Sixty-two percent of US CEOs plan to hire in 2014, but 70% say they are concerned about the availability of key skills. Companies need to find a way to build a bridge between today’s talent and tomorrow’s skills. Critical to this bridge is understanding the Millennial employee, which could make up 80% of the workforce by 2016. As globalization, the rise of technology and other megatrends continue to confound business and HR leaders, one thing is clear: talent can’t wait.
Companies are contending with these talent challenges by employing more creative approaches to attracting, developing and retaining top talent. These include greater mobility, flexibility, technological solutions, succession planning, compensation, and manager involvement in strategic programs. Leaders need to keep in mind that talent is not just about recruiting and hiring. A talent strategy should address every issue between sourcing and full worker productivity. In order to meet evolving needs, companies should take a big-picture approach and make sure their people strategies support business strategies by aligning them with overall business goals.