For a number of years after the 2009 financial crisis companies were focused on cost reduction and minimising the impact of the recession. As optimism returns to the global economy companies have to learn to adapt to a growth market again.
It is evident that the market expansion in the UK and a stronger economy is driving the fast-growing HR Advisory businesses of the Big 4, as well as the mid-market and boutique management consultancies. Companies of all sizes are reinvesting in their corporate infrastructure and this is fuelling a huge market for Human Capital & HR transformation.
This steady growth has resulted in a war for top talent as demand far exceeds the supply. Competition for the best workers between the Big 4 and other global human capital consulting firms is fierce, and their acquisition strategies are playing a more important part than ever by addressing the following challenges:
How do they differentiate their employee engagement and value proposition to entice candidates externally, and especially from competitor environments?
Shift the work/life balance to attract ‘new talent’ in what is traditionally a career that doesn’t support a ‘good’ work/life balance?Do they start to increase the candidate pool by looking towards industry-side candidates more?
The real task for these companies is finding client focused candidates with core consulting competencies, especially at more senior levels where sales origination plays a key part. In order to attract this talent they will need to offer more than just a great benefits package and focus on the long term rewards this industry offers:
- The opportunity to work with a wide range of industries and companies
- Work in leading-edge practices that are designing new HR operating models, driving the application of data analytics across HR and leading big HR technology change programmes
- The ‘bright lights’ of working on transformational change programmes on a truly global scale
- Opportunity to work in different countries and engage with broad range of cultures.
Outside of the Big 4 and traditional global consulting firms, the market is slightly different. The growth is still there and so is the demand, but the attraction will always be around the increased accountability, flexibility and visibility that working within these companies offer. There are also some very strong niche players particularly within Business Psychology and HR Technology that are extremely well regarded and where you really benefit from working in a company that is very discipline focused.
Frazer Jones’s Human Capital Consulting business has been built around addressing these needs and challenges. As an HR recruitment specialist that focuses on both in-house HR professionals and Human Capital Management Consultants, it is in a unique position to advise candidates and clients on talent acquisition strategies within a market that is now highly talent candidate driven.