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Talent acquisition in a turbulent economy: How to recruit, retain, and manage top talent

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Industrial / Production Practice Team

Published
Oct. 25, 2023
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4 minutes
Talent acquisition in a turbulent economy: How to recruit, retain, and manage top talent
The article "Talent acquisition in a turbulent economy" by Kestria’s Industrial/Production Practice Group, provides insights on how to recruit, retain, and manage top talent in a volatile economy. The article highlights the challenges faced by talent acquisition professionals in such an environment and offers practical tips on how to overcome these challenges.
Kestria Institute Origin

Industrial/Production sector 

The Industrial/Production sector is one of the most important sectors in the global economy. It is responsible for the production of goods and services that are essential to our daily lives. The sector is also a major employer of labor, and it plays a vital role in economic growth and development.

In recent years, the Industrial/Production sector has faced several challenges, including globalization, technological change, and economic turbulence. These challenges have had a significant impact on the talent market and have made it more difficult for companies to recruit, retain, and manage top talent.

In a turbulent economy, talent acquisition professionals face a few challenges. Companies may be hesitant to hire new employees, or they may be forced to lay off staff. Job seekers may be more cautious about making career changes, and they may be more competitive for the jobs that are available.

However, there are still opportunities for talent acquisition professionals to succeed in a turbulent economy. By understanding the challenges and opportunities, and by implementing effective strategies, talent acquisition professionals can help their companies to recruit, retain, and manage top talent.

Recruiting top talent

One of the biggest challenges for talent acquisition professionals in a turbulent economy is identifying and targeting the right candidates. In a tight market, it is important to be able to attract and retain the best candidates.

Here are some tips for recruiting top talent in a turbulent economy:

• Schedule an appointment with one of Ketria’s global executive search partners in your market. During this initial session, you will receive a FREE assessment of the market tailored to your talent needs. A list of partners and contact information can be found at www.kestria.com.  

• Kestria can Identify your target candidates. That’s what we do well. Who are the people who have the skills and experience that your company needs? Once you know who you are looking for, we can start to target them for your recruitment efforts.

• Create compelling job value propositions. Your position descriptions should be clear, concise, and informative. They should also highlight the benefits of working for your company. Your employer value proposition (EVP) should explain why your company is a great place to work.

• Conduct effective interviews. When you are interviewing candidates, be sure to focus on their skills, experience, and fit for the company culture. Ask open-ended questions that require the candidates to explain more fully their thoughts. A simple yes or no response is not helpful. You should also be prepared to answer questions about the company and the job.

• Make competitive offers. In a tight market, you need to be prepared to make competitive offers to the best candidates. Your executive search consultant can provide you will real-time market intelligence on salaries and benefits packages.

Retaining top talent

Another challenge for talent acquisition professionals in a turbulent economy is retaining top talent. In a tight market, employees may have more options, and they may be more likely to leave their jobs for better opportunities.

Here are some tips for retaining top talent in a turbulent economy:

Create a positive work environment and culture. Employees want to work in a place where they feel valued and respected. Create a positive work environment where employees feel like they are part of a team and that they are making a difference.

Offer competitive compensation and benefits. Employees want to be compensated fairly for their work. Offer a competitive salary and benefits package.

Provide opportunities for growth and development. Employees want to feel like they are growing and developing in their careers. Provide opportunities for employees to learn new skills and to take on new challenges.

Recognize and reward employees. Employees want to feel appreciated for their work. Recognize and reward employees for their contributions.

Managing top talent

In a turbulent economy, it is important for talent acquisition professionals to be able to effectively manage top talent. This includes setting clear expectations and goals, providing regular feedback and coaching, managing performance issues, and creating a team-oriented and collaborative environment.

Here are some tips for managing top talent in a turbulent economy:

Set clear expectations and goals. Make sure that employees know what is expected of them and what their goals are. This will help them to stay on track and to be successful in their roles.

Provide regular feedback and coaching. Give employees regular feedback on their performance. This will help them to identify their strengths and areas for improvement. Coaching can help employees to develop their skills and knowledge.

Manage performance issues. If an employee is not meeting expectations, it is important to address the issue promptly. This may involve providing additional training or coaching, or it may involve taking disciplinary action.

Create a team-oriented and collaborative environment. Encourage employees to work together and to support each other. This will help to create a positive and productive work environment.

The Industrial/Production sector is one of the most important sectors in the global economy, and it plays a vital role in economic growth and development. In recent years, the sector has faced several challenges, including globalization, technological change, and economic turbulence. These challenges have had a significant impact on the talent market and have made it more difficult for companies to recruit, retain, and manage top talent.

In a turbulent economy, talent acquisition professionals face several challenges, including:

•           Identifying and targeting the right candidates

•           Creating compelling job value propositions

•           Conducting effective interviews

•           Making competitive offers

•           Retaining top talent

•           Managing top talent

Despite these challenges, there are still opportunities for talent acquisition professionals to succeed in a turbulent economy. By understanding the challenges and opportunities, and by implementing effective strategies, talent acquisition professionals can help their companies to recruit, retain, and manage top talent.

Kestria Global Executive Search Services can help companies to find, hire, and retain the best talent in a turbulent economy. Kestria has a deep understanding of the talent market and a proven track record of success in placing top talent in leading companies around the world. If you are looking to recruit, retain, or manage top talent in a turbulent economy, contact Kestria Global Executive Search Services today.

Contributing Authors from Kestria Global Industrial/Production Practice Group:

Gurdeep Hora – Kestria India

Michael Kantel - Kestria-Germany

Constanza Ossa Krebs – Kestria Chile

Monicca Tan - Kestria Singapore & China

Steve McKinney – Kestria South Korea

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