The foundation of any business lies in the quality of the workforce. However, within the highly volatile market, companies are witnessing unprecedented employee movement contributing to the emergence of Great Attrition. As a result, organizations struggle to take care of their desired pace of growth. A recent study reveals the difficulties of organizations in attracting and retaining talent have increased manifold with 78 percent facing challenges in attracting talent and 64 percent facing compression in retaining employees.
The rapid transition from offline to virtual to hybrid work models and movements in talent within the industry and organizations are creating unique opportunities for talent management leaders.
Talent managers are trying to find fast-paced hiring access to a larger talent pool than ever. Similarly, technology being the frontline creates more room for talent managers to let their creative minds breathe and plan and execute talent retention strategies.
While the employee roles are transitioning at a fast pace, talent managers are buckling up to locate the right talent, and acquire and retain it to build a modern workforce.
EXHIBITING A DISTINCTIVE VALUE PROPOSITION
Employees are like business organizations when it involves making commitments. A bit like organizations want their employees to be committed, the fashionable workforce also requires their employer to be promising in adding value to their career. Exhibiting value propositions by defining unique promises made to the worker works as a secret sauce in winning the acquisition and retention of the modern workforce.
Organizations can emphasize improving their communication with the workers and prospects, promising to deliver the advantages and experiences that they expect to receive, including serving the aim, healthy relationships with leaders, developmental opportunities, and rewards.
EMPHASISING ON NON-TRADITIONAL SOURCING CHANNELS
While centrally talent networking and sourcing websites remain the core sources of acquiring frontline candidates, data-driven insights supplemented with unique strategies broaden the talent pool. Traditionally, talent managers relied on localized channels, including their collaborations with educational institutions, recruitment agencies, and promotional job postings.
In the tech-savvy age, new channels have emerged to the rescue of talent managers that differentiate the employer from the remainder by leveraging new platforms social media, gig economy platforms, and HRtech platforms. This helps talent managers identify the proper data platform and convert it into useful insights for new talent acquisition.
GETTING TALENT INSIDE QUICKLY
Waiting for weeks and months for a candidate’s notice period to get over and for the potential employer to respond is no longer relevant in the fast-paced world.
To achieve success in a competitive and highly dynamic market, talent managers must rethink their onboarding strategies to manoeuvre quickly and take hiring decisions as an efficient workforce-building exercise. Candidates are navigating multiple opportunities every day to accelerate their careers and professional life.
As an answer, organizations and talent managers have to be ready to conclude their onboarding process and get the right talent inside their doors quickly.
COMPETITIVE PACKAGES AND BENEFITS ALWAYS WIN
Traditionally, salary always topped the list of packages to draw in the right and desired talent. because the world of work progresses, ensuring a competitive salary together with great employee benefits is the table stakes.
In today’s tight talent market, companies are offering competitive benefits packages including financial and non-financial rewards, insurance, and benefit for their families. This demonstrates the employer’s support for workers to win the race of talent acquisition and retention.
FOCUS ON ASSESSMENT METHODOLOGIES
The business landscape is continually evolving and a practice that works today may not be relevant a year from now. The imperative for talent managers is to be highly dynamic in assessing the performance of the latest hires while designing fair performance evaluation criteria.
Adopting an approach and methodologies with accurate, unbiased, and up-to-date data can help reinvent the hiring and retention approach. rather than predicting high performers, talent managers can develop a knowledge and analytics infrastructure to conduct fair assessment practice, performance monitoring, and optimization systems to drive lasting value.
Recruitment and selection of the fashionable workforce require due diligence on the part of talent managers to be thoughtful in identifying the right sourcing channels, defining performance, and capturing data sets. additionally, diving deep into strategic workforce planning can help organizations to act quickly and be agile during a highly competitive talent market.
