Businesses are facing difficult decisions as economies across the world slip towards recession. But, while a typical knee-jerk reaction to this is to freeze investment in hiring and in the talent agenda, it is important that businesses hold their nerve so that their talent agenda is not damaged.
This advice from Rachel Davis, joint managing director at executive search and talent consulting firm Armstrong Craven, comes as increasing numbers of high-profile organisations cut back on staffing levels and put talent strategies on freeze. In November alone high-profile companies including Meta (owner of Facebook), Twitter and Amazon have announced layoffs.
But, with more than two decades in the talent profession, Davis notes that when businesses put their talent strategies on hold they end up paying for it in the future.
“We see huge gaps emerge in skillsets and in succession plans. And it means that four, five or 10 years down the line you are then playing another round of catch up,” she says.
She adds that this time round there is also the talent shortage, which is showing no signs of abating.
“While we've got uncertain economic times, while consumer confidence is for sure impacted, businesses are actually still grappling for the skills they need. There is a global labour shortage from bottom up,” she says.
In this video Davis examines the talent landscape of today and looks at the skills leaders need to develop in order to manage this while not losing sight of tomorrow’s talent requirements. She discusses how to ‘manage shades of grey’ and outlines where talent leaders should focus their efforts today.
About Rachel Davis
Rachel Davis is joint managing director of Armstrong Craven and was part of the management buyout in 2013, She has held board roles since then.
Rachel joined Armstrong Craven in 1998 and today oversees its operations in addition to retaining key client relationships globally. She previously held roles as chief operating officer and practice lead, responsible for driving the global growth of the healthcare and life sciences practice.
Through her career of more than 20 years Rachel has in-depth experience of advising global organisations on all aspects of talent management and helps them achieve strategic objectives in this area. Rachel attained a masters in chemistry and French and brings valuable expertise in the life sciences and industrial sectors and a particular focus on diversity and organisation design.
To download an edited transcript click here. To find out more about how Armstrong Craven can help you with workforce planning and talent intelligence please click here