When it comes to success in the staffing business, one measure alone can accurately predict the future—wealth of talent. The more talent wealth a firm has, the more successful it will be.
We’ve all experienced the benefits of organizations that are rich in talent. These are the companies we’ve come to love. When we say we love a company, what we’re really saying is we love the work being done by the exceptional people in these organizations. People are the reason why Apple, Alphabet (Google), Amazon.com, and Starbucks remain some of the world’s most admired companies. That’s why having a wealth of talent is so important for all organizations, including staffing firms. Talented people (including internal employees and the candidates they place on jobs and assignments) are the secret ingredients that make a staffing firm great.
Just as there are levels of personal wealth, so too are there levels of talent wealth within staffing companies. Firms that are talent rich are the trendsetters in their markets. At the other end of the spectrum are those firms that are talent poor. These companies scramble to be competitive and frequently struggle to survive.
The message is clear: In order for your firm to thrive, it must have great talent. And building and maintaining a wealth of talent begins with assessing your organization’s current circumstances. You’ll start by determining your current level of talent wealth. Next, you’ll enrich your pool of candidates by improving the flow, as well as enhancing how you attract talented people. Finally, you’ll ensure that your firm can sustain success by always having highly qualified people ready for assignments and jobs the moment they become open.
Introducing The Talent Wealth Spectrum
Is your staffing firm talent rich, talent poor, or somewhere in between? Accurately appraising your current level of talent wealth will guide you in taking appropriate action to improve or maintain your competitive advantage.
Determining and increasing your talent wealth begins with understanding the spectrum’s four levels.
Firms that are talent rich excel, leading the way in their markets. They don’t worry about the competition; they’re the ones other companies are aspiring to become. They’re constantly several steps ahead, generating new ideas, including the latest innovations to how they help their buyers.
Talent strong firms operate efficiently and succeed in many things they do. These companies win more than they lose, outpacing many of their competitors. They’re fairly creative, sometimes being the ones to create new ideas that capture the interest of hiring managers and HR.
Firms that are talent stable spend each day competing with others, laboring to maintain their position in the market. These organizations watch for the latest trends or innovations, copying these ideas to make them part of their offerings.
Talent poor firms scramble to get work done. Often, these companies struggle to remain viable. They’re several steps behind their competitors. Their approach to business remains the same year after year, as they only occasionally copying initiatives by other companies in their market.
Take some time in the coming weeks to make an honest appraisal of your current level of talent wealth. Then, join me by registering here for a webinar on this topic, hosted by SmartSearch, on Tuesday, August 15th at 9am PDT / Noon EDT. I’ll help you take the next few steps to improve your flow of candidates and guide you in how to build and maintain a pool of ready-to-place talent.
