Back to Blogs
Blog Img

Gaining Competitive Advantage in a Talent Short Industry

“Those who build great companies understand that the ultimate throttle on growth for any great company is not markets or technology, or competition, or products. It is one thing above all others - the ability to get and keep enough of the right people.”

In a candidate short market where quality talent is in short supply, we need to widen the talent pool and shift our focus more towards hiring based around values as opposed to placing too much emphasis on a person’s technical experience.

The traditional approach to recruitment is that we generally place a lot of importance on the experience that is necessary to do the job i.e. previous work experience, technical experience, product knowledge, qualifications. Whilst all of these factors are important and in some instances critical for the role, we need to consider that when competing for a finite number of candidates available, it isn’t the most effective way to find the best talent. 

To increase the number of candidates who are available to you, the priority needs to be placed on the intrinsic values that drive a candidate.  Values are personal beliefs about what is important to a person. They become standards by which people act. Most importantly, the person’s values will translate into the behaviours they engage in, thus driving the results that are expected in the role. 

Whilst there are short term challenges of hiring someone who doesn’t have the perfect experience on paper, it can also yield significant long-term gains for an organisation. To name a few: 

  • greater loyalty and commitment to the organisation

  • fresh blood with new ideas and creative ways of thinking

  • broader perspective having worked in other sectors

  • avoiding salary wars or paying inflated prices for candidates

In order to support this strategy so that employees are set up for success, it’s important to ensure there is a:

  • structured training curriculum

  • communication regarding expectations and understanding that ROI won’t be immediate

  • a supportive and learning-centred culture

If you like this blog, you might also like:

If you’re interested in speaking with one of our consultants to ensure that you are maintaining a competitive advantage, Kennedy Reid would love to offer our assistance. Reach out today for your industry insights!