Workforce Planning has never been so important. 2024 is still in a cloud, will we see growth rates return to the technology sector? or are we likely to see further decline in the economy as the financial powers that be continue to fight inflation.
Between 2022 and 2023 we did notice a tighter market in the Recruitment sector. Not only at Elwood Roberts but when I speak to peers the consensus is the same. I ask myself, what was my biggest accomplishment in 2023. As Elwood Roberts in a new kid on the block, its hard to compare but in the last year, we have successfully placed candidates into the Irish, UK, EU and US markets. Not bad for year 1. We have successfully created new partnerships with exciting businesses with huge ambition. Music to the ears of a Recruiter setting out on a journey of independence.
In 2023, what was your single biggest challenge in terms of managing a workforce?
The biggest challenge in 2023 maintaining commination and transparency. With big tech largely continuing to trim work forces to appease our friends on walls street, people genuinely were not sure where they stood. This was hangover from 2022 and larger organisations over populating there teams. This challenge has started to retreat and as interest rates settle and money starts finding its way into the system again, we will more then likely see growth in 2024.
What would I tell myself if I knew now what I know in December 2022?
Hindsight is a great thing. First thing I would say is “reduce the targets”. We all set out very ambitious targets from both the business and for the VC’s connected with businesses. I would also give myself more knowledge on how interest rates would restrict growth because of a lack of investment. We thankfully were fully funded but accessing the markets in 2023 was very hard. A heads up on that would be great. We had our team in place and were vigilant anyway in our hiring.
What do we think your single biggest accomplishment in terms of managing your workforce in 2024?
Companies today continue to find new innovative ways to keep key employees in place and maintain attrition rate, find out more about that here. As me explore new technology, I hope our teams takes these changes as an opportunity to upskill and become more skilled. Businesses naturally hope to promote within, as managerial roles coming up. Its important to have succession plans in place for those ready to take the leap. Your current managers are likely to feel the stress.
What do we anticipate to be your single biggest challenge in terms of managing your workforce in 2024?
Keeping staff is always a worry. As interest rates retreat and more money gets into the system, we will see more SMB’s, Start Ups even Big tech start to ramp up growth plans. This will once again put pressure on hiring and retaining staff. From Managing the workforce, it will be keeping those who are engaged to stay engaged. We are working with all our hiring managers on individual plans to keep them focused on the business and their role.
Hiring key technical staff in areas such as Software Development and product Management will remain a challenge. We will be adding to our team in 2024. Finding the right talent within the AI space especially is always difficult. We also expect some issues around interest rates and raising funds. Thankfully our organic growth will allow us to not rely on external funds as much.
If you’re meeting with members of your team *right now* in terms of planning your workforce for 2024, what’s coming up in those conversations?
While we all sit with Senior leadership, you should be discussing retention and growth projections for your key talent. You should assess staff mobility and staffing gaps. Talent mapping is also an important conversation this time of year because if you plan to grow to x, you have to explore what your current team is capable of doing. You have to identify what skills and technology we are going to use. We have to then focus on our current team, its capability and what areas we have to up skill and add to ensure our growth plans can be fulfilled.
Looking back on 2023, it was a challenge. 2024 is a little unknown. If the market remains in its current state, we need a plan for that. If the market becomes more buoyant we need a plan for that. If we slip into recessionary times, again we need a plan for that. Our focus remains on our customers, our growth and what we can control. The MACRO environment will do what it will do. Planning remains key.
Elwood Roberts is a talent advisor, we don’t only find the best talent but help you plan your talent requirements. You can read more about our service here, or please do get in contact via email on robert@elwoodroberts.com now for a quick chat about how we can help.