Why there is a war of talent in recruitment horizon?

The top executive search firms these days are facing a number of unprecedented challenges in the field of recruitment when it is about attracting new talent, retaining the already hired talent and effectively and efficiently keeping the talent engaged in the organisation. As per the latest research about 60% of the executive search firms in Delhi mentioned that finding experienced and qualified hires for the clients has become a big challenge.

Do you know these perils? Let's understand and discover the profound challenges being faced by the executive search firms in the war of talent to ensure that they hire the best talent for their client organisations:

·        Global talent competition

The service of one individual may be poached by another company placed at another continent. With the move towards a knowledge based economy, the borders are not being considered to be a major hurdle by both the talented individuals and the recruiters. There is thus a global war for talent to shield the current expertise from the world wide competition. As per studies, most of the individuals who took a new job in the last year were those who were not even looking for a job.

·        Decentralized workforce

Decentralization has become an important aspect of the workforce of today and in the near future. This has a great impact on both, the organisations looking for new talent and the potential hires. With decentralization of workforce, the employees can be based in multiple physical locations, the companies can even use freelancers and the employees can work from home. Hence anyone can work from anywhere for anyone, worldwide. The physical presence is being seen as less critical when it is about job performance, and talent acquisition. This is a formula for commercial success, but it even fierce the war for talent being waged by the executive recruiters in hiring the top talent.

·        Priorities of potential employees

The other factor that adds fuel to the already ignited fire is a paradigm shift in the potential rewards being looked upon by the new hires for rendering their services. In the past, a competitive salary package with perks and other benefits used to be sufficient for attracting talent, but in today's time the employees look for growth, fulfillment and meaning. As per a recent research, about 86% of the hires are ready to work in a company with a pay cut where the company's mission and values align with their own.

The solution lies in aligning the management practice with the new will of the new hires in order to win the war of talent.