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Amidst the already existing talent shortages, businesses must now grapple with an ever-changing economy. Even when one doesn’t know what to expect on a day-to-day basis, business needs are still arising, both near and far and talent leaders don’t have the luxury of a wait and see approach.
But how do you manage a talent supply chain in a volatile market? The answer may lie in building talent resilience. Recent PageGroup research reveals that the talent squeeze is expected to continue, with 46% of US businesses anticipating substantial difficulties securing key talent, and this figure is only expected to rise in light of recent economic pressures.
Several factors are driving and exacerbating talent shortages. At the same time, rapid advancements in artificial intelligence (AI) and automation are transforming job requirements, creating skills gaps that education and training programs haven’t yet caught up with. On the flipside, market uncertainty is making job seekers hesitant to switch roles, reducing the available talent pool. Furthermore, fewer graduates are entering fields like accounting and the skilled trades, which is making it harder to find fresh talent in these areas.
“There are multiple factors in play, coupled with a turbulent economic and geopolitical environment, and, this is the first time we have had 5 generations in the workforce,” explains explains Greg Gary. “It is now more critical than ever, for organizations to have a multi-year talent strategy. While the tendency may be to want to hit “pause” in an attempt to avoid uncertainties, this reaction will likely backfire on organizations in the coming months and years for not taking a strategic forward thinking approach to talent outcomes.”
Despite these challenges, many organizations still maintain outdated hiring approaches that simply don't meet modern business demands. Additionally, organizations focusing solely on full-time employees overlook alternative workforces like gig workers, freelancers and remote talent who could fill critical gaps.
The takeaway? Companies must adapt their hiring models to stay competitive. That’s where agile talent models, which offer organizations greater flexibility and specialized expertise to meet these challenges, come in. “If companies aren't shifting to a more agile talent approach, they'll lose out in winning the race for talent,” says Greg Gary.
Switching to an agile recruitment model helps companies cut hiring costs by optimizing talent supply chains and eliminating hidden expenses.
To stay competitive, it’s important to see talent acquisition as a long-term strategy rather than a short-term fix. This means looking at creative solutions, such as embracing skills-based hiring and exploring non-traditional talent pools. Leading organizations are embracing HR's evolution into a more strategic role integrated with business planning. "HR is playing a more critical role working closely with businesses to look at what the future workforce will look like," Greg Gary explains
For those relying on outsourced talent supply chains, successful implementation requires viewing providers as strategic collaborators. As Greg Gary puts it, “Our most successful clients treat their providers like an extension of their team.”
