DSML Executive Search, with offices in Boston and Chicago, is a leader in the recruitment of management and key personnel for European and Canadian businesses who have operations in the United States.
Continued demand for talent in 2021
A recent survey found that roughly one-half of responding employers expect to increase their workforce in 2021 and that recruitment sits at the top of their list of concerns. “Recruiting and hiring efforts will be key for attracting talent and ramping up operations”, Source SHRM
Unexpected turn where workers have the upper hand
As highlighted in a recent Forbes article, “In light of the sudden need for talent, workers and job seekers will have the upper hand”. There are simply more jobs available compared to six months or a year ago. Instead of ghosting candidates, as has often been the case over the past few years, employers will need to learn how to be more responsive to them.
A recent Harvard Business Review article stated that nearly eight in 10 global CEOs say they’re concerned about the availability of people with the right skills. Further, the article mentioned that, rather than spending billions on acquiring talent, a better approach is investing in the talent that is already in place. This, of course, puts an emphasis on training as a worker shortage has become a key business issue. Allocating funds towards training existing employees is one approach to retention, however we are finding that our clients are hiring more to manage the growth of their business rather than to replace those who may have left for other opportunities.
Some key elements to keeping your well-functioning team together, are:
- Hire the right people
- Prioritize skills training
- Allowing for greater flexibility
- Align your team around shared values
- Remain competitive with total compensation
A shift towards variable pay
Despite the increased demand for talent, business growth remains unpredictable for the remainder of 2021. For this reason, many employers are adapting variable compensation programs that allow for pay increases based on both individual and corporate performance.
We, at DSML Executive Search, have always known how challenging it is to recruit top talent for our customers, especially when there are cultural differences as well as different values, norms, habits, and beliefs that are often present when the head office is in another country. However, through our years of experience we’ve learned that no matter how eager the client is to fill a position, we should never, ever, deviate from our process. As an example, we never depart from our strict “double interview” methodology, in which all candidates are interviewed by at least two consultants, whether concurrently or separately, before moving forward to the next stage.
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If your company is seeking to recruit for a key position, such as CEO, COO, President, VP or other senior level role, have a conversation with DSML Executive Search (contact) to ensure your search includes a “through process” and “success based” strategy.