Talent is the determining factor for a company's success; it is therefore critical to both human resources and business leaders to recruit and retain the very best employees. Recruit the right staff and everything else falls into place.
If the battle to attract talent to certain companies seems challenging - the retention of skilled talent presents an all-out war, as winning the war for talent will make all the difference to a company’s overall success. Globally, today, we are at a point where employees are more educated than ever, but still crucial skills are lacking! Lack of technical skills and lack of experience are cited as two of the top three reasons employers cannot fill jobs due to a shortage of talent.
Strategy of Talent Management
The basic strategy of talent management is to seek to categorise and nurture skills that will be needed to maintain future competitive advantage. Companies that outperform their competition acknowledge the fact that strategic talent management is vital in establishing the right workforce necessary for precise business execution. Organisations must identify, attract and retain key employees and future managers.
The skills of employees must accommodate today’s rapidly changing work environment and 2016 is the time for companies to get ahead of potential talent gaps and calculate where business is expected to expand over the coming years.
‘This year (2016) will be all about finding the right people at the right time’
For companies to be leaders in talent strategy they must constantly embrace new technologies and approaches, 2016 will be all about finding the right people at the right time, and managing their transition through the leadership pipeline in changing and emerging sectors.The reduction in the workforce available to organisations has led to an increasing focus within human resource departments upon: training for current staff to develop their skills, as well as strategies to retain staff for longer - thus accommodating requirements by allowing a more flexible workplace.
When it comes to shaping the future health of a business, the ongoing practice of retaining and hiring top talent is vital. Without a pipeline of young talent companies risk falling behind in an increasingly digital world. Firms should build their own talent-pool because every company needs young savvy staff and globally the number of employers who believe talent shortages will negatively impact their business has increased by nearly a third.
The challenge for companies recruiting the right talent is a problem worldwide, despite a large, easily accessible pool of educated people. The shortage of motivated, and the retention of talented employees, will be the most significant challenge for employers this year and organisations are expected to compete aggressively for ‘top-notch’ employees. It is expected that approximately 50% of the UK’s workforce will consider changing jobs this year (2016) and with over 16 million people in the job market how can companies source and select the most appropriate candidates?
Recruiting dedicated staff is the keystone to developing a successful company and with trustworthy employees in place and proper coaching such a company is in a good position to compete with its competitors globally.