Businesses have two options. The first to carry on with operations as usual, according to established hiring practices that give preference to training and experience. The second is switching to a skills-based hiring strategy, which allows you to access candidate pools you might not have otherwise. Companies that confront this potential challenge head-on by assessing how and where they source brilliant individuals could position themselves as leaders in generating growth and staying ahead of the curve. By 2030, demand for qualified professionals will considerably surpass supply, with a financial consequence.
At AIMS International Malta we empower a skills-based hiring strategy to our clientele that aligns candidates' transferable skills with their academic background and employment history, emphasizing their practical skill set that may provide added value to a company. Cutting-edge companies are implementing skills-based hiring on a large scale.
Hiring for skills at scale: success strategies
Irrespective of whether your organization is currently hiring or taking a break to plan for the next requirements and goals, now is the best moment to develop a more thorough, skills-based hiring strategy that broadens the talent pool.
Hire for relevant and sophisticated skills
The financial and professional services sector, like many other business sectors nowadays, is multifunctional.
Upskilling not only increases the pool of talent accessible, but it also increases employer loyalty. Upskilling might be beneficial in reducing turnover rates, as more than 50% of professionals in the market are considering their career path in months rather than years.
Young professionals value organizations that support their professional development and are willing to pick up new skills. Instead of viewing their employment as "one-off" experiences until the next big thing arrives, they are more likely to see a long-term career path at these organizations.
Promote a chance
Finding candidates who can upskill is simply the first stage, as there is a greater need for skilled workers than there is talent available. Employer branding can be useful in this process of pitching professionals on the opportunity with your company. Leaders in talent acquisition claim that hiring exceptional talent is greatly impacted by employer branding.
Employers need to concentrate on informing candidates about opportunities. Professionals will view your organization as an appealing growth potential if it has the proper branding.
Then, you must take the process of developing a corporate culture that supports candidate goals seriously. This is crucial for multinational corporations, as there could be differences in cultural norms between the headquarters and regional offices.
Skills-based hiring across all boards
There is considerably more to skills-based hiring than just looking through applicants with particular skill lists. It's a deliberate change in the way your business views hiring and retaining talent, and it calls for cooperation across the board.
Leaders in talent acquisition can begin by redefining what are the talents or the skill sets we need to be successful.
This change in perspective enables companies to adopt a more strategic approach to skills-based hiring, which includes assessing interview methods, taking into account the potential influence of unconscious biases on the interview and resume review processes, and comprehending obstacles to internal mobility.
A thorough approach to skills-based hiring in the financial and professional services sectors involves establishing a culture of ongoing education and training. Like other staff members, the new hires require continual training opportunities and a mentoring and knowledge-sharing culture inside the organization.
The competition for talent will increase if the skills gap persists. In addition to guaranteeing that your current staff members possess the abilities needed to propel company achievement, continuous education and training also increase employee engagement and retention rates.
The next steps
AIMS International Malta provides access to outstanding talent worldwide. If your company is having trouble operationalizing skills-based hiring on a large scale, the proper partner can assist you in creating a thorough plan that will increase the number of candidates you can choose from and improve your employer brand.
Are you prepared to discover how effectively skills-based hiring may address the talent demands of your company? Reach out to us HERE.