Talent Attraction

Trend Definition 

What is the essence of this trend? What is its impact? 

• Essence: Attracting and retaining highly talented young professionals in procurement becomes very challenging for companies
• Impact: A lack of qualified applicants and employees will ultimately result in a drastically decreased performance of procurement teams which could negatively impact the entire organisation depending on the relevance and maturity of procurement within the organisation

Trend Drivers 

Why is this trend emerging now? What’s changing? 

• Workforce Demographic Changes: Due to a drastic labour shortage across every industry, young talents have a wider range of opportunities to choose from regarding their first full-time employment which also leads to a steep increase in demands towards their future employer
• Globalisation of the Talent Pool: Remote work allows companies to tap into a global talent pool, accessing skills and expertise that may not be available locally, on the other hand, it might negatively affect roles that require a high level of human interaction, for instance supplier negotiations

Use Cases 

How to apply this trend? 

• University Partnerships: Increase presence in academic institutions
  Example: Partnering with leading universities in the field of supply chain and procurement helps companies to get direct access to talented and motivated students and therefore create an early personal connection
• Development Programs: Employees can be redirected towards procurement
  Example: Johnson & Johnson created their Procurement Leadership Development Program that combines procurement knowledge and business leadership skills and is open to MBA graduates directly after graduation

Procurement Relevance & Response Strategies 

How should Procurement adapt its Processes, Organisation, and Strategy?

• Adopt Latest Technologies: While personal contact will still play a large role in the future, the adoption of technologies, such as VR, can fulfil the requirements of suppliers and young professionals
• Talent Pipeline and Career Path: Develop retention programs after first contact (e.g., after an internship) and clearly illustrate a potential career path at the organisation