Finding and retaining the right talent, and simultaneously managing costs, is a challenge for businesses of every size in every sector worldwide.
Finding and retaining the right talent, and simultaneously managing costs, is a perennial challenge for businesses of every size in every sector worldwide. The competition for talent is as fierce as ever, as the global population ages, the nature of work changes and companies look for the skills they need to grow. Many organisations also lack the sort of information they require to make informed plans and decisions – e.g., information about returns on investment in human capital, staff productivity and employees’ views.
What does this mean for your business?
Tackling such issues successfully involves adopting a more strategic approach, based on a powerful employer brand. With better information, companies can also identify the kinds of skills they need, and where they need those skills, to realise their short- and long-term plans. One key step is to embed and integrate workforce planning into business planning from the start, rather than treating talent as an afterthought. This demands strong board support on talent sourcing and management, and close on-going collaboration between HR and the business. Put simply, managing and capitalising on talent is no longer a role that can – or should – be left to the HR function alone. Talent strategy and business strategy must go hand in hand. Otherwise, there’s likely to be a big gap between what you aim to do and your ability to do it.