How to win in the war for talent
Is the global war for talent really over? Absolutely not – it’s only just begun I’m afraid.
The economic climate has made organisations, globally, realise the true value of top tier employees, and the impact that the lack of having this type of talent has on business. And it’s not just down to the recession. Factors such as an ageing workforce in developed countries, sector skills shortages and the increasing pull of global talent towards fast growing and dynamic developing countries are creating an even fiercer playing field for businesses looking to attract and keep the best people! For instance in DACH, we are facing a serious shortage in the so-called MINT skills: Mathematics Information Technology, Natural Sciences and Technology – the number of graduates in these sectors simply cannot meet the fast growing demand.
The really smart companies and their HRs have adopted a formal and dedicated approach to building long term talent attraction strategies and managing their reputation as an employer, both externally and internally. And candidate-driven markets for niche talent have caused certain companies to put more emphasis on making sure their top employees are engaged, developing various engagement initiatives to drive employee development. However, the investment and the necessity of a long-term talent strategy have seen many organisations fail to manage this process effectively, leaving companies exposed to talent shortages and low talent retention.
So what can businesses do to ensure they have the right talent? As with many things in business it’s down to strategy – and ensuring you attract and maintain talent is no different. And it’s for this reason that I believe proactive vs. reactive talent acquisition strategies will become key for HR and recruitment managers now and in the future.
These managers will have to concentrate their efforts on measures such as long-term hiring planning and proactive talent attraction in the form of the creation of an attractive employer brand or specific talent communities. But they should equally be focused on the all important factor of talent retention. To do this they will have to create very clear and engaging Employee Value Propositions (EVP) to provide prospects with a clear picture of the company as place to work and transparent career paths. If done right your business will not only attract the top talent but will also manage to retain it – giving you the talent with impact that will see your organisation flourish in the future!
Jan Mueller
Managing Director, DACH
jan.mueller@futurestep.com