Companies Transform to Attract, Retain Talent
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Companies Transform to Attract, Retain Talent

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Sofía Garduño By Sofía Garduño | Journalist & Industry Analyst - Thu, 10/13/2022 - 16:26

The growth potential and competitiveness of companies have become depressed in a labor-led market, prompting organizations to reevaluate and innovate their current recruitment strategies to attract and retain the top candidates available. In a year marked by red-hot demand, alliances with universities, offering good work-life balance and developing workers have proven to be the most indispensable recruitment mechanisms, according to industry leaders. 

 

The war for talent is plaguing industry in Mexico and beyond, transforming what has traditionally been considered a human resource occupation into a business-critical function. On a global scale, three out of every four companies report difficulties hiring the talent they need, a sixteen-year high, according to the Manpower Talent Shortage Survey 2022. From IT to marketing, and from logistics to manufacturing, 65 percent of Mexican employers are having difficulties finding the talent with the skills that their organizations need. 

 

In the face of multiple and ongoing business transformations, a depressed supply of qualified talent threatens to undermine if not inhibit the growth of companies at a pivotal, market-defining moment. Specifically, “The urge to find digital talent is powerful,” said Carlos Lau, CEO, Kurios.

 

“What we are experiencing is not new, but consumption habits, needs and expectations have changed and this has forced us to transform the way we do business, as the labor market began to have different needs,” said Mireya Rangel, HR Director Mexico and Central America, Indra.

 

Aware of the growing problem, companies have mobilized to update and fortify recruitment strategies ahead of an anticipated market slowdown. “The world changed and keeps changing and if companies do not adapt, they will be left without talent,” added Rangel.

 

Frontrunners in this adaptation have found success in allowing themselves to be labor-led, letting contributor and talent-generated data inform the development of internal recruitment initiatives. From this data, organizations have gained helpful insight into prominent, generally held values and behaviors including work-life balance, reskilling and upskilling, value alignment, compensation and flexibility, among other key factors needed to retain talent. 

 

Leveraging this information toward an organization’s unique skills needs will allow companies to target, attract and retain talent that coincides with the organization’s cultural fit.

“The setting of a recruitment strategy is about connecting the results of the recruitment analysis with the best practices available on the job market. Using the boundaries from the HR Strategy, the team can set the real state-of-the-art recruitment strategy, which can contribute to the organization,” according to HRM Handbook.

 

After the worst of the COVID-19 pandemic, candidates became more selective. “The pandemic forced us to continue evolving and reframing the strategies to present the company to candidates. Companies need to think on how to make themselves more attractive and visible,” said Nivia Trejo, HR Director, Chubb. After all, workers now decide whether they want to be part of a company or not. “We have increasingly selective candidates and it is important that companies take care that the mission and vision are admirable and make sense to the candidates,” said Ibeth Ríos,People Operations Lead, Pulpi. 

 

Candidates are now the designers of their workday and it is imperative for them to feel free and safe to express their interdisciplinary knowledge, emphasized Ríos. Moreover, recruitment processes now have to be shorter and more efficient through technology. Meanwhile, other skills must be prioritized. "Frameworks that prioritize skills rather than personal attributes will be key for recruitment success,” said Andrea Alguera, Talent Acquisition Manager LATAM, Bridgestone. “We must work from a framework of diversity, equity and inclusion,” she added.

 

Additionally, companies are partnering with universities to support the development of new skills among young talent. “The new generations do not come out of their studies with the technical knowledge that we need. Agreements must be made with the schools to adapt the study plans to modern needs,” said Rangel.

 

Although the battle to attract new talent is strong, the existing labor force. “Even though strategies to attract new talent are important, we also have to pay attention to the talent already part of the company to keep training them,” added Trejo.

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