We are still firmly in what many are calling uncertain times, and following the Great Resignation, it's understandable business leaders are moving forward cautiously. Recent news headlines might lead you to believe otherwise, but it's still a candidate-driven market. As of the beginning of the year, the US Department of Labor (DOL) reported an unemployment rate of 3.4% — its lowest since May 1969. Other regions showed promise as well, with the Organisation for Economic Co-operation and Development (OECD) reporting the European Union and euro area stayed low at 6% and 6.5%, respectively, and has slightly lowered in Canada (5%) and remained stable in Japan, Korea and Mexico.
CHROs and talent acquisition leaders are under immense pressure to meet hiring demands in a hyper-competitive job market with major skills gaps and wage inflation. Post-pandemic, the workforce is transforming at a rate we've never seen before, partially due to digital disruption. Add on the boomer generation leaving the workforce in droves, and it's left a realm of confusion for many leaders. To keep pace with the rate of change, companies must continue operating in a way that prioritizes talent acquisition.
Outsourcing talent acquisition is one way in which organizations can continue to manage talent efficiently and it’s useful both in times of economic uncertainty and during periods of economic growth.
To keep pace with shifts across industries and digital transformation initiatives, organizations must double down on reskilling and redeploying talent across the business. Talent acquisition partners do more than external recruiting — they can also support internal hiring programs.
Recruitment process outsourcing (RPO) partners can also examine the market to determine where you should hire based on talent supply and demand data and other market research to help you drive strategic business decisions linked to digital transformation initiatives.
Claro Analytics is a workforce intelligence platform in WilsonHCG's tech stack that uses real-time labor market insights to assess compensation and workforce planning, talent supply and demand data, competitive benchmarking, diversity and inclusion information and more. As a talent acquisition partner, we use this software to improve clients' organizational capabilities and make better, more informed decisions.
In short, yes. Talent acquisition partners are aligned with business objectives and improve productivity (and the bottom line!) by providing higher-quality candidates. Outsourcing talent acquisition also means that HR teams have more time to focus on the strategic needs of the business. It’s a good solution for companies that have placed the hiring of full-time talent acquisition teams on hold and don't want to see the growth of their talent pipelines slow. And, of course, it’s a cost-effective solution, especially for organizations that rely on agencies.
Today, global downturns and decelerated growth are having a huge impact on the economy. Is your organization able to adapt to fast-changing market conditions?