Surely, you have read about the term “war for talent” before. Have you ever wondered where it came from? And what exactly does the war for talent mean for your business? In this article, we will share some key actions you can take in order to keep your competitive edge.
The term “war for talent” was actually coined in the late 90’s by McKinsey & Co. who forecasted an upcoming and intensified talent shortage and the need for companies to adjust and adapt talent strategies in order to retain a competitive edge.
McKinsey was right.
It is a recruitment market where the power now lies with the job seekers and as a result, businesses struggle to attract and retain a skilled workforce. This is in part also due to low unemployment rates and growing economies.
It makes us here at Zocket wonder:
-If this issue is not new to management, then why is so little done to change it?
-Do businesses really understand the magnitude of its implications?
-What if the war for talent is over and your business just lost?
-How can you win the fight?
Here are some actions you can take to get a leg up in the war for talent.
ACTION #1 EMPOWER YOUR EMPLOYEES
In most companies, talent is managed from the top down with little employee engagement. Empowering your employees and putting them back in the driver’s seat of their own career within your business, with control over their professional development and chances, increases their engagement – this will lead to higher retention and lower turnover rates.
ACTION #2 KEEP THE TALENT YOU HAVE
Many companies still prioritize looking outside their current workforce for new talent. But, why look outside when you already have it inside your very own walls? With intensified competition and shrinking talent pools, companies should switch their focus and retain the key employees they have by offering new professional growth paths.
ACTION #3 DEFINE YOUR BRAND PURPOSE AND LIVE UP TO IT
Having a well-defined purpose built into your brand strategy helps steering your company and accomplishing your bigger shared goals. Few people believe that a business’s only purpose is generating profit. That’s why incorporating, communicating, and adapting all channels to a core purpose will increase the engagement of employees who in turn function as brand ambassadors to attract new talent.
Nowadays, many professionals choose their employer based on those core beliefs and values. A strong purpose differentiates your business from its competitors.
ACTION #4 IMPROVE YOUR CANDIDATE EXPERIENCE
Did you know that 60% of all candidates have a poor experience when applying for a job, and a staggering 80% of them would be highly discouraged to apply again at the same company after such a bad experience.
It has become so much more important to imagine yourself in your candidate’s shoes and find the flaws and biases in your application process to attract and retain the best talent. Remember the power lies with the job seekers today and if you don’t respect their time and efforts, you’ll never be their employer of choice.
What if the war for talent is over and your business lost? You shouldn’t wait any longer and start taking actions.
ACTION #5 ENCOURAGE DIVERSITY
If only the same few people make all hiring decisions, you can end up with a homogenized workforce who is unconsciously recruiting people that are similar to them. Hiring a diverse workforce WITHOUT any bias can benefit the company and its teams and shouldn’t just be done to fulfill legal compliance and to show good faith.
It has been proven that a diverse workforce not only attracts a bigger talent pool but also is more productive and achieves business goals more effectively.
ACTION #6 INCLUDE NEW HR TECHNOLOGIES
Zocket Powered is a new HR tech tool that helps your business to get ahead in the war for talent. It helps to lower turnover-related expenses by giving you the tools to improve your employer brand and employee retention. Our stand-alone white-labeled platform facilitates internal mobility and supports professional development while allowing for complete transparency throughout the company and between departments.
With Zocket, you avoid costs by promoting in-house growth and filling positions with internal candidates who already know your business.
Get started today and request a free demo with us.
If today’s article has got you thinking about the war for talent, then why not get in touch with the team here at Zocket and learn more about how we can help improve your talent attraction and acquisition process?
We are passionate about helping you to make a difference.