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57% only focused on short term when finding talent, Korn Ferry finds

Dynamic changes in business and a lack of focus on the future are impacting the way hiring professionals do their jobs. This is according to a global survey by Korn Ferry.

While 83% of hiring professionals agree they have a long-term talent acquisition plan that ties directly into their strategic business plan, it appears that many are falling down on implementation. 40% admit they only forecast out six months or less for future hiring needs, with 16% saying they only plan for immediate needs. 

82% say that when it comes to finding talent, it’s a challenge to meet current business needs while planning for long-term business goals. When asked why this is so difficult, 57% said business leaders are only focused on the short term, and 22% said they don’t know what the long-term goals are, or what kind of talent will be needed.

Kay Cooper, Korn Ferry managing director of recruitment process outsourcing (RPO) EMEA, said, “It is true that the changes in business imperatives have never been more frenetic, but it’s critical that organisations work to predict future talent needs and either hire or retrain existing employees to meet the challenges of tomorrow.”

Nearly two-thirds of respondents (61%) say that it is more important to hire people who can adapt to changing business needs in the future vs. hiring people who can fit immediate vacancies.

In addition, 61% say that when considering the fast-changing environment and tougher competition for talent, they invest more in upskilling their existing employees than recruiting externally. Nearly half (47%) say they have formal training programs in place to upskill their employees.

Cooper added, “Existing employees are a treasure trove of knowledge on how your organisation operates. Retraining workers to meet tomorrow’s business priorities is a key part of workforce planning, along with making strategic new hires – people who can make an ongoing impact on the business.”

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