It’s no secret that there is a global talent shortage. While this shortage is most pronounced in industries with jobs that require special skills and experience, there is a growing concern that this shortage will significantly impact more businesses in the not too distant future.
While I am aware of some debate about the reality of this shortage, consider these findings from PwC’s 17th Annual Global CEO Survey.
- 63% of CEO’s said availability of skills was a serious concern.
- 93% of CEO’s said they recognized the need to change their strategy for attracting and retaining talent.
Despite the increasing complexity and urgency of this challenge, many organizations continue to deal with talent acquisition as a mechanical production process.
There is an alternative, it’s a Candidate Care strategy. Senior leaders are realizing the value of turning job applicants into brand ambassadors, sometimes these ambassadors are telling others about open positions in a company even when they have been turned down.
A Challenging Landscape in Pharmaceuticals
In an effort to reduce costs, the Pharmaceutical industry continues to outsource much of their R&D activities to CDMO’s, (organizations that specialize in development and manufacturing for their clients). Rather than develop the product themselves, many companies are acquiring a more innovative company in order to expand the product portfolio.
Create an Employee Value Proposition (EVP)
Candidate Care is a talent acquisition strategy that encompasses all facets of the talent acquisition process based on a clearly defined EVP. Firms leveraging this strategy recognize that every interaction throughout this process is a branding opportunity.
Effective Candidate Care strategies elevate talent acquisition strategies to the highest levels in the organization, and most importantly, they respect the time and effort of all candidates.
Why is it important?
Some of the most qualified candidates are not actively searching for a job. First they must be identified; next they’ll need to be sold on the opportunity. Once convinced, a consistent experience plays a crucial role in determining the ultimate outcome.
Creating a compelling employee value proposition requires input, commitment, and involvement at all levels in the organization; it’s a strategy not a tactic. Without senior level support, there is little hope for the substantive change required to implement this kind of strategy.
What is the goal?
The goal of Candidate Care is consistently sourcing, screening, selecting and onboarding qualified candidates in a manner that aligns with the company’s EVP and builds a positive brand experience for all stakeholders.
Sometimes applicants who don’t qualify, but have a good experience, will recommend other candidates.
What is the first step?
Focus on the candidate experience from their perspective. How do they find out about opportunities in your organization? Think about the different options at their disposal. To do this, I believe an ecosystem map is helpful.
An ecosystem map is a diagram that identifies potential touchpoints for those seeking opportunities in your company. Often there are an array of resources outside the purview of an organization.
What’s the next step?
I recommend creating the acquisition journey map as a group that includes members of other functions. From the very first request until the onboarding process is successfully completed, define this journey.
If you already have the procedures in place, consider this practice as an audit of the process. Try to identify any gaps or shortcomings in the journey. Seek feedback from each of the stakeholders.
Review the ecosystem and journey maps on a regular basis, the specific review frequency may vary. Remember the ecosystem is dynamic so a regular review process will help to ensure that the internal journey doesn’t have any gaps. This must be a group effort. Make sure all appropriate stakeholders are involved. Ask for input from those regularly involved in the process.
Any other suggestions?
Bob Hennessy, Managing Partner