We are Cpl’s Talent Evolution Group, an expert, multi-disciplinary team, focused on executing the most evolved talent solutions and experiences for our clients--across banking and finance, technology, medical devices, and multi-lingual sectors--no matter where they are on their journey of growth.
"Workforce and Talent Solution innovation offers a genuine competitive advantage to organisations who purposefully harness it. In the same way companies focus on service, product, and digital innovation, leaders can look to talent as a new frontier for innovation."
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Negative global markets led to a very challenging business year in 2023. Talent demand was variable and consequentially many businesses have begun to shift their talent priorities.
Whether that’s the adoption of technology to streamline the candidate attraction process or the use of blended workforces to better meet talent needs, organisations are becoming more innovative in their approach to talent attraction and retention.
However, not all change is good, especially with some organisations taking the focus off long-term strategies for short-term impact.
The candidate market remains strong, and organisations need to stay aware of the power of Diversity, Equality, and Inclusion (DEI) and other human-centric strategies in reaching the best candidates, while also understanding where to challenge inefficiencies in their recruitment models.
The spiralling cost of recruitment is a growing worry for hiring managers and with many organisations looking to reduce spend, understanding where best to challenge costs is becoming more complex than ever.
Talent Evolution Group research shows 93% of hiring managers expressed concerns about a potential talent shortage in 2024. With 79% of surveyed hiring managers anticipating reduced talent attraction budgets for 2024, cost reductions coupled with a highly competitive talent pool are a recipe for disaster for many organisations already struggling to source the right candidates.
Understanding where to make cost savings is key to successfully navigating the talent challenges ahead.
Artificial Intelligence (AI) emerged as the most impactful technology of last year, and its popularity is expected to rise in 2024. However, like with all new technologies, we are seeing people question its wholesale application. The Talent Evolution Group's research revealed that 81% of hiring managers and 71% in the C-Suite have encountered challenges related to bias and discrimination issues with AI in the recruitment process. In 2024, we will see more scrutiny around AI as organisations looking to meet DEI goals question the partiality of the candidate selection process.
The need to implement cutting-edge technology, including AI recruitment software and data analytics tools, has also increased the running costs of the talent function. While larger organisations can absorb cost increases, smaller businesses may be finding it difficult to keep up with better-funded competitors.
Moreover, strategic workforce planning is becoming more sophisticated, and organisations are relying more on analytics and data-driven insights to make impactful decisions around talent acquisition. While the efficiencies these systems bring are immense, however, they also come with significant costs.
The growing need to meet strict compliance legislation mandates, uphold data privacy regulations, and DEI targets also require valuable resources, which have been stretched to their limit.
To meet targets while cutting costs, we anticipate an increased demand for outsourced talent solutions. A conclusion that 75% of survey respondents have also reached, as they are planning to engage in outsourcing in 2024.
Working with a talent solutions provider can eliminate the need to develop and fund expensive internal AI and data analytic systems. Providers can also be relied upon to understand and implement compliance legislation and to keep DEI goals to the fore when sourcing candidates.
Organisations are leaning into technologies, to help attract candidates with the right skills. Not only is it important to optimise the talent attraction stage of the candidate journey, other stages of the journey should also be given the same level of attention.
A confusing or extended hiring process can lead to the loss of quality candidates. Having multiple rounds, procrastination between stages, and a lack of communication frustrates the hiring process and leads to candidates dropping out or accepting alternative offers.
A shocking 92% of businesses reported losing candidates due to a lengthy recruitment process. Internal alignment in the hiring process can streamline the candidate journey and speed up decision-making.
Regardless of how optimised an organisation's talent journey is, candidates will always want to hear from past employees about their experiences with the employer.
Dissatisfied candidates and employees can share negative experiences, which significantly impact a company's brand and reputation. According to Glassdoor, 84% of job seekers find ratings and reviews crucial in their decision-making process.
Over half of the employees surveyed by Talent Evolution Group said they were not asked to attend an exit interview. Additionally, 38% were not asked for feedback after resigning from their last job.
Proactively engaging with departed employees and soliciting feedback could potentially result in valuable insights that could improve retention rates while also minimising negative feedback.
Embracing a proactive approach demonstrates an organisation's commitment to continuous improvement and growing a positive workplace culture.
A talent solutions provider, like Cpl’s Talent Evolution Group, is a readily available partner for organisations that are facing tightening budgets, but are still eager to take advantage of the technological advancements that will empower recruiters through 2024. Expert talent solutions providers not only deploy the right technology where needed, they are also adept at understanding how to implement and use technology to best optimise client talent journeys.
At Cpl’s Talent Evolution Group, our team of experts optimise the candidate journey by implementing human-centric strategies in conjunction with clients, to improve the talent attraction and retention process. We not only analyse your candidate journey and recommend optimisations, we also lean into our 30+ years of expertise to devise new strategies, so you get the most value from your talent process investment.
Engaging a talent solutions provider can assist organisations to overcome the dual challenges of talent shortages and budget cuts, in an era of tighter fiscal scrutiny. At Cpl’s Talent Evolution Group, we provide first-class talent solutions and deliver as promised. Being accountable to our clients, giving expert advice, and meeting client needs is something we pride ourselves on.
Discover how Cpl’s Talent Evolution Group’s range of services, including Managed Service Provider and Recruitment Process Outsourcing, can help your organisation evolve and adapt to the recruitment challenges of the future.
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