The battle for talent is intensifying - do you know how to win it?

In 1997, a comprehensive McKinsey study described The "war for talent" as a shortage of skilled labour that will become a business and economic challenge. The study called on companies to prioritise talent management strategies and rethink their approach to recruiting, employee retention and employee development.

However, the economy cooled down and many assumed that the war for talent was over.

Mistake.

The war for talent is heating up

The economy has recovered; and the "power" is shifting from employers to employees. According to various estimates, employers in the richest countries will have almost 18 million university graduates by 2020. Furthermore, the situation will become more critical as baby boomers approach retirement.

To keep up in this environment, companies need highly qualified employees with global, multicultural and technological expertise, as well as entrepreneurial and leadership skills.

However, competition for this talent is fierce and attracting it is no easy task:

1. The rise of small and medium-sized enterprises is intensifying competition. These SMEs target the same skilled workers and offer them opportunities for personal and professional development coupled with flexible working arrangements that few large companies can match.
2. Job mobility is increasing - and employees are not afraid to explore virtual or foreign employment opportunities. Employees are also changing jobs more frequently than before.
3. The younger generation of workers are 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 your employees flexibility

In addition to employee commitment, the new generations also expect companies and future employers to offer them the opportunity to work at any time and from anywhere. Companies must therefore be prepared, The company needs to integrate technologically networked employees and virtual employees into its teams - and be prepared for its future employees to be based outside its city or country borders.

Giving employees the flexibility to work from wherever and whenever they want can give the new generations the sense of freedom they are constantly looking for and also help to create a work-life balance for families with children.

Focus on work-life balance and employee well-being

More and more older and younger employees are of the opinion that employers must play an active role in reducing the stress levels in their lives.

Initiatives such as flexible working hours, improvements to the working environment and the introduction of additional services such as fitness rooms, childcare centres and much more can make the working environment more attractive for employees.

Our specialists at indivHR will be happy to advise you on these topics!