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December 13, 2021   Enterprise, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech Opinions, Innovation and Resources, Stories, Venture Funding and Building   No comments

Firms shouldn’t compromise on talent quality

Forbes | Jack Kelly | Dec 7, 2021

hire quality talent dont compromise - Firms shouldn't compromise on talent qualityThe current job market is so incredibly challenging that companies are forced to “compromise” on the quality of candidates just to get the help. To compound the problem, by bringing aboard people who don’t possess all of the needed skills and experiences, it holds business back, according to a new survey conducted by AI-powered, talent management platform Beamery.

The company’s Talent Trap Report surveyed business leaders and C-suite executives to learn their thoughts about the job market. The findings indicate the need for big changes to be enacted.

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Here are some of the highlights:

  • Intense competition for talent is forcing organizations to compromise on their new hire choices.
  • One third of U.S. business leaders feel their current employee base is holding their organization back due to a lack of skills or appropriate mindset.
  • Eighty-one percent of respondents named talent, not technology, as the No. 1 priority for business transformation.
  • Three quarters (77%) of U.S. respondents say, today, talent planning is disconnected from business objectives.

The Great Resignation movement and unrelenting battle over finding, attracting, recruiting and retaining workers has created chaos for businesses. The dilemma places hiring personnel in a bind. Brutal competition over talent leaves leadership with a difficult choice: wait and hope to find the perfect candidate or act quickly, scoop up a person who may lack critically needed skills and hope for the best.

This situation results in settling for less than desirable applicants. Consider a sports team— if you have the best athletes, you’ll win games. Fielding athletes with lesser talent isn’t a recipe for success. The only time this works out is in the movies, when the Bad News Bears, Mighty Ducks and Rocky (in later films) win.

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Fielding high-performing innovation teams

How to grow young fintech talent

Organizations need to manage staff that are not exactly what they need, while wrestling with keeping employees from walking out the door. The survey shows that around 83% of respondents fear losing talent, which could lead to corporate stagnation.

Abakar Saidov, Beamery cofounder and CEO, said, “Most organizations are feeling the frenzy to lock candidates in, but poor hiring decisions have the potential to seriously hold the business back in the long run.”

He added, “Today’s competitive climate demands that businesses are more deliberate and strategic in their approach to talent management. The expectations of top talent have changed on everything from flexible work to speed of decision making. Businesses need to become more agile and make changes using decisions informed by real-time talent data and insights.”

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