4 Challenges To Attracting Top Talent

Executive search firm Kincannon & Reed published its first quarter 2023 trends and implications report highlighting today’s talent marketplace. The group focuses on food and agricultural businesses, so the takeaways in attracting and retaining talent are relevant for ag retailers. 

20% longer to get new leaders in place

50% less time to make decisions on candidates

30% higher compensation package expectations

25% of K&'s placements in the past three years have joined startups

K&R leaders note the talent landscape has changed, and hiring companies must adjust to the following moving targets and implications.

Moving Targets: 

• Leaders are more cautious about considering new opportunities involving change.
• Recognize that diversity and inclusion apply to not only gender and ethnicity but also thoughts and experiences. 
• While not actively seeking jobs, highly desired talent still may have opportunities to consider.
• Willingness to relocate was cut in half during the pandemic and has not rebounded.
• During times of economic uncertainty, employees may consider returning.
• Expectations for contract employment are increasing, and the interest in “moving around” is just as strong as interest in “moving up.”
• Succession planning is more difficult than in the past.
• Competitive compensation and perks are important to attract talent but won’t keep the top performers.

Implications: 

• Recruiting should provide a clear understanding of professional and personal goals; this requires an engaging interview process.
• Companies make a concerted effort to diversify. 
• Companies slow to make talent decisions are at a disadvantage.
• Organizations consider remote and hybrid work.
• Professional relationships with previous employees should be part of the strategy. They need to know the door is open.
• Companies should be prepared to offer nontraditional employment options.
• High performers look for defined career paths and want to feel that employers invest in them.
• Retaining high performers requires top-quality management, growth opportunities and a culture of engagement and inclusion.  

From the report: K&R conversations with more than 15,000 prospective candidates in 2022 validate how top leaders continue to look at career opportunities from a different lens. Prospective candidates are looking to align with an organization that has a clear purpose and a role that resonates on a deeper level. They are asking tougher questions and observing how hiring teams are making decisions, communicating employee value and describing opportunities for growth.

The Hiring Organization's View in 2022: 

• 5 Challenges to Attract Top Talent
  • Compensation
  • Fit
  • Competition
  • Lack of talent
  • Location/mobility
• 5 Challenges To Retaining Top Talent
  • Compensation
  • Growth/development
  • Competition
  • Culture fit
  • Incentives

The Candidate's View in 2022: 

• Top 5 Reasons To Accept A New Job
  • Better compensation
  • Organization purpose/mission
  • Culture aligns with values
  • Growth/development
  • Opportunities for advancement
• Top 5 Reasons To Leave A Job
  • Distractions with leadership
  • Poor company values/culture
  • Limited career advancement
  • Desire for purpose/meaning
  • Higher compensation

Source: Association of Executive Search and Leadership Consultants’ January 2023 benchmark study Completed every three years.