Finance Outsourcing - Maneuvering Talent Management Speed Bumps during Impending Recessionary Woes

In these impending recessionary times against the backdrop of higher inflation and talent crunch driven by great resignation, how does one steer their Talent Management strategy? Businesses are feeling the pinch more than ever before. In order to stay afloat, many are cutting costs wherever possible. In its recent CFO Survey, Gartner Research indicates that hiring and retaining talent is the foremost challenge to be dealt with followed by business forecasting and reducing costs in the right places. This further underscores the growing impact of inflation and macroeconomic uncertainty. On the other hand, US job statistics released by Job Openings and Labour Turnover Survey show that the number of openings continues to be significantly higher at 11.2 million jobs in July 2022, twice that of the available human capital to fulfill those openings. Business Impact is adverse due to two reasons. First, employees switching to high paying jobs leave a chasm in the organization which takes a long time to fix. Second, the job market is inflationary as employers need to be paying top dollar in order to get the right talent across levels.