According to the British Chambers of Commerce, recruitment issues are at an all-time-high, with 76% of businesses struggling to hire new talent, and more than half of businesses now functioning below full capacity. Organisations in this situation will likely experience significant impacts to their performance, as teams remain understaffed, resulting in low productivity and decreased employee satisfaction.
If you are experiencing these issues, you are not alone. It is becoming increasingly challenging to find, recruit and retain talented staff who are dedicated to helping you achieve your wider business goals. But what can you do about it?
The core of any business is its people, even over the products or services you deliver, so investing in your talent should be a key priority. If you’re looking to reduce employee turnover, build thriving teams and improve overall business performance, a talent solutions partnership could be just the ticket for you this year.
A talent solutions partner helps organisations improve their talent acquisition and build higher performing teams, covering recruitment, retention, project management, leadership, temporary staffing and team planning. Let’s explore this more…
Think of it as a partnership, not just a service
A talent solutions partner fosters a long-standing relationship with its clients, delivering more than just a ‘quick-fix’ to recruitment issues, but a talent pipeline that will support your business growth long-term. A talent solutions partner can offer a range of services, depending on your unique business needs, doing so much more than simply sourcing candidates - such as finding talent, carrying out interviews and providing first-class training.
Unlike a recruitment agency, talent solutions partners can offer training to candidates with specialised technology, platforms or working methodologies, even those that are specific to only your business. It involves having collaborative engagement with clients to allow for an end-to-end customised talent solution. It’s less about filling positions and more about finding the perfect talent for you.
5 Ways a talent solutions partner can transform your business
Here are five ways a talent solutions partner can help transform your business in 2023:
1. Improve talent acquisition
A talent solutions partner can help improve the quality of your talent, helping you build a highly-skilled workforce with specialised training and professional skills. With a network of new and passive talent who are interested in moving roles, a talent partner can select the right candidates for your business and upskill them to your required standards.
This will be key for industries where there is a significant skills gap, such as the technology industry for example, where finding the right talent will be pivotal for the success of your business. It is estimated that the global skills shortage will amount to $8.452 trillion in untapped revenue by 2023, so improving talent acquisition over the next few years will be vital to prevent losing out on this potential revenue.
2. Increase diversity in your teams
It is reported that diverse teams perform 60% better and have stronger decision-making abilities, however, there is still a long way to go for many businesses looking to improve D&I within their teams - especially for those that do not measure their diversity performance.
When it comes to recruitment, unconscious bias can lead to a number of problems for your business. Such issues include hiring inappropriate candidates for a role, undervaluing employees, causing a decrease in team morale, and promoting unsuitable employees. It could also lead to you pushing your most talented employees to leave, damaging your reputation or even putting your business under legal scrutiny.
Hiring a talent solutions partner that specialises in D&I and advocates for equal opportunities can help your business boost diversity, equity and inclusion in your teams - whether its unique academic backgrounds and skills, or demographics you’re looking for. They can also help advise on how to incorporate more unbiased practices into your organisation, specifically in your recruitment processes.
3. Decrease hiring costs
Hiring a talent solutions partner requires an initial investment, yet will have a positive financial impact in the long-run. This is because you are required to spend less time and money on hiring processes and training.
In the UK, employers spend over £1,000 per employee on average, just for training. And, in many cases, this training time will eat into the new employee’s working hours and require existing employees to use their time for teaching - in turn, costing the company much more.
Partnering with a company that covers training for you, ensures you have fully-trained employees before they enter the workforce. Best of all, with candidates perfectly suited to roles, you are likely to have happier teams, higher retention rates and less turn-over, meaning less re-hiring and re-training costs.
4. Improve employee engagement and satisfaction
Happiness at work is a priority for 90% of employees, so it is imperative employers do everything they can to ensure employee satisfaction. Not to mention, happier employees lead to more productive, creative and dedicated teams.
Employee engagement and satisfaction can be difficult to navigate. However, the main culprits for low engagement and satisfaction are lack of company culture, underappreciation, poor work-life balance and lack of direction or leadership. It is in your business’ best interest to address these issues head on, and take preventative measures, too.
A talent partner aims to engage with candidates in a way that suits them, ensuring a positive experience from start to finish. They will also work hard to make sure the role is well-suited to the candidate, and they are provided with sufficient training to do the job, as well as wellbeing programmes and training opportunities. As such, employee engagement and satisfaction will be higher as they have all the support they need.
In the same way, hiring for senior and leadership roles using a talent partner can ensure your team leaders are sufficiently trained in people management, and can keep on top of staff engagement and satisfaction.
5. Improve forward planning
A sustainable talent pipeline is essential to helping improve strategic workforce planning. Future planning is necessary for predicting future hiring needs and ensuring stable staffing within your business. Without the correct forward planning, your business may find itself understaffed, with a skills shortage, or without the appropriate budgets to hire the required talent.
A lack of staff can lead to detrimental consequences for a business, such as stress–related performance issues among employees, which could even result in them taking prolonged leave or resigning from their position. In this way, improving forward planning when it comes to recruitment can lead to reduced costs in the long-run.
A talent solutions partnership can help you set up a sustainable talent pipeline to ensure you are sufficiently staffed throughout the year. Similarly, a partner is able to help you hire across levels, providing you with improved leadership teams, who can contribute to better decision making and forward planning.
How can FDM support your business
At FDM, we have over 30 years of experience partnering with businesses to offer talent acquisition solutions that support their core goals. Our recruitment model encompasses all stages of the talent lifecycle, finding the right candidate for the job, providing award-winning training programmes and placing candidates in suitable roles.
We are proud to be an equal opportunity employer, and can help your business hire the best, diverse talent and build high-performing teams. And our support doesn’t end once the candidate has been placed. We provide a range of support and development services to our consultants to ensure they are happy in their new roles, and have the resources they need to keep learning and excel.