Businesses are experiencing an unprecedented series of challenges. The Great Resignation doesn’t appear to be slowing down and is a major cause of labor shortage. Companies must focus on modifying their talent acquisition strategies to attract top talent. Moreover, with shifting employee expectations, HR personnel need to architect new ways of working in order to retain their top performers.
Tips to Create an Effective Talent Strategy for Business Success
Talent strategy is a broad term that is used to define how businesses source, hire, onboard, develop, engage, and retain employees. It’s about having the right talent in the right place, enabling organizations to meet evolving priorities. Here are seven building blocks that can help HR leaders develop an effective and impactful talent strategy:
1. Promote Internal Collaboration
Companies have started to turn their attention towards internal mobility to augment their external recruiting efforts. Promoting cross-departmental collaboration allows team members to not only take on new projects but also helps them expand their skill sets while enabling organizations to save costs associated with hiring and onboarding. Additionally, it will assist internal employees to get up to speed more quickly, making it easier for businesses to complete important projects seamlessly.
2. Identify Skill Gaps
“Skills-based organization” isn’t just a buzzword anymore. In fact, it is a game-changing approach that empowers employers to restructure work, enabling companies to achieve more agility which in turn maximizes their output levels. Organizations should pay attention to workforce intelligence which will help them understand the capabilities of their workforce. This will also allow them to recognize skill gaps, which they can attempt to bridge by providing training sessions. Removing these skill gaps can empower employees to become more productive, allowing companies to give them more responsibilities.
3. Eliminate All Barriers
Whether companies adhere to a decentralized or a centralized recruitment policy, talent strategies are often disrupted by bias. This leads to employers overlooking candidates with the right experience and skills required to thrive in new roles. The best talent is sometimes left out of leading business-critical projects. Therefore, it would be best to leverage AI-powered platforms to prevent external factors from influencing the screening process.
4. Provide Support to New Hires
Although every stage of the employee lifecycle is vital, special attention should be given to onboarding. This is critical because an employee’s introductory period with any company will define the quality of his or her workplace experience. Employers should encourage success by providing new hires access to a variety of learning and development opportunities. They can also consider offering training through different mediums, such as video content. This support will have a positive impact on fresh recruits, empowering them to evolve into more resolute and responsible employees.
5. Pay Attention to Succession Planning
Developing a talent strategy for the immediate future isn’t enough! Business leaders should also pay heed to succession planning as it is an integral component of talent management. This will ensure that they always have internal resources qualified enough to fill leadership positions. Employers can rely on workforce agility platforms to identify those employees who welcome challenges and are willing to take on new responsibilities. Such tools also lend useful insight into competencies and skill sets. Companies can use this information to promote their workers accordingly.
6. Keep Everyone Engaged
Almost every working professional will eventually want to take their career to the next level. If employees are not given growth opportunities, they may lose interest in their jobs and begin looking elsewhere. Employers must create avenues for their staff to acquire new skills. If they don’t, there will always be the risk of losing top-performing employees due to a lack of mobility. In order to keep the workers engaged, they need to be able to have a sense of a clear career path and growth opportunities. This will also improve the retention rate.
As the business environment is constantly changing, it is imperative for companies to work on talent acquisition strategies in conjunction with their workforce management strategy. This will enable companies to stay competitive in any industry. In cases wherein a business is struggling with finding and acquiring top talent, partnering with a recruitment firm like staffing agency could be one viable solution when pressed for time for an important project.