The battle for talent is heating up - do you know how to win it?
In 1997, a comprehensive McKinsey study described the "war for talent" as a shortage of skilled workers that will become a business and economic challenge. The study called on companies to prioritize talent management strategies and rethink the approach to recruiting, retention and employee development.
However, the economy cooled and many assumed that the war for talent was over.
The war for talent is hardening
The economy has recovered; and "power" is just shifting from employers to employees. Various estimates suggest that employers in the richest countries will have close to 18 million college graduates by 2020. Moreover, the closer baby boomers get to retirement, the more critical the situation becomes.
To keep up in this environment, companies need highly qualified employees with global, multicultural and technological expertise, but also entrepreneurial skills and leadership qualities.
However, competition for this talent is fierce and attracting it is no easy task:
- The rise of small and medium-sized enterprises is intensifying competition. These SMEs are targeting the same skilled workers and offering them opportunities for personal and professional development coupled with flexible work arrangements that few large companies can match.
- Job mobility is on the rise - and employees are not shy about exploring virtual or foreign employment opportunities. Employees are also changing jobs more frequently than before.
- The younger generation of workers is less interested in traditional employment and positions. Instead, they are looking for flexibility and roles in which they can develop freely.
Can your company keep up?
Give employees flexibility
In addition to employee engagement, the new generations also expect companies and future employers to offer them the opportunity to work at any time and from any location. Companies must therefore be ready, integrate technologically connected employees and virtual workers into their teams - and be prepared for their future employees to be located outside their city or country borders.
Giving employees the flexibility to work from anywhere, at any time they choose can give new generations the sense of freedom they are constantly looking for, and also help create work-life balance for families with children.
Focus on work-life balance and employee well-being
More and more older and young workers believe that employers need to play an active role in reducing stress levels in their lives.
Initiatives such as flexible working hours, improving the work environment and introducing additional amenities such as fitness rooms, daycare centers and much more can make the work environment more attractive to employees.
Our specialists at indivHR will be happy to advise you on these topics!