WAR FOR TALENT

(2 mins read)

Recently, I’ve observed an interesting trend on the global job market. Companies, more or less, have got similar strategies, comparable budgets, comparable operations and execution. They try to sell similar products or services to the same customers. However, some of them are more successful than others. There are some companies which went through a tough time, including bankruptcy even, such as Nokia, Blackberry and Kodak.

So, what is the differentiator? Yes, you are right! It is us… people!

Companies understood that talent is critical for business performance. People’s minds are the source of innovation and creativity which is directly linked with the future success of a company. Talent makes a huge difference and impacts the company’s culture and strategy.

If you want to win the war for talent, you need to focus on three areas:

RETAIN – First, you need to start with talent already present within your organization. Every person is a talent! Avoid losing them and help them in doing their best. Create an inclusive and diverse culture, where people can be themselves. Ensure that compensation and benefits programs are flexible and meet the needs of your employees. Focus on retention, because lower retention means higher recruitment and onboarding costs, losing critical skills and competencies. All the above will directly impact employee engagement. 

BUILD – Talent is keen to change jobs when they cannot realize their career goals. Ambitious individuals will not wait 5 years for a promotion when they believe that they deserve it. Help people realize their career goals within your company. Help them to develop and grow without leaving you. Work on a talent agenda which will have a strategy, clear goals and a coordinated execution. Listen to people’s career aspirations, help them to build development plans and, later, support them in implementing developmental actions every day.

BUY – In some specific situation when there is no internal talent, or you have a gap, you will need to search externally. When you recruit, look for a potential to grow in the future as well. Check if there is a fit to the culture. If you have decided to acquire external talent, you will be able to bring some new, fresh blood as well.

The above three strategies – RETAIN, BUILD and BUY – will help you to win the war for talent. The pandemic, and especially the necessity to work from home, brought new important aspects for talent. People are not so keen to work in offices; they are looking for flexibility, independence and freedom. Mobility was brought to the game and people are ready to work form different locations and, sometimes, even from different countries. Work-life balance and well-being are increasingly more important. 

Companies which understand it first, and turn it into a competitive advantage, will win the talent war.