I took the title for this blog from an article in today's newspaper.
Now i am sure you are left wondering what has all this got to do with Recruitment.....
Let me elaborate....
The article is all about how companies are forced to invest faster and more than what they are getting back in return - as in profits. The scorching growth is because of the tremendous demand that is whizzing every where.
So if your products/services donot reach faster than your competitors - then you are going to be left behind....
with a strong banking system providing for excellent finances ...companies are willing to invest more and more to keep ahead ...
the outcome is of course the fact that the speed of returns has declined .....
While this is a short term illness it requires great courage to be able to brave it.
what does this mean for the hiring industry ...it means that the war for talent becomes even more acute ...after all it is better intellectual capital which can see to that resources are utilised in the best manner ....
also the scorching manner has meant that the companies have become mean hiring machines willing to recruit good talent at a fast pace ....
the turn around time for talent acquisition is being shaved off every day.....
so we have a talent war, plus an operational imperative to acquire fast and of course most importantly talent retention.....
every time talent leaves a company - especially at the middle management levels the impact on the business is radical ....not to talk about the cost of replacement(quoted to be at least 6-7 times the annual salary of the candidate - it gets worse if the attrition is that of a high performer)
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