Companies today are not about to settle for mediocrity. Companies, both MNCs and local SMEs, want to attract and employ the cream of the crop. The fight for top talent is intense
The Battle for Talent
According to the latest annual report from LinkedIn, companies across the Asia-Pacific region are facing stiff competition in attracting the best talent.
Source: Economic Development Board (EDB), Singapore, 2015
Based on EDB’s findings, 58% of companies in Southeast Asia face the challenge of recruitment competition. On a global scale, 46% of the companies face the same issue. Companies identify unattractive remuneration package, lack of interest in the company or industry, and location as the top reasons why candidates turn down job offers. It is thus getting tougher to hire not just the best talent, but the ones that accept your terms.
The New Wave of Talents
In this age that is predominantly populated by the millennials, companies must brand themselves as THE company where this new generation can earn, grow, excel, and shine. Due to our ageing workforce where demand exceeds supply, millennials must rise above the challenge of taking up leadership roles – they must step up in exhibiting a high level of EQ and CQ (aka Cultural Intelligence or Quotient), leadership qualities, and management skills to build a future-ready nation:
Technology Management: Understand technology well enough to keep abreast of and anticipate emerging issues.
Co-create Strategies to Meet Needs: Identify emerging needs, and then build and develop a team to address these needs through co-creation.
Soft Skills Assessment: Be in-the-know of emerging tools and assessment methods to accurately evaluate staff’s strengths and weaknesses.
Workplace Transparency that Builds Trust: Leaders must be able to build trust to develop a work culture that retains talents.
Exhibit Cultural Intelligence (CQ): Embrace diversity to minimise tension, and foster good internal and external work relations.
Collaborate with Recruiters for Best Result
Despite the trend for companies to hand-pick their preferred talents and vice versa, partnering with recruitment agencies or headhunters is still the best way to go. Here’s why:
1. Recruitment professionals strategically scan the business landscape to help you recruit the right talent
2. Recruiters have industry-specific knowledge and insider information
3. Recruiters are well aware of the latest market trends, salary levels, benefits, and current skillsets specific to your industry
4. Engaging professional recruiters will save you time from going through a huge pile of profiles and making the right decision
5. Additional services, such as addressing human resources issues, employee engagement practices, appraisal writing as well as recruitment coaching for non-HR managers are also available
In essence, professional recruiters help you to lay the groundwork and match-make your organisation with the talent you need without hassles and misfires. Always remember that professional recruiters are trained to collaborate with you on your talent search.
Talent acquisition should be a collaborative effort between you and professional recruiters. They are your arms and legs on your recruitment drive. Besides the many benefits mentioned above, the most important part is that they cover your biases and blind spots. So, the verdict is clear - a collaboration with professional recruitment agencies will yield better results than identifying and recruiting the top talent by yourself. Let the recruitment professionals fight the battle for you.
Marek Danyluk is the CEO of Space Ventures, a venture capital firm investing in early-stage innovative businesses. During his tenure as a founding partner at Investigo, he contributed to the firm's success in the Sunday Times Virgin Fast Track 100 league table, ranking 10th in the list of the UK's fastest-growing companies. His passion for people led him to start Space Executive, a multi-awarded company in the international search and selection business that focuses on strategy and corporate development, change and transformation, finance, sales and marketing, consulting and professional services, legal and compliance; covering its core markets in Asia Pacific, the United States, and Europe. Marek holds a bachelor in Marketing and Law from Oxford Brookes University.