24th August 2021
Recruiting an external candidate can undoubtedly be
beneficial; as well as the valuable experience they bring with them, a new employee
often provides a fresh perspective that can help a company innovate and think
differently.
But it’s not the only way an organisation can ensure it has the best talent in place. In fact, a company that totally depends on this approach to address skill gaps as they arise could be particularly exposed to shifts in the recruitment market. Recent turbulent times have resulted in a predominantly candidate-driven market. Employers can’t rely on posting an advert then expecting to have their ideal applicant, complete with dream skill set, walk in through the door a few weeks later.
This is why there’s a lot to be said for
organisations growing their own talent by developing and nurturing existing employees
and recruiting for future potential rather than for the “finished article”.
When it comes to people, the need to build
resilience into the way companies operate is more important than ever. An
approach that focuses on succession and talent management rather than depending
more on reactive recruitment can help them achieve that. Aligning the business
strategy and goals – short, mid and long term - with the people development plan
helps organisations focus on creating the skill base they need by nurturing
emerging talent and enabling individual employees to fulfil their potential.
Not only is nurturing your own talent a great option
for building a long term committed workforce but it also helps address problems
that might be on the horizon at the same time. There are already skills shortages
in key areas with more skill gaps predicted over the coming years. A more
reactive approach that relies entirely on being able to fill vacancies quickly
with external candidates who have very specific skills is unlikely to hit the
mark every time. A broader succession strategy gives a company more options.
Of course, not every scenario can be planned for –
but by having a cohort of talent already in the pipeline, a company will be better
placed to respond quickly. That can reduce the risk of rushing to hire someone
because of an urgent need for a particular skill set: something which could
turn out to be a costly error.
Companies can support succession plans by recruiting
for personal attributes then focusing on skill development over a longer
period. For example, organisations looking for talent that they can shape and
support may find apprenticeships offer an attractive solution. There are plenty of younger people seeking
apprenticeships; for businesses keen to support individuals in developing company-relevant
skills for the long term, it can be an ideal way to grow talent. Apprentices
don’t just have to be recent school leavers either. Apprenticeships can appeal
to a range of people attracted by the blend of on-the-job learning and the more
formal qualification opportunities that might be available.
Relationships can be built up with graduates too with an eye on the future by offering placements throughout their degree to encourage them to come to you after they graduate. As well as developing a sense of commitment to you as an employer, they’ll also be familiar with the company which will increase the chances of them moving quickly into their first substantive position.
While a “grow your own talent” strategy benefits
employers, it also benefits individual employees too. By investing in them this
way, you’re sending the message that your company is committed to them. This
can have a positive impact in a number of ways such as by increasing motivation
and engagement levels as well as overall job satisfaction. A lack of career
development and limited growth opportunities are frequently highlighted as reasons
why people decide to leave their job. By developing employees and offering them
career progression opportunities, you’re increasing the likelihood that they’ll
choose to stay with you.
No approach is risk free. Growing your own talent
means investing in someone who might then move on. And there will be times when
it’s absolutely the right decision to bring someone in from outside who is
ready to hit the ground running.
But by taking a more blended approach, carefully
targeted external recruitment for the skills needed here and now can be
combined with a longer-term perspective that recruits for potential and develops
existing employees, building a loyal and highly capable workforce. If you’d
like to find out more about how we can help you recruit talented people to
support your succession planning then please get in touch
with us.
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