The General Election. Brexit. Currency Fluctuations. All of these macro-scale factors are impacting a range of companies – from the coffee retailers that froth up your Italian rich roast to the investment banks that re-invest your money – as they search to employ the best talent.
In fact, the international scope that successful multi-nationals employ when looking for top-level executives is currently under threat as the current socio-political-financial imbroglio dullens the UK’s AAA appeal.
Tom Price-Daniel, Director at Alderbrook, believes that one of the best ways to insure against the dangers posed by this uncertain talent landscape is by looking within to promote talent.
Speaking exclusively to Executive Grapevine, he said: “A firm’s existing talent base is a valuable asset. Any strategical rethink in regard to talent must start with an assessment of the organisation’s current workforce.”
However, Price-Daniel explains that many companies are failing in the search for internal talent as some of their best talent is pigeonholed in unsuitable roles or constrained in a poor environment. This only exacerbates the dangers posed
He added: “All too frequently, workers find themselves pigeonholed early on in their careers. By demonstrating aptitude, these employees risk being typecast, pushed into a more restrictive position with fewer opportunities for career development.
“Talent suffers equally when the wrong people are placed in the right environment. This is largely a result of the flaws associated with traditional screening methods.
“Typically, job interviews place great emphasis on technical competencies, whilst failing to appreciate the significance of behavioural attributes.”
Price-Daniel is optimistic however, citing the rise of new talent metrics as one way in which businesses can combat their current inability to hire in a savvy, spendthrift manner.
“Today, many financial institutions in particular beginning to deploy a dashboard of key metrics to reveal which behaviours exist in a team, and where the existing employees demonstrate the desired behaviours for a different scenario,” Price-Daniel explained.
“This allows HR teams to not only make sure that new talent fits, but understand the best ways of utilising the talent they already have.
“In a time marked by uncertainty, and in a climate where efficiency is more valuable than ever, organisations must embrace the technologies available when it comes to their recruitment cycle. The effective measurement of culture allows for the traditionally intangible, abstract concept of ‘culture’, to be leveraged as a tool to influence the business from the top-down with significant cost and performance benefits.”