There has never been a more ideal time for hiring managers to future-proof their hiring strategies. According to recent studies, more than 77% of APAC employers admit they are struggling to hire the right people with the skills required to drive their businesses, one of many symptoms of a global talent crunch.
This is why many talent acquisition teams are choosing to leverage the support of talent advisory in mapping out their talent strategies.
According to a 2022 survey conducted by the Association of Search and Leadership Consultants, the top indicator of search success is the business performance of new leadership hires, prioritized over the duration of tenure. Being adaptable to fluctuations and shifts in the talent market while maintaining high standards in hiring practices is paramount.
Talent advisory services contribute to the development of a more calculated, long-lasting, and ‘cycle-proof’ talent operation by creating processes or strategies that are robust and adaptable, so they can withstand changes in the business cycle or industry trends. Talent teams are becoming less reliant on external volume by offering action plans that align with longer term business aims.
So, what exactly does talent advisory entail?
Jonas Korbstein, APAC Managing Director and experienced Leadership Coach defines it as follows:
“Talent Advisory, at its core, is a strategic methodology that qualifies organizations to excel continuously. It’s about supplying the right people, for the right job, at the right time. It encompasses various facets, including assessment, coaching, and leadership development. In essence, it’s a compass guiding your organization toward ongoing success.”
A great example of where our talent advisory services have been highly effective is our work with Henkel, a global powerhouse in adhesive technologies, beauty care, and laundry & home care, headquartered in Duesseldorf, Germany, which serves as a compelling example of the transformative potential of talent advisory.
In just the first half of a year, Henkel accomplished a remarkable feat by placing over 120 individuals in Southeast Asia (SEA). What sets this achievement apart is Henkel’s strategic and proactive approach to talent acquisition.
With Henkel, we implemented several key steps in formulating a highly robust hiring strategy that includes:
- Assessing talent needs across various departments.
- Formulating long-term hiring strategies.
- Identifying fresh pools of high-caliber candidates.
- Conducting thorough talent market analysis.
- Crafting both inbound and outbound recruitment strategies.
- Enhancing incentive programs to effectively attract and retain exceptional talents.
- Providing expert guidance on retention strategies.
Our approach to Talent Advisory is about crafting tailor-made strategies that align closely with a client’s longer-term objectives. By focusing on diversity, cost efficiency, and open communication, we ensure client satisfaction while reducing time-to-fill positions and enhancing retention rates.
The COVID-19 pandemic has brought significant changes to the business landscape. Certain industries, such as industrial manufacturing and consumer tech, have turned to talent advisory as a means of navigating uncertainty and achieving resilience.
The future of talent advisory is promising. It’s expected that assessment and coaching will play even more significant roles in shaping talent strategies and fostering development within organizations. The ManpowerGroup Talent Shortage Survey revealed that 71% of employers are more willing to upskill and reskill their current workforce for the next 5 years. This evolution empowers organizations to identify and nurture top talent effectively, ensuring they remain competitive and adaptive in the dynamic business world.
The traditional Recruitment process is no longer an option; hiring effective talent, retention, and upskilling is a priority for organizations aiming for sustained success. It’s about aligning talent with goals, fostering development, and adapting to change. As businesses continue to evolve, talent advisory will remain a critical tool in their arsenal, ensuring they are always ready to face the challenges and opportunities that lie ahead.