Blog

20/09/2022

Executives and hiring managers are all too aware that the hiring market is hot right now as the demand for talent outstrips supply.

After a pandemic showed that working from home was fully achievable, many employees are being choosier with their next employer and the benefits offered. And with unemployment figures reaching a 48-year low, candidates have found that they have more choices than ever before on their job search.

The pressure on executive teams to address this challenge is why securing and retaining talent is sitting comfortably at #1 in the list of concerns for CFOs in Australia. In short, we are seeing a lot of worrying about securing the right people to meet growth targets.

Internal issues create high costs for businesses

Despite the increasing difficulty in retaining and attracting top talent, many organisations still only have a low level of overall hiring capability.

Many that we analyse using our in-house developed TAC Review (Talent Acquisition Capability) come in with low scores, due to numerous issues including…

• A lack of planning;
• Internalised processes; and
• Poor manager training.

The issues have a flow-on effect and lead businesses to spend far more time and money recruiting than they should as they’re forced to taken on a reactive approach.

They rely on second-choice candidates and then face no option but to pay a premium in both salaries and recruiter fees to secure a top-rated candidate – which is particularly painful in the current inflationary environment.

What can be done to reduce recruitment costs?

The first step is to identify your strengths and weaknesses, as well as a baseline talent acquisition capability. This can be done through our TAC Review, which was developed specifically to help organisations tackle recruitment head-on.

With our TAC Review, we can identify the starting point for building out a more robust hiring machine, in turn improving your hiring efficiency and reducing costs.

If you don’t have process, resources, and planning in place early, the only option is to throw money at the problem and hope.

Executive teams will need to ask themselves the question, “How do we break the cycle of high costs, reactive processes, and less-than-stellar hiring ability?”

The first step is to identify your strengths and weaknesses, as well as a baseline talent acquisition capability. This can be done through our TAC  Review which was developed specifically to help organisations tackle recruitment head-on.

With our TAC Review, we can identify the starting point for building out a more robust hiring machine, in turn improving your hiring efficiency and reducing costs.

Taking on a proactive approach to recruiting

Recruitment doesn’t have to pose a costly challenge to your business. If you’d like to learn more about a TAC Review or how we can help you retain and attract top talent, you can contact us today.