The job market is tight, and it’s only getting tighter.
Competition for top talent is fierce, with a staggering 66% of companies reporting difficulties in filling critical positions.
This shortage is the result of multiple factors, including low unemployment rates, an aging workforce, and rising demand for highly skilled workers in emerging industries.
At the existing and predicted rate of hiring, resigning, and job creation, vacancies may not recover to normal levels for some time.
But it’s not all doom and gloom.
By understanding the different types of talent and tapping into the right talent pools, you can stay ahead of the curve and attract the best candidates.
Here are five talent pools to look for and how to attract them.
1. Installed Talent
Installed talent refers to the existing employees within an organization. These are individuals who have already been hired, trained, and integrated into the company culture.
The focus of managing installed talent is to retain them instead of hiring new employees.
On average, it can take anywhere from 6-9 months to fully integrate a new hire into the company. This process involves recruiting, interviewing, background checks, orientation, and training.
Companies that prioritize the development and growth of their existing employees experience a 70% increase in employee engagement and a 20% increase in productivity.
By retaining existing employees, organizations can save time and resources and maintain a stable and experienced workforce.
2. Early-Career Talent
Early-career talent refers to employees who are just starting their careers, typically in entry-level positions. These individuals bring fresh ideas, enthusiasm, and a willingness to learn and grow to the workplace.
A recent study by the National Association of Colleges and Employers found that 93% of college graduates want opportunities for professional development from their employers.
Providing these opportunities can not only help these employees grow, but it can also increase their loyalty and commitment to the organization.
3. Adjacent Talent/Feeder Talent
Adjacent talent is a valuable resource for companies looking to stay ahead of the competition and drive innovation. This talent pool comes from related industries and offers a fresh perspective, new ideas, and diverse experiences.
64% of companies that hired employees from adjacent industries reported increased innovation.
78% of companies say hiring adjacent talent resulted in the introduction of new processes, products, and technologies.
To access adjacent talent, companies can consider them as part of their talent acquisition strategy. This can involve reaching out to individuals in related industries through networking events, industry conferences, and online job boards.
Companies can also develop internal programs to help employees explore new industries and gain diverse experiences, which they can use internally.
4. Migratory Talent
Migratory talent refers to employees willing to move to different locations or countries to further their careers. These employees are open to new experiences and willing to take risks.
According to a WEF study, employees with international work experience have a diverse skill set and a broader perspective.
Not only do they bring ideas, but they can also be key players in expanding a company’s reach globally.
According to Harvard Business Review, companies with employees who have worked in multiple countries are 50% more likely to expand into new markets.
To attract migratory talent, companies must offer flexible work arrangements and opportunities for international assignments. This could include remote work options, flexible scheduling, and international transfer programs.
By offering these benefits, companies can tap into a pool of highly skilled, globally-minded employees and drive positive business outcomes.
5. Acqui-hiring Talent
Acqui-hiring, a new trend in the tech business, involves the acquisition of a company primarily for the purpose of hiring its employees. It is an effective recruitment strategy since it saves time and money in hiring new talent.
These employees bring a wealth of experience and knowledge, as well as an understanding of the acquired company’s culture and processes.
Data shows that organizations that effectively integrate acquired talent can increase their overall productivity by 15%.
Acqui-hiring brings several benefits to organizations, including:
- Experienced and knowledgeable employees.
- Faster integration of the acquired company.
- Increased productivity.
- A better understanding of the acquired company’s culture and processes.
- A ready-made, high-performing team.
Acqui-hiring can offer a significant advantage for companies looking to quickly acquire top talent, but retaining these employees can present challenges.
Retaining acqui-hired talent requires a combination of competitive compensation, professional growth opportunities, a positive company culture, and open communication.
Recruiters and hiring managers must be creative and flexible in their recruitment methods to attract the best candidates. This requires exploring internal and external recruitment options and taking a proactive approach toward building a talent pool.
By being innovative and forward-thinking, companies can stand out as an employer and avoid the talent crisis.
Draup for Talent can support this endeavor by providing a comprehensive platform for companies to streamline their recruitment process. With targeted talent acquisition, companies can bypass the talent shortage and build a workforce with diversity at its core.