Korn Ferry survey shows hiring often focuses on immediate needs rather than future.
Short attention span.
Dynamic changes in business and a lack of focus on the future are impacting the way hiring professionals do their jobs according to a global survey by Korn Ferry. While 83 per cent of hiring professionals agree they have a long-term talent acquisition plan that ties directly into their strategic business plan, it appears that many are falling down on implementation. Forty per cent admit they only forecast out six months or less for future hiring needs, with 16 per cent saying they only plan for immediate needs.
Eighty-two per cent say that when it comes to finding talent, it’s a challenge to meet current business needs while planning for long-term business goals. When asked why this is so difficult, 57 per cent said business leaders are only focused on the short term, and 22 per cent said they don’t know what the long-term goals are, or what kind of talent will be needed.
“It is true that the changes in business imperatives have never been more frenetic, but it’s critical that organisations work to predict future talent needs and either hire or retrain existing employees to meet the challenges of tomorrow,” said Kay Cooper, Korn Ferry managing director, Recruitment Process Outsourcing (RPO) EMEA.
Nearly two-thirds of respondents (61 per cent) say that it is more important to hire people who can adapt to changing business needs in the future vs. hiring people who can fit immediate vacancies. In addition, 61 per cent say that when considering the fast-changing environment and tougher competition for talent, they invest more in upskilling their existing employees than recruiting externally. Nearly half (47 per cent) say they have formal training programs in place to upskill their employees.
“Existing employees are a treasure trove of knowledge on how your organisation operates,” said Cooper. “Retraining workers to meet tomorrow’s business priorities is a key part of workforce planning, along with making strategic new hires – people who can make an ongoing impact on the business.”