As a procurement professional, you know that talent in procurement has been a hot topic in recent years. Here at WNS-Denali, we have seen more organizations grapple with talent issues, so we decided to dive deeper into the key talent concerns for retail companies at SIG’s Global Executive Summit a little while back.
The all-star packed panel with procurement leaders from some of the largest retail brands in the world came together to such questions as:
How does your hiring profile differ now and why?
Where are you finding your talent?
What are you looking for in new hires?
Specialist or generalist, which is a better hiring strategy for your team?
Even if you work at a company beyond the retail industry, these questions and the learnings from the panel still apply to your company. As you strive to gain a competitive advantage and influence more spend strategically, refreshing your approach to talent can make a big impact. Below are the top seven creative hiring strategies that came from our panel of retail experts.
Hire from within
This classic retail trick applies to all industries. Promoting from other areas of business up into a corporate role brings a wealth of knowledge and perspective on the core business and ability to relate to stakeholders. Most importantly, it will add a level of credibility to your procurement team.
David Gonzalez, Director, Procurement Services, Denali - A WNS Company
There is no denying that procurement must change. We can sense it in what our executive team asks of us, what our supply partners are suggesting, and the increasing role of technology in everyday procurement workflows. In addition, the business has recognized what we are capable of, which has opened the door to increased insight and influence.
Suppose procurement leaders and teams are going to be ready to make the journey ahead. In that case, we must carefully design our desired future state, leverage the resources currently available to us, including automation and broader access to talent, by tapping a virtual workforce.
ProcureAbility's vision for the future of procurement is an organization that is viewed as a partner to the business, generates value beyond traditional measurements, and leverages technology and process optimization to increase strategic focus. In the following, we will answer two of the most pressing questions: What precise mix of talent will be required? What processes and technology are needed to enable this future-state organization?
Talent: What precise mix of talent will be required?
With the rise of workforce virtualization, the sky's the limit for building out the future team. Before defining the combination of talent needed for in-house resources, it is essential to identify their responsibilities. A standard pillar of high-performing organizations, even today, is the separation of strategic and tactical activities.
I recently had the privilege of joining SIG’s podcast with Dawn Tiura. We had so much fun talking about diversity and inclusion (D&I) strategies, and why now is the time for organizations to start thinking about and acting on total talent diversity. Specifically, diversity across all of their workers, full-time and contingent (contractors, freelancers, and shift workers). Dawn and I are both super passionate about this topic so if you are too, take a listen.
Maybe you’re thinking, “I’ve got diversity suppliers and that’s what I’m measured on.” That’s great if you do, and the truth is diversity suppliers are absolutely critical and shouldn’t be overlooked. However, just because you use diversity suppliers doesn’t mean you are getting diverse candidates.
Many organizations spend as much as 42% of their entire workforce budget on contingent labor, and most CFO’s expect that number to increase in the coming years. In fact, by 2023, over 52% of the workforce will be made up of freelancers. So if such a significant portion of your workforce is contingent, shouldn’t you consider diversity and inclusion across all workers?
Certainly, we know it’s good for the bottom line, as evidenced by the Boston Consulting Group finding that diverse companies have higher revenue. Who can deny that revenue isn’t important? It’s what keeps everybody employed! Here are some essential points to consider:
It’s so easy to do the right thing to do for people and business. Diversity and inclusion across all worker categories can so easily be implemented. It brings value to your community, to your current and future workers and your company brand.
Deb Cunningham’s passion for creating wellness in both the corporate world and personal life has led to her role as co-founder of The Mindfulness Effect, a boutique corporate consulting company that bring mindfulness into the workplace. With a career in healthcare that spans over two decades, she has combined her industry experience with 20+ years of practicing and teaching yoga and mindfulness. She is a certified RYT500/YACEP yoga instructor and certified Yoga Nidra meditation instructor.
What is mindfulness, generally speaking?
Mindfulness is a term that attempts to summarize a way of seeing the world around us, in the present moment and releasing the tendency to judge. It forces us to stop and pay attention, which is an important component in balancing the nervous system.
The past few weeks have catapulted the entire globe into a constant state of near panic. This perpetual barrage of fear and anxiety is quite literally triggering the fight, flight or freeze response in the brain. How can we move through these times with a calm and present state of mind?
As we know, our environment is constantly changing. Look at the last month, never mind the last 20 years, and we can see that the ability to adapt quickly to new circumstances is vital. This requires a level head and access to focus, ingenuity and intuition.
How does mindfulness work in a business setting?
We have all seen the person staring listlessly into the air as they go about the mundane task of the moment. It is proven that executives cannot focus on what’s at hand due to the unending demand for their attention, whether it’s the phone, email, text, reports, meetings and face-to-face interactions.
This month our clocks spring forward and we gain an extra hour of daylight. To make the most of that extra hour, consider attending a networking event, thought leadership webinar or exploring SIG’s new partnership with Everest Group that brings delegates proprietary research, insights and analysis. Ready to get started?
Midwestern Regional SIGnature Event
March 6 Minneapolis Central Library
The Midwestern Regional SIGnature Event takes place at the beautiful Minneapolis Central Library on March 6. The event includes a great lineup of speakers from BB&T, Best Buy, Everest Group, Ontala and Virtual Operations who will present on topics that include third-party risk management, artificial intelligence in procurement, sourcing transformation strategies and how to buy digital platforms for your enterprise.
The event will begin with an executive roundtable for director-level and above delegates, while their teams take part in a training workshop on the fundamentals and frameworks of third-party risk management with risk expert Linda Tuck Chapman, who created the Certified Third Party Risk Management Program for SIG University.
To learn more about the day’s events, speakers, who should attend and to register you and your team, visit our website.
Despite the disruptive winds of change brought by MoviePass, unexpected flops, and shifting release dates, the action in cinemas looked pretty familiar this summer.
Critics and audiences alike complain about Hollywood’s predictability, but studio heads and directors continue to rely on the same old tricks. Compare this to an inert talent manager in Procurement. Every day, these ‘directors’ are confronted with signs that their shopworn strategies need shaking up. The supply chain talent they manage to bring in-house is restless before the previews have ended. Soon, they’re making a break for the exits.
A simple reboot won’t cut it. Even in the era of digital transformation, people are still Procurement’s most valuable resource. To build the right team and reach Procurement’s potential, the function needs to fully remake its approach to casting and directing talent.
Ironically enough, this summer’s slate of retreads offers some valuable lessons in talent management. Grab a seat and check out what Hollywood’s biggest franchises can teach Procurement.
Look for Talent in Unexpected Places
One of this summer’s biggest disappointments, Ron Howard’s Solo is a case study in the law of diminishing returns. Even the promise of beloved Star Wars characters, it seems, can’t guarantee a hit. That doesn’t mean the film has nothing to offer talent managers.