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The war for talent is an expression that dates to the late 90s. It describes the increasingly competitive environment for hiring and retaining talented employees. In fact, the marketplace has become even more intense with societal, demographic, and economic forces in play. The challenges brought by the recent pandemic are expected to remain through 2021.
Today’s talent shortage has been the result of factors such as early retirement, inadequate compensation, childcare issues, working conditions, and burnout. Some workers have even turned to entrepreneurship or joined the gig economy as freelancers.
“The Great Resignation” is a recent phenomenon that has emerged during the pandemic. According to a recent study, the majority of those leaving jobs are the 30–45-year-old mid-level employees.
Organizations need to adjust to the new paradigm and entice workers back. Being a great employer is no longer enough. You need to have a mission, great benefits, development opportunities, internal mobility, and a strong employer brand. Other clear steps also need to be taken to retain existing staff as well as attract new candidates. Now is the time to build an arsenal to win the talent war in this challenging environment.
Emphasize company culture and prove to be a good fit for a prospective candidate. Develop a strong brand, digital awareness as well as a clear mission.
Create an inviting environment and roll out the red carpet to attract top talent. Ensure recruiters and HR assist candidates so the potential employee feels comfortable with the hiring process. Recruiters should maintain engagement with the job seekers as ghosting candidates is not a good practice in today’s competitive market.
Flextime and work from home options were common among many organizations even pre-pandemic. The pandemic resulted in people being accustomed to working remotely, engaging through Zoom and other platforms.
Currently, it can be difficult to force staff to be physically present full-time in an office environment. Potential hires routinely now demand flexible work schedules, work-life balance, extended vacations, and bonuses.
Providing robust training and development programs are no longer an option but a must-do for organizations. A recent PwC’s survey found 63% of CEO’s are concerned about finding the right talent with the right skills.
Training can address gaps such as digital business skills. This will enable internal mobility as well as prevent flight risk by current staff. Providing internal opportunities can reduce recruiting costs while retaining institutional knowledge.
Showing a company is committed to training and development can also be an enticement to prospective candidates. Upskilling and reskilling programs can impress potential candidates while serving existing staff needs.
Review and revisit current benefits package for new and existing staff. Benchmark your benefits with local companies and competitors. Among the hot button issues are PTO (paid time off), health care, academic assistance, and wellness programs. Employers should recognize stress, burnout and provide work/life flexibility.
Take proactive steps to ensure an inclusive environment as this is critical for attracting but also retaining talent. Establish diverse teams in a safe collaborative environment. Develop a mentorship program, enable peer support and idea integration to foster engagement.
The digital transformation of the past decades continues to dominate recruiting, hiring, and training practices. AI and the new technologies are a critical component to fight the war on talent.
The new technologies, such as Censia’s Internal Mobility Matching, enable matching people with the right job, eliminate bias during candidate search and streamline the recruiting process.
Workers feel empowered today and will do so for the foreseeable future.
The post-pandemic landscape will hopefully see more job seekers once they feel safe, taken care of, mentored, have flexibility, and feel adequately compensated. Companies will need to be ready with tools and an arsenal to win the talent war now and for the future.