With the rate of inflation continuing to skyrocket, it’s not just consumers that are feeling the weight of these costs. Business costs are also skyrocketing and plenty of businesses are finding it difficult to fill essential positions.
One of the main reasons for all this happening now is that the supply chain is still trying to course correct from the pandemic, and the job market is taking time to adjust. Economies all over the world are beginning to open back up after a few years of lockdowns and regulations, but filling positions is proving to be more difficult than most companies expected. One of the unforeseen circumstances of this current job market is that talent has a lot of leverage and in order to lure them to your business, you need to have high quality incentives.
One thing companies are doing is looking at recent graduates who may have the talent necessary to grow your business, but do not have the experience that more seasoned talent has. They need to be trained, but can be valuable assets if trained properly.
Five Ways to Win the Talent Race
Here are five ways business leaders can win in the global talent race:
Invest in Leadership Throughout The Entire Company
In a research survey conducted by Wiley involving more than 5,000 working professionals, 82% of respondents reported that they themselves are a leader within their organization. This suggests how people view themselves at work. However, 72% also reported that they had not received leadership training.
Investing in your employees will provide your company a more diverse and expansive talent pool, and providing training and empowering employees will help you retain talent in the long term. Superior talent gives your organization its competitive edge. Investing in key roles which impact strategy and exhibit high performance variability with upskilling and reskilling opportunities can help you attract and retain a stronger talent portfolio.
Switch Up Recruitment Strategies
Lots of companies get tunnel vision when it comes to recruiting talent. They are set in their ways and are unwilling to make changes to their approach. This is the attitude of a company that is not going to attract the highest quality talent. Being adaptable in your methods is crucial for scouting talent for your business.
As demand for talent outpaces supply, employers can adapt in part by adopting a competency-based or skills-first hiring approach. This means understanding the core requirements of the job and competencies needed, then focusing on an applicant’s skill set and how it matches or can be transferred to the role.
Be Open With Working Arrangements For Employees
With shifting demographics and younger millennials entering the workforce, business leaders can offer flexible work options to address talent diversity while improving employee engagement. Employees with flexible policies are often more engaged and willing to stay in a job for a much longer period. Many workers would leave a current job for a more flexible company. Technology can be used to connect and reconnect employees separated by the pandemic and increasingly hybrid working conditions.
Utilize Internal Promotions
There is nothing wrong with scouting talent for a higher up position in your company, but many businesses do so to their detriment when they have plenty of qualified candidates already working for them. Upward mobility in the company will help with employee retention. Plus, current employees will also be more familiar with the operating procedures, where a new employee may need time to adjust to how the company operates.
Advocate for Governmental Policy-Making to Promote a More Diverse Talent
When it comes to talent, we can never have enough. Attracting and retaining talent can make all the difference not only to a business’s individual success, but also a nation’s.
Talent with digital skills is in short supply. By investing in digital skills, governments can allow more skilled professionals to contribute to their economy.