Talent management: Embarking on the path of innovation
According to hiring projections by the Information and Communications Technology Council (ICTC), Canada’s labour market is facing a growing gap between talent supply and demand. By 2021—just around the corner—approximately 216,000 positions will need to be filled.
Timing is of the essence
Spring 2019, and we are facing a full-blown IT talent shortage. According to hiring projections by the Information and Communications Technology Council (ICTC), Canada’s labour market is facing a growing gap between talent supply and demand. By 2021—just around the corner—approximately 216,000 positions will need to be filled. With all industries relying on technology to increase productivity and efficiency, reduce costs, generate revenue, grow and innovate, it is easy to imagine the short-, medium- and long-term impacts of the current labour shortage. Things are going to heat up!
As there is no reason to believe this shortage will be resolved in the near future, this is a good time to rethink some of the conventional wisdom surrounding talent acquisition. To that end, analogy can serve as a powerful tool for driving design and even operational innovation.
Talent acquisition: an analogy
Talent searching and acquisition are akin to cryptocurrency mining. In both cases, the process relies on two key elements: the number of machines networking together and the computing power. The analogy only works, however, if we accept the following premise: talent is not just “something” that is found, but also, and even more so, something that is created, like cryptocurrency (Bitcoin, Etherium, etc.).
This analogy completely alters how we view the recruitment issue. It opens up an approach that holds much more promise than unplanned, on-demand staffing. The real issue is no longer acquisition, but rather skills development, along with talent onboarding and retention. For what is a recurring problem, there is now a long-term perspective and vision: talent supply chain management.
Plan for success
What is the point of investing time, effort and money if you have to start from scratch every time? Wouldn’t it be more advantageous to adopt a proactive, flexible strategy that adapts to ever‑changing needs and technology? The needs you have today are not the ones you had yesterday or the ones you will have tomorrow. The same is true for technology. Just as you plan and stagger your real estate and infrastructure investments over time, you can plan and stagger your talent investments based on the growth of your business, innovations and the uncertainties of your business environment. In short, you can become agile.
And Cofomo can help you achieve this.
Focus on business continuity
The IT talent shortage is here to stay; the demographics do not lie. The aging labour force is a given. While the majority of the labour force is between the ages of 25 and 54, workers aged 15–24 represent only 4.4% of the total. In comparison, the group close to retirement (ages 55 to 65) accounts for 12.7% of the talent “pool”, which is quickly filling up. Add to that the fact that the growth rate for IT talent born in Quebec is hovering around a sluggish 0.7% and that graduation rates are clearly insufficient. It then becomes evident where the need for action is pressing.
This action includes the following steps:
- Step one: define (backed up by numbers and data) your goals, challenges and issues.
- Step two—the most critical: identify your existing expertise and the expertise you need to acquire to achieve your goals. Experts in Java development and big-data analysis may be a hot ticket, but there is no guarantee that this expertise corresponds or will correspond to your needs and the changes in your industry. In the first instance, solid business experience, cutting-edge IT expertise and knowledge of sectoral specificities are required for informed decision-making. In the second, in a scenario where you are unable to find employees capable of supporting your growth, you will need to build a structure (think of an incubator) that will allow you to foster and manage the development of future expertise and employees.
- Step three: combining all these elements, develop a game plan that would immediately position you favourably in the short, medium and long term.
- Step four: implement the game plan.
- Step five (in parallel with step four): manage the game plan based on a moving target, and recalibrate the tool continuously.
Shifting trends and the ultra-fast pace of innovation make IT talent development a priority issue, not just for the purpose of keeping pace, but also for adapting to emerging disruptive innovation in a timely manner: timing is of the essence.
To give a sense of what this means, organizations are more aware of this issue than ever before and are looking for a solution that will provide “sustainable IT talent development.” Cofomo, with over 20 years of experience in IT recruitment and workforce management, is positioned to offer you this solution.
A 360º approach to talent supply chain management
To pick up on the analogy we started with, Cofomo provides you with a network, processing capability and unequalled power to source, recruit, onboard and retain talent.
- A dynamic cohort of niche-specialized researchers and recruiters.
- A team of highly qualified consultants for onsite client assignments.
- An ecosystem of specialized partners here and outside Canada, independent recruiters, international researchers and sectoral consultants. And not to forget a team of shrewd experts harnessing the power of digital marketing to find, qualify and attract the talent you need.
- Scalable delivery modes adapted to your needs and circumstances.