The War For Talent
The war for talent – This is a term that has been frequently used over the years and it is as relevant today as when the phrase was first used in the 90’s.
Having established Right International in 1994 (where does time go…), I’ve managed the business through a range of market conditions – the dotcom boom and bust of the late 90’s, the market crash of 2008 and now a global pandemic. What I have learned and reflected on is that each time there is a major shift in market conditions and an economic crisis, recruitment generally gets put on hold whilst companies try and work out their strategy, and in many cases their survival plan!
What I have also seen is that some companies respond and react very differently, they actually increase their market share whilst their competitors struggle!
If you look at history, there have been a number of companies that have started during an economic crisis: Microsoft 1973- 75 recession, FedEx (oil crisis 1979) LinkedIn 2002 (post-dotcom bubble) 2020 – A number of Insurtechs have launched… time will tell which one’s prove successful!
During a recession, companies often batten down the hatches, cut costs and make number of redundancies until the economic landscape changes and the market starts to recover. This can happen in various forms including a V shape recovery with a quick return to previous pre -recession levels, or a U shape recovery with a more gradual recovery.
It is at the recovery stage where companies start hiring as demand for their products and services increases and often resources become stretched. It is at this point when attracting the top talent in the market becomes a major factor. Initially there is a surplus of candidates out of work and filling roles is more straight forward, however as market conditions improve it becomes more challenging.
Regardless of how you look to fill a role (direct approach, advertise, recruitment company etc.) from experience there are a number of considerations a candidate contemplates when assessing a new career opportunity:
The Company:
What is the market and brand perception? – How have they faired during Covid 19, has their reputation been damaged or improved
Track record of growth – is it growing, consolidating, losing market share?
What new products or initiatives are on the horizon?
Who else has joined the company? – Have other well-respected individuals or figureheads in the market joined the company?
What is the turnover of staff? How stable is the management team?
Is there a clear vision on future growth strategy and is there clarity on how this will be achieved? – Is everyone bought into the vision?
If it is a turnaround strategy, is there clarity on how this will be achieved?
Culture – can the culture/working environment be clearly verbalised and if appropriate involve other members of the team in the hiring process to confirm?
Is there anything particularly special or unique about the company or the opportunity compared to other competitors in the market?
Position:
Why is it open (new opportunity, replacement, has someone has left to a competitor)?
Track record and market reputation of hiring authority? -– How well is the opportunity sold at interview?
Is there a clear role profile?
Is there clarity on key tangibles/KPI’s? What does a good performance look like, can this be articulated at interview?
What is the remote/working from home policy?
With remote working, is there a clear onboarding, support, wellbeing and training strategy?
Salary package needs to be competitive – are there flexible benefits that can be adjusted/bought to suit an individual’s needs, eg..extra holidays, flexible working hours?
Potential:
What are the future career opportunities within the business? Are there examples of other individuals who have joined the business at this level and have subsequently progressed?
Is there a structured learning/development or coaching/mentoring programme?
Other points to consider (a future blog coming soon)
First point of contact with a candidate
How do you handle a candidate application?
Interview process
Counter offer
Attrition, with the war for talent it becomes equally as important to retain key individuals as it does to hire
Right International have a proven track record of identifying and sourcing the top talent across various niches of the insurance market. If you are looking to add to your team now or in the near future, I would welcome the opportunity to help – please contact me.
If you have any ideas for future articles and would like to be involved, please let me know and I would welcome any feedback.
All the best,
Gary Pike
Founder & MD
Right International Insurance Headhunters
