Global economic uncertainty is constraining the supply of human capital worldwide. Compounding this fact is the mismatch between available talent and the demand for specific experiences and new skills. In fact, 74% of US-based CEOs expect to change talent management strategies in 2013, but over half consider talent scarcity skills as a potential threat to growth.1 Companies have had to sacrifice new markets, innovation and other strategic initiatives all in the name of talent. 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.