SOCIAL NETWORKING and headhunting are necessary recruitment tools for employers in 2008, as attracting talent overtakes retention as the number one human capital challenge in 2008, according to a recent report.
The growing concerns over attracting talented staff shows that while companies feel they are making an improvement in terms of retaining talent there is still major concern in the area of attraction.
The shift means that companies once again will have to up the ante with attraction strategies and explore new avenues to recruit staff to remain competitive.
“The shift from retention to attraction reflects the overall climate of the continued shortages in skilled labour and the need to consider strategies to penetrate a relatively dense ‘passive’ candidate market,” said Debbie Loveridge, CEO of Vedior Asia Pacific.
Social networking is one way which companies may have to invest more money in to find the right people. With only 6 per cent of organisations using online social networks, they may become a necessary way to attract talent.
Competition for talent is set to intensify further in 2008, with 42 per cent of Australia-based employers looking to expand their current workforce in 2008, a significant increase from 28 per cent in 2007.
Sixty-one per cent of organisations in Australia believe their employer brand attracts and retains employees, however, 60 per cent admit that there is still more that can be done to improve their employer branding strategy.
“With the realisation that the shortage of labour is having a real impact on the bottom-line, employer branding is likely to be put on the agenda of every boardroom table in the country,” said Loveridge.
Headhunting to source junior talent is also on the rise. Once a method reserved for senior executives, nearly one in five organisations across Australia now use headhunting to source junior talent, and 57 per cent use headhunting for mid-level professionals. Headhunting now follows online and print advertising as the third most common sourcing method used by 43 per cent of organisations in Australia.
As the pressure to attract talent intensifies, the report also shows that many organisations continue to be forced to look offshore. While the UK continues to dominate the supply of international talent (55 per cent), India (20 per cent) and China (12 per cent) are becoming an increasingly attractive source of candidates for Australia-based employers.