attracting Top passive Talent in an increasingly risk-adverse market
How do you continue to attract the best available talent when they are reluctant to consider a switch?
In a previous article, we analyzed how times of volatility, uncertainty, complexity, and ambiguity impacted hiring decisions. In a survey we conducted on LinkedIn, 36% of participants indicated there has been no impact. We were pleasantly surprised to see that 21% indicated that hiring efforts will accelerate.
Now that we have a grasp on how companies are behaving, we must pose a similar question for talent:
Has the recent increase in global economic uncertainty impacted top talents’ appetite for a job change?
A recent survey conducted in the U.K. by Visier showed that 46% of people desire a job change in 2023, but, seemingly contradictorily, 81% of people intend to stay at their current employer.
Top executive talent has adopted a risk-averse mentality.
We experienced this first-hand as a client made a better-than-expected offer to their top candidate in a recent search the week of the SVB collapse, only for the candidate to back out at the last possible moment. Frightened by the recent upheaval, the candidate opted to stay with the safe bet, and not risk something new despite the huge potential upside.
Fortunately for our client, we had a backup candidate ready to go as part of our search process, and this unexpected change of heart only set our client back one day, whereas most firms would have gone back to ground zero.
So how do you continue to attract the best available talent that is vital in the success and longevity of your business when they are reluctant to consider a switch?
TXT has the solution to this problem. Using Big Data and digital outreach and interview processes, we are able to attract candidates in a very difficult market with our frictionless approach.
Traditional headhunters, overly reliant on pre-existing networks, and often guilty of asking candidates to jump through multiple hoops before being able to speak with the client, cause passive candidates to drop out of processes that are overly demanding of them.
Please don’t hesitate to get in touch if you would like to discuss how we can help attract top talent in a market where supply continues to dwindle.