What’s the recipe for attracting and retaining top talent in today’s highly competitive job market?
– “I started my HR career in the late 1990s in high tech. This was right about the time McKinsey published their much referenced book “The War for Talent”. I don’t think today’s job market is any more competitive than in the past. Top talent will always be in demand and there will never be enough.
A simple recipe for talent attraction and retention would be to know your talent, what you have today and what you’ll need for not just tomorrow but after that. Be clear and honest about what you can – and cannot – offer talent. Build in choice and flexibility into your people practices. Employees are not a homogenous group, but rather a diverse group of unique individuals whose preferences can change over time. Their needs may change over time, just like your company’s needs may change. Put clear career paths in place with robust formal and informal learning and development. Foster and promote diversity. Don’t assume you know what your talent want and need. Listen to them, respect them, and be honest and transparent in your communications.
What are the top three challenges you face in today’s workplace?
“Talent attraction is at the top of the list. Finding the right talent with the right skills, knowledge and experience when you need them is key for organisational success. This is closely followed by talent retention and a key driver of this is talent development. People expect more from an employer than just a job. They expect – and demand – challenging work that allows them to not only grow and develop, but also have work life balance and meaningful work where they feel what they do matters. Related to this is the third challenge of flexibility. COVID has changed work structures and work preferences. People don’t want to be in an office 40 hours a week, but rather have the flexibility to choose when and where they work.
What are the most important HR trends you’re seeing today?
“For the past few years there has been an increasing focus on employee well-being, which has been reinforced by the COVID pandemic. From an HR perspective, this translates into an increased prioritization of employee well-being, mental health support, work-life balance and wellness programs to foster a healthy work environment.
The second trend is the emergence of Artificial Intelligence (AI) in the workplace. We already see this in recruitment and performance management. AI will reshape HR processes leading to enhanced, data driven decision-making and the continued evolution of HR from a traditional administrative focus to a strategic business partner.
AI also drives the need for STEM skills, which are already in demand and short supply. Coupled with the continuing shrinking of talent pools impacted by current and forecasted demographic trends within the EU, North America and China, and less favourable immigration policies within many of these countries, this will mean we are all chasing similar talent in a shrinking talent pool. Effective and efficient talent attraction and retention will continue to be critical for organisational success.”