by Terri Kubicki

Amidst the ever-changing landscape of talent, hiring, and retention, some companies effortlessly attract and retain top talent, while others struggle to fill positions that remain vacant for extended periods of time. Our continued goal in each of our relationships is to provide thoughts and insight into the factors that contribute to this disparity while exploring potential solutions.

Resource Constraints:

One significant hurdle for companies is the lack of resources compared to external staffing agencies. The Richmond Group USA’s Equipment and automation division has access to premium tools like LinkedIn Recruiter, LinkedIn Talent Insights, Resume Databases & a proprietary database of packaging and process equipment professionals that has been meticulously curated over the past decade. Through us, our clients are tapped into a network of qualified talent that spans coast to coast. This competitive edge often extends beyond the capabilities of internal Human Resource teams that face resource limitations and time constraints.

Talent Shortage:

Compounding the issue is the prevailing talent shortage in the market, exacerbated by the mass retirement of Baby Boomers from key roles. With the youngest Boomers turning 61 in 2024, a substantial portion of experienced professionals is exiting the industry. The smaller Gen X population which is only 1/3 the size of the boomers, and the difficulty in attracting millennials and Gen Z to specialized fields like packaging and process equipment, further complicates the talent scarcity. In addition, Universities and industry lack general encouragement for consideration of a career in technical sales of packaging and processing equipment. Further challenges stem from the lack of “feeder programs” where the goal is for OEMs to onboard individuals with a clear career development path into technical sales. Combined, these challenges have created a talent gap for companies looking to hire individuals with 5-7 years of machinery sales experience. We have partnered with clients to help create programs and roles that support the hiring and development of individuals who are on track to developing a successful sales career with their company.

Challenges in Technical Roles:

Technical positions specifically pose unique challenges due to high demand and insufficient domestic talent supply. Many companies resort to hiring foreign professionals on visas, a costly endeavor that smaller firms may not be able to afford. Moreover, salary escalation and counteroffers from existing employers create additional barriers to filling critical technical roles. More often, counteroffers are used, as the expense to keep the individual is less than the expense of searching for, onboarding, and training a new hire. The result is steady inflation in compensation. As a result, some companies are out of touch with current market conditions including compensation, culture, available talent, and the candidate's interest in a specific company in the market. Understanding these trends is the first step in identifying solutions that work for your organization to attract and hire technical talent.

Misalignment in Hiring Expectations:

One prevalent issue is the misalignment among Human Resources, hiring managers, and recruiters regarding job requirements and candidate qualifications. This disconnect often leads to unrealistic expectations and unnecessary scrutiny of potential candidates, hindering the recruitment process. In many cases, while HR may have a solid understanding of the role, they may struggle to provide detailed answers beyond the job description. This lack of clarity makes it challenging for agencies to effectively recruit the right talent. Similarly, there can be inconsistencies when HR grants flexibility on candidate skills versus what hiring managers expect, leading to confusion and, in some cases, the need to start the recruitment process anew. This issue significantly impacts collaboration with companies, as agencies require alignment with all decision-makers, preferably through an intake call, to ensure everyone is on the same page. A quality recruiter can provide valuable insights such as market analysis, compensation trends, potential challenges, and market interest; however, the exchange of this information is more challenging when internal processes restrict access to key stakeholders within the organization. Cultivating a partnership with the right recruiter not only helps fill roles, but also addresses broader organizational talent acquisition trends and challenges effectively.

Shifting Perspectives:

To address these challenges, companies must adopt a more flexible and proactive approach to talent acquisition. Embracing strategies that include identifying a true partnership with a recruiter, talent development programs, adjustments based on market trends, and collaboration with all parties involved in a hiring process can streamline the hiring process and enhance employee retention. The companies that are attracting and retaining talent are the ones who have adapted, been flexible and implemented training programs that develop skillsets within their organization. The question to consider is, is it more productive to have a position open for 1+ years or hire an individual with most of what you need, is a great culture fit but would require training and development? What is the cost of investing in the right talent vs. the cost of having positions remain open for extended periods of time?

