Stay Ahead of Hiring by Building a Talent Bench

Much has been made of the current record high employment level in the UK. This is great news for individuals of course but it has some uncomfortable consequences for businesses, particularly in fast-growing areas such as the tech sector. There is a serious shortage of available talent compared to the vacancies left unfilled. This means predictions from just a few years ago of a skills-rich tech hiring environment have proven false: the balance is firmly with the candidate.

The laws of supply and demand mean that salaries expected and frequently offered are rising. Global enterprises might be able to absorb these mounting costs, but most businesses face the dilemma of wanting to remain competitive in the jobs market without being forced into budget-busting hiring decisions.

There is another, smarter way to approach the challenge of hiring tech talent and that is to assemble what we call, with a nod to the sporting world, a talent bench. The thinking behind this concept is that hiring shouldn't be a series of one-off exercises whenever a vacancy arises but a continuous process. This enables you to build a strong reserve of potential employees with whom you remain in close contact with a view to future employment. They can be screened and interviewed, their skills and compatibility assessed, so that when you need them, the talent sourcing procedure is already complete, and their appointment can be expedited.

If you manage the relationship properly, the members of your bench will trust the seriousness of your proposition even if it you can't hire them at the moment. When the time comes, you can avoid the usual high costs of staffing and the lengthy delays built into the conventional approach.

So, how do you develop your talent bench? Essentially it involves creative networking. The aim is to find highly skilled professionals in your industry and sell your company and employer brand to them, while making it clear you're not asking them to jump ship immediately. It's a gradual process of making them feel valued and respected, included in your future planning, and held in serious consideration indefinitely. Make use of client recommendations and the contacts of your existing employees. In many sectors, such as the tech industry, there is a lot of interaction between professionals, so this is likely to yield better results than a blind recruitment drive.

If this sounds interesting but a little daunting, then you can enlist the help of an experienced talent partner such as erg. We can advise you on the most effective strategies for assembling a talent bench and give you practical guidance at every stage.
 

Hire smart. Contact erg today.

• Call: 0121 212 9948
• Email: info@erg-global.com