team. Make no mistake, those who do not invest will risk being left behind.

 

If you need support in developing your strategy and approach in this area or would like a copy of the full report from our recent Covid recruitment survey for further insights, do not hesitate to reach out to us at ProSearch Recruitment Solutions, the Procurement & Supply Chain recruitment and training specialists.

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