How to win the war for talent in a changing economic landscape

We may be entering a period of economic uncertainty. However, in many sectors, the war for talent remains as fierce as ever, according to Catalina Consultants Principal – Talent Advisory – Anita Shemon.
We sat down with Anita to ask her how employers were helping overcome the challenges of attracting and retaining top talent, and what role Catalina Consultants’ Talent Advisory can play in helping employers.

First of all, can you explain what a talent advisory is and how it’s different from traditional recruiting?

Traditionally, recruiting has focused on filling roles. This means it can sometimes be transactional: the objective is to find someone, and once they’ve been found the contract is over.

A talent advisory has much more of an in-house feel. and takes a more strategic and holistic approach. It’s about being part of the business so that recruitment is aligned with HR. We don’t disappear after placing someone; we’re there for the entire journey, helping both the company and the candidate succeed as we hand over to the HR team.

At Catalina we provide an outsourced service, working with our clients to understand their business operations and everything they do. In this sense, we blur the line between being in-house and external. 

The employment landscape looks a bit different from how it did a couple of years ago, with employers seemingly in a stronger position to attract and keep good employees. How have recent economic changes impacted the war for talent?

While it’s true that the economy has deteriorated and there is less pressure in the employment market, this isn’t uniform. In certain sectors – such as finance and legal the demands have certainly eased but remain steady.

Economic uncertainty does affect how candidates move in the market, but the focus has shifted toward finding the best cultural fit, not just filling gaps. In areas like tech, spending has slowed and many businesses are now positioning themselves to compete for top talent when the market rebounds.

Also, even though it may be easier to find talent, attracting the right talent remains as important as ever. In fact, if anything it’s even more important that you have good employees doing a good job when conditions are less certain than it is during boom times.

You mentioned cultural fit and long-term strategy. How important are these factors in today’s market?

They’re extremely important. What we’ve learned is that it’s not just about hiring someone who can do the job—it’s about hiring someone who will thrive within the company’s environment and contribute to its culture. 

In fact, understanding exactly who will grow and evolve within a role is one of the areas in which Catalina’s Talent Advisory adds real value because of our alignment to the HR strategies and processes.

What kind of challenges are employers facing in attracting top talent, and how does Catalina’s Talent Advisory really help them overcome these?

Despite economic conditions, the main challenge is still navigating a competitive market. But, the flipside is that economic conditions also mean this needs to be achieved as cost-effectively. 

At the senior level especially, we’re seeing global talent pools shrinking. That’s partly a legacy of COVID, when most people stayed where they were or even left Australia to return overseas. Based on this, it’s crucial to find creative solutions. 

Catalina’s Talent Advisory provides a tailored, fixed-fee model, which allows businesses to avoid the high costs of traditional recruitment while ensuring they still get the best talent. 

Additionally, our deep industry knowledge means we’re able to identify potential candidates who might not be actively looking but are a perfect fit. We can cultivate them, and let them know about an employer so that they’re ready to move when there’s an opening.

In short, it’s this long-term, holistic view that takes account of a business’s strategic direction that separates us from many traditional recruiters. 

Want more?

Catalina Consultants is a Sydney-based outsourced HR team, offering consulting services.

If you’d like to learn more about our Talent Advisory Services get in touch.