Hi there,

In this edition of The Hourly Minute, I dive right into a few noteworthy headlines and then discuss a few approaches TA leaders should consider as they look at team structures.

🗞️ Headlines

• Unemployment Trends Higher: The latest federal jobs report data indicates the jobless rate sat at 5.8% in November, compared to 5.7% in October. Population growth outpaced the 25,000 jobs added in the month. Employment grew in construction, and manufacturing, while declining in wholesale and retail trade, finance, insurance, real estate, rental and leasing.

• Lost Revenue: A recently released study from CFIB reports that $16 billion of lost revenue in 2022 came from labor shortages. Spokesperson for CFIB, Julie Kwiecinski remarked that skilled labor was a “top barrier to growth”. 

• 1 million jobs in the next decade in BC: The BC Labour Market Outlook was released last week, with a forecasted 1 million jobs in the next decade. Most jobs are in healthcare and social assistance. Importantly, it’s noted that 46% of new job seekers are expected to be immigrants.

What’s this mean? I would expect TA teams to continue finding challenges navigating overwhelming numbers of applicants for fewer postings, while having a lot more to do on the process and operations side to manage that pipeline.

🤔 TA Tips

Navigating Talent Acquisition: Choosing the Right Model for Your Organization

As the talent acquisition landscape evolves, selecting an appropriate model that aligns with your organization's needs is crucial. Here, we explore three dominant models, highlighting their strengths and potential pitfalls, to help you make an informed decision.

1. The Internal Resources Model: In-House Recruitment Mastery

Advantages:

• Cultural Coherence: An in-house team ensures hires are in sync with your company's ethos.

• Cost Savings: Sidestep hefty external recruitment fees.

• Strong Employer Branding: An internal team can effectively embody and communicate your employer brand.

Challenges:

• Resource Limitations: Internal teams may lack the specialized skills and resources that external agencies offer.

• Scalability Struggles: Rapid and large-scale hiring can be a hurdle.

• Bias Risks: The internal recruitment process may inadvertently lean towards less diversity due to existing biases.

2. The Hybrid Approach: Blending Internal Expertise with RPOs

Advantages:

• Balanced Expertise: This model marries the cultural insight of your internal team with the resourcefulness of Recruitment Process Outsourcing (RPO) providers.

• Scalable Solutions: RPOs offer the agility to scale recruitment efforts as per demand.

• Access to Advanced Tools: RPOs bring sophisticated recruitment technologies to the table.

Challenges:

• Cultural Misalignment Risks: RPOs may not fully grasp your organizational culture.

• Cost Considerations: While more budget-friendly than entirely external models, this approach still incurs some external costs.

• Communication Complications: Ensuring seamless communication between your team and RPOs can be challenging.

3. Relying on RPO/MSP Providers with Limited Internal Support

Advantages:

• Wide-Ranging Expertise: Leverage the specialized skills and extensive network of RPOs and Managed Service Providers (MSPs).

• Enhanced Efficiency: Streamlined processes for faster hiring.

• Reduced In-House Burden: Frees your internal team to focus on strategic aspects of HR.

Challenges:

• Higher Expense: This model can be costlier due to heavy reliance on external services.

• Reduced Process Control: There might be less oversight of the recruitment process.

• Cultural Fit Concerns: External providers may not fully align with your company's culture.

Complementing Your Model with Strategic Teams

Centralized Sourcing Team: Centralizing talent acquisition can streamline processes but requires careful attention to department-specific needs.

Tech and Process Improvement Team: This team can revolutionize recruitment efficiency, provided their innovations align with real-world recruitment challenges.

Employment Branding Team: Specializing in employer branding, this team can attract candidates who resonate with your company's values. Authenticity is key here.

HR Administrative Support: Offering administrative assistance eases the recruitment process but needs clear role definitions to be effective.

Each talent acquisition model comes with its unique set of benefits and considerations. The optimal choice varies based on your organization's size, specific hiring requirements, and overarching goals. Often, a balanced approach, leveraging both internal capabilities and external expertise, proves most effective in today's dynamic talent recruitment arena.

Recruitment Tech in 2023

That’s it for now, until next time!