- As labour market increasingly a ‘candidate market’, companies advised to improve their recruitment processes to secure top employees
- National study finds employer brand the most important concern for HR Directors seeking to attract top talent
- Irish companies fare poorly on predicting and planning future resource needs
The Irish labour market is increasingly a candidate-driven market, where talented employees are much sought-after and in short supply, according to recruitment experts Hays.
Hays today launched its ‘State of Resourcing Report’ which surveyed 150 prominent Irish companies and employers across a number of industry sectors including financial services, technology, construction and life sciences. Participants in the study, included leading Irish employers in the private, public and multi-national sectors.
The launch of the report was attended by leading HR experts who discussed Irish companies’ track record in attracting and retaining top talent.
The report benchmarks the ability of companies to attract and recruit the best employees. It also examines the resourcing capabilities needed by Irish companies to secure top talent.
Seven key areas were examined – prediction and planning; talent acquisition; market reputation; assessment methodology; on-boarding of employees; metrics and measurement; and, enabling technology.
Of the seven areas, managing the company’s reputation was considered the most important by HR Directors, with 90% citing it as important or very important.
However, the study also identifies a number of shortfalls in this area.
Companies were found, unsurprisingly, to invest heavily in their market brand but to neglect the candidate experience of potential employees. Despite 83% of employers citing candidate experience as important or very important, only 20% of those questioned believed their company ‘very good’ at it.
According to Richard Eardley, Managing Director of Hays, this approach can be a costly mistake:
“The employment market in Ireland has changed hugely in the past 18 months, notably in the key area of construction. The loss of skills overseas during the recession, allied to falling numbers of new entrants coming though the education system has left employers caught short as widespread job creation takes root. It has become a candidate’s market. Companies who want to attract the top candidates will have to do more to protect and foster their reputation to ensure that they get the best applicants through their doors”, added Eardley.
Miriam O’Keeffe, Programmes Director, at the American Chamber of Commerce Ireland speaking at the event warned, “attracting the top talent is a global issue. However, Ireland is punching above its weight and winning the battle for the best candidates. Ireland has succeeded in creating a buzz about the country as a great place to work and live. We have to maintain that excitement, particularly in terms of our start-up business eco-system.”
Equally as the competition for the top talent intensifies companies must avoid talent wars and work together to develop solutions to the common problems facing employers here,” added Ms. O’Keeffe.
Other key findings from the report include:
- 67% cited predicting and planning of their resourcing needs as very important. Yet only 8% ranked their company as very good at doing so, suggesting there is a gap between knowing what manpower a company needs and actually putting this in place;
- 38% of respondents recognise the importance of workplace diversity, but only 17% regard themselves as very good at it;
- 61% of respondents see on-boarding of new employees, as very important, yet only 18% regard themselves as very good at it;
- While 2-out-of-3 companies are failing to embrace technology to identify and select the right candidates needed for specific roles within an organisation.
Key recommendations offered in the report on how companies can attract the best talent, include:
- Adopting a HR strategy which targets specific hires, creates pipelines of engaged talent such as through youth programmes and fosters internal talent;
- Promoting the company’s employer brand and focusing on giving candidates a positive experience at all stages of the recruitment process;
- Measuring and using technology to assess the quality of hiring, while pinpointing areas of improvement;
- Training hiring managers to see recruitment as a two-way process where the candidates’ impression of your company counts, as much as the company’s view of the candidate;
- Make the on-boarding process for new hires as smooth and engaging as possible.
ENDS.
For further information contact:
Paddy O’Dea, PR360 01 6371777/086 357 3365 [email protected]
Amanda Glancy PR360 01 6371777/087 2273108 [email protected]