In Conclusion:

While the talent acquisition landscape presents complex challenges, there are viable solutions available to navigate these obstacles effectively. As an Executive Director in the Equipment and Automation Division specializing in packaging, processing, and robotics; our division is committed to assisting organizations in overcoming these hurdles and fostering a culture of sustained talent growth.

For further insights and discussions on optimizing your talent acquisition strategies, please feel free to reach out to me at Terrik@richgroupusa.com.

As we delve into the financial landscape of 2023, a myriad of trends has surfaced, shaping the strategies and decisions of banks and financial institutions. From a cautious approach to lending and strategic hiring in specific sectors to the looming specter of a recession, the industry is experiencing a dynamic shift that demands attention. Let's explore the key trends dominating the banking and financial services sector this year.

Cautious Lending Landscape Persists

Banks began the year with a conservative stance on lending, and this approach has persisted throughout the entire year. In an effort to mitigate risks associated with economic uncertainties, many financial institutions opted to pause on lending activities. This cautious approach was driven by a combination of factors, including global economic uncertainties, geopolitical tensions, and the ongoing impact of the COVID-19 pandemic. Despite initial hopes for a rebound, banks have maintained a prudent lending strategy in the latter half of the year, reflecting an industry-wide commitment to risk management.

Regional Banks Target Middle Market and Treasury Expansion

In the face of a challenging lending environment, regional banks have strategically shifted their focus towards the middle market and treasury services. Recognizing the potential for growth in these segments, regional banks have made significant efforts to expand their presence and expertise. This move not only allows these institutions to diversify their revenue streams but also positions them to cater to the unique financial needs of businesses operating in the middle market.

Recession: A Tug of War Between Leading and Lagging Indicators

The overarching question of whether a recession is imminent or not has dominated financial discussions in 2023. The banking sector serves as a leading indicator, and its current trends may signal an economic downturn. While the banking sector is already feeling the impact of rising interest rates, manufacturing—a lagging indicator—has yet to experience the full force of the impending recession. The rise in interest rates, in particular, poses a significant challenge for manufacturers who borrowed at lower rates and now face the prospect of doubling repayment amounts, resulting in a notable slowdown in hiring across the manufacturing sector. This is an area will be watching closely as the Dow picks up a resurgence in the final weeks of the year!

Bank Layoffs on the Horizon

The ripple effects of the economic uncertainties have resulted in workforce adjustments within the banking sector. At the national, regional, and community levels, banks are grappling with the need to streamline operations and cut costs. This has led to a wave of layoffs, as institutions seek to navigate the challenging economic landscape. The layoffs are not only a response to economic uncertainties but also a strategic move to align staffing levels with the evolving needs of the industry.

Conclusion

The year 2023 has brought about a complex interplay of factors influencing the banking and financial services sector. From cautious lending practices and strategic regional bank expansions to the looming recession and the impact of rising interest rates, financial institutions are navigating a landscape fraught with challenges and opportunities. As the year unfolds, adaptability and strategic decision-making will be crucial for banks to weather the storm and emerge resilient in the face of an ever-evolving financial landscape.

