For many of you in the consultancy management industry, talent attraction, acquisition, and employee retention is a major challenge. Times are changing and it’s no longer the sole responsibility of HR departments to fill those positions. Join us as we look at the challenges and the solutions available to you.
From our experience working alongside many management consulting firms, we have noticed an increase in just how aware you all are of the challenges you now face when it comes to attracting the right diverse workforce.
It’s no longer just the case of posting a job and seeing who applies, that simply just doesn’t work. It’s also a highly competitive job market, meaning that people move around often to other firms. Internal mobility and retention is a must-focus-point.
For companies to create a sustainable and futureproof business they need to make some adjustments.
WHAT ARE MANAGEMENT CONSULTING FIRMS?
Management consultants help organizations to solve issues, create value, maximize growth and improve business performance. They use their business skills to provide objective advice and expertise and help an organization to develop any specialist skills that it may be lacking.
WHY ARE PEOPLE SEEKING NEW JOBS?
Firstly, it is important to understand why people are seeking new jobs, what are their reasons? Were they dissatisfied with growth opportunities, pay or the working environment?
Having an understanding of the most common reasons people are seeking a new company and role, can help you later with your own talent acquisition and retention.
Here’s an interesting survey from recruitment giants LinkedIn and Indeed, they carried out major surveys looking at candidate attraction which, by implication, may also serve as a blueprint for staff retention. It states that the major reason for consultants changing jobs is a lack of career prospects, followed by dissatisfaction and a miss-match with the current role, company, and culture.
WHAT ARE THE MAIN CHALLENGES FOR MANAGEMENT CONSULTING FIRMS?
So, we’ve looked at the reasons why people are searching for new careers, but what are the challenges consulting firms face attracting those job seekers?
In today’s transparent online environment, top talents chose their employer and not vice versa, and for consulting firms the competition has never been tougher. As a business, you’re only as successful as your people and their ability to achieve measurable results for their clients. Therefore, it is especially important to attract and retain the best talent to reach your business targets and goals.
#1 TOP TALENT ACQUISITION
It’s an all-out war on finding top talent, so it’s absolutely essential to have a strong employer brand with clear vision and mission that offers candidates a real glimpse at life once they work for you. Candidates who understand a brand and what it stands for are more attracted to apply for positions because they can feel a connection to the role and culture.
It’s a challenge for smaller businesses that don’t have a large brand identity but by showcasing your real working environment and business culture you can strengthen your brand and attract better quality talent.
#2 RETENTION OF TALENT
Did you know that 21% of each employee’s annual salary is the turnover cost for the company? If your consultants aren’t happy, with so much competition it’s easy for them to move on to greener pastures. Growth and development is an essential offering to staff to aid retention.
Don’t forget the main reason for a job change – 31% of job seekers were looking for a new job because there were no career prospects with their current employer.
#3 THE GENDER GAP
Gender diversity, retention and promotion of women are recognized as the biggest issues for management consulting firms. The gender gap and classic role stereotypes are still part of the workplace, but many smart organizations are closing the gap by using blind CV screening, helping companies cut the bias and recruit for the right reasons, hiring professionals on merit and skill.
“It is a big mistake for companies to assume that the process to find a candidate and fill a position will be the same process every time.”
So, we’ve seen the challenges but what about the solutions? How can you beat your competitors an stay on top of the talent acquisition battle?
#1 CANDIDATE EXPERIENCE
It’s our personal favorite, improving your candidate experience can unlock new possibilities for both your business and your candidates. Have you ever wondered what your candidates really think about your recruitment process? It is a big mistake for companies to assume that the process to find a candidate and fill a position will be the same process every time.
Acknowledging those differences will help companies differentiate themselves from the others and offer a positive and unique candidate experience.
Did you know?
75% of candidates never hear back after sending their application
60% of candidates never hear back after going on an interview
22% of candidates will be vocal about the experience and tell others not to apply
You can read more about the candidate experience in our White Paper titled Save Time & Money by Improving Your Candidate Experience.
#2 BLIND CV SCREENING
What would happen if all the bias was taken out of the recruitment process? All personally identifiable information from applicants was removed including their name, gender, age, education, and even sometimes the number of years of experience.
Blind recruitment is used to overcome unconscious bias and promote equality and diversity, its gaining popularity rapidly. Read more about blind CV screening.
#3 ZOCKET POWERED
Zocket Powered can help you to lower turnover-related expenses by giving you the tools to improve your employer brand and employee retention. Our stand-alone white-labeled platform facilitates internal mobility and supports professional development while allowing for complete transparency throughout the company and between departments.
With Zocket, avoid costs by promoting in-house growth and filling positions with internal candidates who already know your business.
Get started today and request a free demo with us.
#4 GET AN ASSESSMENT
It sounds too simple but its often really overlooked, If you want to know what your candidates really think about their experience when applying to work for you then use our candidate experience assessment. We can help uncover the effects on your business and how to improve it to strengthen your employer brand.
Get started today and get in touch.