In the fight for talent start early

Now is the time to future proof your business with emerging talent

Recently businesses have had to adjust to shifting workforce dynamics, with the job market changing significantly. Many of the shortages that once hindered growth have eased, with lower demand and greater availability of mainstream skills.

Companies have also heavily invested in their existing teams, focusing on upskilling and developing necessary competencies. However, niche skills in digital, data, and analytical roles remain scarce. With entry-level hiring slowing, and an ailing economy, this could be disasterous when the economy rebounds.

What is the answer when the economy improves?

Unless you have very deep pockets, a budget for contractors, and can out-compete on salary for in demand skills, we believe that long term skills planning, combined with recruiting at more junior levels, could be the solution. How often do we hear of the importance of investment at grass roots level in the sporting world? It’s an approach that is easily translatable to business and brings with it so many benefits to the individual, your business and the wider economy.

It isn’t simply that early career candidates present more available talent right now, although that is true, it’s about a change of mindset and understanding that you can put your business in a stronger position in the long term with strategic recruitment planning.

By focusing on investment in training and development you have the chance to build a culture of evolving talent. If you’re struggling to recruit and retain staff, investing in less experienced candidates can nurture and pave the way for your company’s next generation.

Employees that feel rewarded and valued have a willingness to adapt and learn and are likely to be fully invested in your L&D programme, affording your company an opportunity to develop a workforce specifically trained to meet your business’ needs and culture.

And, of course, there’s a financial incentive to recruiting at this level. Put simply, you get more value for money if you can obtain early and retain for longevity. In the war for talent there are a lot of available graduates and apprentices who represent great value and can develop with your business. Skills such as a natural aptitude for tech can have a positive impact on driving your business forward in the adoption and use of new software and technology.

Read more on IT skills in demand

Additional benefits

Recruiting at this level can also help you to deliver on your Diversity and Inclusion strategies, a theme we spend a lot of time discussing with clients. Entry level roles are a great place to build in diversity strategies; LinkedIn’s National Gen Z Survey found that 76% percent of Gen Zs say that a job in a workplace that is diverse and inclusive is important to them and that, furthermore, they expect inclusiveness to be the default.

Nurturing and retaining skills in-house also benefits your other employees. A recent Employee Engagement report from Predictive Index found that a culture of promotion and development leads to high levels of engagement and productivity. If your company doesn’t have a culture that supports internal growth and movement, the ability to promote employees or develop career paths becomes much more difficult. Rather than working as part of an existing culture, you’re swimming upstream against the culture.

So, as a long-term strategy for growth, where talent is short, hiring more inexperienced staff and developing your team from the inside may be the only solution.

With just 28% of businesses adopting a skills gap analysis for future growth*, identifying and addressing future skills shortages, and presenting career pathways within your organisation, will ensure you are well placed to outperform your competitors, whilst retaining and developing your existing team.

*Aon Human Capital