There is a head-spinning relationship between time and one’s ability to close a deal or lock down great talent. Those in the recruiting industry know time is the enemy and it is a relentless deal killer. Our recruiting experts understand interest declines over time. Therefore, it is imperative to make quick decisions during the interest phase of the interview process.   How Time Kills your Chance of Hiring   Let’s say you have a couple of great candidates waiting in the lineup for your new role. You are evaluating these candidates with your hiring team for a little over a week. During this process, you unintentionally let these candidates wait on the back burner while your hiring team evaluates. Two to three weeks after your interviews with interested candidates you finally come to a decision and extend a job offer.   This is how time kills your chance of scoring the best talent, the candidate you want to hire has moved on and is no longer interested in your company or the position. Or perhaps they have accepted a position elsewhere. All that time spent deliberating was pointless and you are left with no one to fill your open role. Of course, you can go with your second choice, but they were the latter for a reason.  Establish Hiring Timelines   “It's important to establish a timeline for any search project. How long is the role open for? What does your schedule look like for interviews (providing interview time windows, etc.)? Are there any upcoming events that may cause interview or hiring challenges (vacations, holidays, etc.)? Don’t lose top talent to time, stay ahead of it.”  - Pete Bolog, PeopleSolutions Client Relationship Manager - Life Sciences and Engineering  Communicate, Communicate, Communicate.  It takes time to build relationships, however, don’t drag your feet and miss out on a great candidate. When candidates are eager to accept your position, it is best to get to the next step quickly before they lose interest. Continuously communicate with your recruiter and candidates to ease any uncertainty or to simply kill the process. (Which is okay, not everyone is a great fit. That said, don't waste the recruiter or candidates' time. Let them know.) Establish a timed system with your team to narrow down prospects, quickly assess applicants and be in touch, often.      

Managing change has always been tough, however, it has been especially difficult these past few years. Considering pandemic adjustments, lay-offs, accepting new positions, remote workforce transitions, returning to the office and adapting to inflation have certainly increased our rate of change. Moreover, the constant modernization of technology and workforce standards forces companies and employees to respond and reshape their practices.  

As organizations restructure their labor force to meet new goals, priorities are addressed and reassigned, responsibilities are delegated differently, and change is plentiful. With employees facing a wide variety of changes at a constant rate, the importance of managing change has become pertinent. It isn’t easy to change attitudes or relationships, much less entire organizations.  

Surprise, Surprise: Most People Don’t Like Change

All organizations are made up of people. And people’s resistance is one of the biggest barriers to change. Research shows that only 38% of people like to leave their comfort zone. When these people are presented with a change, they experience positive interpretations of the change resulting in positive emotional reactions. The other 62%, however, immediately feel fear and discomfort. This is where change management becomes advantageous.  

 

Jon Burkhart, President of Banking at The Richmond Group USA states: “In my experience, resistance to change often stems from a person not understanding the personal benefit of what making a change would bring them. Change is more easily managed when you can help someone understand that the positive long-term impacts vastly outweigh the immediate inconveniences.” 

The Change Management Flow and Process 

Change management is meant to mitigate risk and give a methodical, winning approach to implementing change while helping people accept and adapt along the way. It is a systematic approach that includes dealing with the transition or transformation of organizational goals, core values, processes or technologies. 

 

Download PDF: Change Management Flow

Here’s How You Can Start Implementing Change Management At Your Organization 

One way to clarify the vision is to go through the 4P’s of change. By asking yourself these questions, you can feel confident and prepared. 

Purpose: What is the reason for/background to this change? What are the benefits? 

Picture: What will things look like after the change? What would be the risk of not doing it (the “burning platform”)? Restate the benefits. 

Part: What’s my part in the change? What do you expect me to do? 

Plan: What’s the timeline? What are the key milestones? How is it all going to work? 

 

Change Management Process Flow 

(WalkMe, Change Management Blog, The Ultimate Change Management Process Flow) 

PART 1: CHANGE PROPOSAL | Identify the change 

Begin with a needs assessment and the 4 P’s of change. You must support your change proposal with evidence. 

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OUTLINE THE DETAILS 

Who is this change affecting? What levels will the change impact? IT systems? Organizational hierarchy? Departmental processes? What are the costs and implications? What do you need from the organization to successfully put this change in place? 

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PART 2: TRIALLING & IMPLEMENTING CHANGE 

Contract and engage for change 

STEP 1: Establish a sense of urgency 

Remember, people are naturally resistant to change. What are the benefits? 

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STEP 2: Build guiding coalition 

You need support for the change at all levels of the organization. 

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STEP 3: ESTABLISH THE APPROACH | Create the vision and strategy 

Use the work you did on the 4 P’s of change. 

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STEP 4: Communicate the change vision 

An army of volunteers can help you communicate the change vision to stakeholders. 

