by Nadine O’Regan
This year the market has bounced and TA teams are struggling with high requisition loads and unprecedented labour shortages, but when we are bogged down in workload it can be hard to look up and see what’s coming. So what is coming? There are some clear trends emerging that TA and HR leaders should not ignore.
Possible recession
We are witnessing an overstimulated economy and an almost perfect storm of inflation, reduced consumer, business and government spending, a cooling property market, and international supply chain issues, so a recession looks highly possible. Usually a recession means job losses, but as Australia is near full employment, I believe we will actually see ‘vacancy loss’ if a recession eventuates.
Labour shortages
Australia’s labour force issues are among the worst in the world. Talent is hard to find because we are near full employment, which is good news for employees but it’s leaving businesses and their TA teams scrambling. Vacancy loss means it is time for TA teams to firm up their foundations and companies must put talent needs at the centre of their business strategy.
Retention and mobility
Companies should be doing everything possible to keep the people they have. TA teams must coach senior leaders and hiring managers to think of their people as assets that increase in value over time. Talent intelligence and a skills taxonomy will be critical to achieving this. Employees want to be developed, so make sure they know the opportunities that are available and make them easy to access.
The right tech
Using AI and technology strategically will do wonders for internal productivity. It doesn’t need to take over everything, but used well by TA teams, the right tech will enhance the employee experience and deliver to the bottom line.
The need for an ‘always on’ talent mindset
TA teams need to be thinking now about how they are going to guide their business to be responsible for talent outcomes, rather than this responsibility sitting solely with HR. In the more progressive talent focused organisations I work with, the business is responsible for talent outcomes and their results are better for it.
Now is the time for TA teams to guide their businesses to create a holistic employment brand, they need to be curators of the talent experience, making sure people know they have a future with the business. All the while ensuring people are remunerated fairly (with the rising cost of living, no increase is essentially a pay cut), the business is delivering on flexibility, diversifying sourcing efforts for critical or hard to fill requisitions, and the list goes on.
There is plenty to keep TA teams busy right now, but you need to consider what may be coming, plan and play the long game so you navigate these challenges rather than fight them.
Nadine O’Regan is the General Manager of TQSolutions. She is an expert in talent acquisition transformation, consulting to talent leaders across almost all verticals to lead or co-lead TA transformations for some of the country’s biggest and most exciting businesses. Having been a Head of TA herself, Nadine understands that TA leaders need simple strategies to address the burning platform – hiring the right people to meet the needs of the business at pace. She is based in Sydney, Australia.
