What are the Strategies for Building an Effective Workforce in a Changing Market?

February 22, 2024 thehrobserver-hrobserver-workforce-changingmarket

At COIT Group a Hudson RPO company, Matt Couret the Director of Client Delivery breaks down the strategies that are essential for building an effective workforce in the ever-changing market.

Couret discusses how Coit works with AI-powered platforms to identify workforce gaps. The platforms they use, he explains, assess current skillsets and anticipate future skill needs.

He explains further how KPIs can fine-tune a recruitment strategy to ensure it aligns with your broader organisational objectives and leads to successful hiring results.

What strategies are essential for effective workforce planning in today’s dynamic market? 

Effective workforce planning requires a strategic approach that balances the current and future needs of an organization. We start by analyzing supply and demand data to align with the desired workforce objectives. Additionally, understanding the key metrics that influence the timing of hires—considering current market dynamics—is crucial. This ensures that organizations can adapt to changes and make informed decisions about when and whom to hire.

How do organsations identify skills gaps and forecast future needs? 

Identifying skills gaps and forecasting future needs are critical for maintaining a competitive edge. We partner with AI-enabled platforms to accurately identify these gaps within the workforce. These platforms analyze current capabilities and predict future skill requirements. To address these gaps, we provide access to skill-based learning platforms, facilitating upskilling and career advancement opportunities. This approach not only helps in closing the skills gap but also promotes a culture of continuous learning and development.

Is there a connection between tracking the recruitment process and analysing KPIs?

Absolutely. The recruitment process and the analysis of key performance indicators (KPIs) are closely linked. Monitoring specific metrics during the recruitment process can reveal insights into the quality and effectiveness of hiring outcomes. We advise clients on which metrics are crucial to track and what signals to look for that might indicate issues within the hiring process. By using KPIs as a guide, organizations can refine their recruitment strategies, ensuring they align with broader organizational goals and lead to successful hiring outcomes.

What are the global recruitment trends that you have seen? 

There are a few recent trends when considering the global market through the lens of US-based businesses. Probably the most significant is the interest by US-based customers looking to other nearby countries, such as those in Latin America to build nearshore support for highly skilled technology experts in software engineering and other critical operations. Secondarily, we are seeing companies looking to automate multiple areas of the business and reduce human capital costs where appropriate. 

What are the regional Gulf Cooperation Council trends that you have witnessed?

My company doesn’t struggle with this, we provide services to solve for these challenges. Clients we serve are across multiple industries, so those challenges can be very specific to their business. But generally speaking, compensation continues to be a pain point for companies that want to engage highly skilled individuals. We also see rapid attrition for companies that hire in the grey and blue-collar levels of work where small offers of additional compensation spawn movement from one place of employment to another. The overall market is still highly competitive, and so companies that have overly long hiring cycles risk missing out on the talent they want to hire. 

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