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(B. CHANGE: Deliver and make change stick) 

STEP 5: IMPLEMENT | Empower or enable action 

Put plans in place for every aspect of the change, including communications, training, and review. 

Also, you must ensure that the organization is prepared for the change. There are no barriers to the change, nor conflicting behaviors or procedures. 

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STEP 6: Create short-term wins 

Remember to celebrate success to maintain high motivation. 

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STEP 7: MONITOR | Consolidate gains 

Measure, monitor, evaluate. This is how you can be sure of success. 

Monitoring and evaluation will enable you to anchor new positive behaviors into culture. You’ll also be able to catch old habits before they threaten the entire change process. 

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STEP 8: Anchor into culture 

Don’t rush into this step. It takes time to form new habits. Only when the old habits seem out of place can the new behaviors become ingrained in culture. 

To Wrap it Up 

Try sharing this flowchart with your organization, so everyone feels included in the process. Establishing a game plan for change allows easier management and continuation of the process resulting in a better environment for everyone.  

At the end of the deliberation, a celebratory beer or two couldn’t hurt the process, work hard and enjoy your company evolving. Happy, changing.  

Our company has noticed emotions are high due to economic changes. As recession talk heats up, so may your anxiety.  In this recession, the direction of the labor market will be key in determining the future state of the economy. Following a typical recession, when consumers buy less, businesses cannot sell as much, and they are forced to lay off workers; and the vicious cycle begins. On the upside, our current market has twice the number of job openings as unemployed people so, employers are not going to be so quick to lay employees off.   Regardless of the severity of this recession, we understand any type of economic slump is enough to fire up anxiety and cause overwhelming emotions. Below we provide suggestions to get ahead of your anxiety, prepare for potential changes and cope before it takes a toll on your mental health.  

Take a Step Back. 

It may sound trite but taking a moment to simply pause and take a few deep breaths can do wonders. Review and reflect on your current status. Do a ‘worst-case scenario’ exercise. Think about whatever is stressing you the most and contemplate the worst thing that could happen.  If you can live through it or deal with that, then you are ok. If you are healthy, have some great people in your life and live in a country where you are free to express yourself, you are doing pretty good.  

Narrow your focus. 

Try to take your focus away from the news and center inward on yourself and your current goals. When you do listen to the news, do your best to observe not absorb. Discern enough to be aware of current economic statuses and news updates, then let the anxiety of those updates go. You do not have to carry the weight of the world's news on your shoulders. After all, the human brain wasn’t designed with the capacity to empathize with every catastrophe. Practice living in the duality of educating yourself and staying in your own lane.  

Proactive planning.  

54% of U.S. adults said they are somewhat or very anxious about their finances.  That percentage drops to 46% for people who work with a financial advisor and 47% for those who self-identify as disciplined planners.  Anxiety boils down to uncertainty around future events, assessing your current finances and talking to a financial advisor could ease your mind. Preparing for the unknown will assuage your worry and increase your confidence that things will turn out alright. People who plan show more control over their emotions, less stress, more positive emotional health and life outcomes.   25% of our happiness hinges on how well we’re able to manage stress and anxiety. Remedy this by “fighting stress before it even starts and planning things rather than letting them happen.” The more you plan, the more stress and anxiety are minimized. — Robert Epstein, psychologist and self-help author.  Being prepared will ease your emotions. Take a calm step back before a worried step forward.   

Your employer brand impacts a candidate's interest in working for your organization and you. Organizations that understand this and take action position themselves as an “employer of choice.” In this week's tip, we provide three ways you can positively #impact your employer brand.

1. Treat candidates like customers
2. Respond to both negative and positive comments on social media 
3. Use anonymous employee satisfaction surveys  to learn why people work for your company & use that in your social media content. 

See what others are saying about this. Check out our LinkedIn Post!       

Should I Stay or Should I go?

1. Am I passionate about my work?
2. Will my current job allow for eventual advancement?
3. Am I learning & growing as a person and professional?
4. Will my current job provide the experience or knowledge that will help me do the work I want to do?