According to a recent article published by Forbes, the war in Ukraine could impact the supply of qualified offshore IT specialists by as much as 10% for the next 3-6 months. Together with the effects of the pandemic on the labor market, this new challenge is likely to trigger a new bid war over talent in 2022, and force recruiters to search for passive talent.
Wages are already forcing upper management to rethink 2022 HR budgets as the economy returns to firing on all cylinders, and workers seek to maintain their Covid-era standard of living. The latter factor expressed itself with the so-called “great resignation” phenomenon, and the concomitant demand for higher wages and perks like work-from-home and work-schedule flexibility.
According to David Kant, President of Dynamic Search Consulting, an executive search firm based in the Silicon Valley, “the current situation of the job market, inflationary pressures, and a growing economy combine to create a scissors effect that benefits the supply side of the job market. For HR professionals, it’s time to take a deep dive in compensation scale research and to develop new hiring strategies.”
This situation is no news to the long-time headhunter who already observed what impact an exit from recession can have on the propensity of wage earners to look for greener pastures whenever circumstances favor their side of the equation.
“Don’t expect people to continue waiting for a raise or better benefits. Job offers clearly tell them if they are underserved”, he adds. “With the level of transparency afforded by the web, it’s not hard to compare what you get with what you could get. HR professionals must continue to hone their passive recruitment strategy, including their external messaging of how they stand out in offering better opportunity and reward.”
Passive talent are top-notch engineers and executives currently employed and not active on the job market. This type of talent can’t be reached by traditional executive search strategies. Headhunters take years to develop direct and indirect relationships with a rolodex of passive candidates that can be tapped discreetly when the right offer comes along. The key here is the word “right”.
“I won’t come to the market with my client’s opportunity until I’ve thoroughly refined with my client their messaging and value proposition, so there’s a compelling message illustrating why their opportunity is unique and better than the many other choices top candidates have to choose from”, explains David Kant. “High-value targets are not looking for work, and they are typically risk-averse. You won’t snatch them away unless you show strong value“.
Attracting talent from competitors is nothing new for the executive recruitment industry. But as the level of uncertainty increased with the recession of the early 90s, then 9/11, then the Great Recession of 2008, and now the pandemic, preparing the right offer to court the right profiles requires nothing less than a deep knowledge of the job market, excellent backdoor access, and great negotiating skills.
“In the end,” David Kant confides, “when many corporations battle in the same shallow pool of available talent, HR has no other strategic option than to create better hiring opportunities for itself. It’s a matter of survival. To paraphrase the Romans, if you’re not expanding, you’re dying.”
ABOUT
Dynamic Search Consulting (DSC) is a Silicon Valley-based executive recruitment firm focusing on finding high-value passive talent in retained search missions. The firm operates across the U.S. from San Jose, CA.
Source: https://pressrelease.cc/great-resignation-war-in-ukraine-a-shortage-of-it-talent-silicon-valley-headhunter-says-the-talent-youre-looking-for-works-for-your-competitor/
About Dynamic Search Consulting
From the very beginning, DSC was established as a boutique executive search firm. The word “boutique” reflects the ethos of our brand, our core value.
Contact Dynamic Search Consulting
2570 N First St Suite 200
San Jose
CA 95131
United States
(925) 600-0903
Website: https://dynamicsearchconsulting.com/
