According to a just released quarterly survey by Vistage, more than one-third of the 1,300 respondents cite staffing as the most significant issue they are currently facing. They said that challenges included identifying qualified candidates, hiring, retaining valuable staff members, and training.
Additionally, CEOs reported finding employees with the right talent and skills is their companies’ biggest barrier to innovation. This illustrates the importance of having a talent management & acquisition strategy in place.
Michael Molina, Chief Human Resources Officer of Vistage Worldwide said, “Talent is key to the success of any organization, especially in small business. Having processes in place to recruit top talent, transparent communication with employees, and a program for the CEO’s growth and development are critical to keeping an organization moving in the right direction.”
Research from KPMG and the Recruitment and Employment Confederation shows that more than one-third of employers are offering higher starting wages to make their jobs seem attractive. However, there is more to attracting the best talent than salary scales. Writing in HR Magazine, Claudio Fernandez-Araoza said, “The most important thing organizations can do is shift their hiring criteria and focus on potential rather than competency fit.” He also thinks organizations should only be looking for people who can “develop new knowledge and skills to suit constantly evolving circumstances”. This is consistent with finding at the Talent Management Institute and indicates a need to abolish the myth that the best predictor of future performance is past performance. Most job requirements and expectations for jobs filled today are not likely to remain very long and talent must have the capacity to adapt to the demands of those new requirements.
Studies continue to reveal that employee engagement is central to the success of talent retention. Contrary to another myth that must be shattered in light of the millennial generation, a happy and fulfilled workforce will, in theory, be more productive. Fulfillment for today’s workforce means the opportunity to make a difference both on and off of the job. Business leaders must recognize the importance of their culture and assure alignment with their mission statement. Be prepared to make changes to achieve alignment or you will not likely retain top talent even if you can hire them.
Developing Talent From Day One
Above all else, HR departments must implement onboarding process that being talent development from day one. For example, Facebook has a unique onboarding approach to accelerate talent development. Charu Gupta, head of Facebook’s Mission Control reports that the company takes a market-leading approach so that new employees begin the development of the necessary knowledge, skills and behaviors to become valuable team members. Gupta said, “Labeled as a ‘six-week boot camp’, it is really a very unique program that’s incredibly effective in getting our engineers onboarded very quickly and giving them an opportunity to learn our common tools and framework. These investments in developing talent from day one build a strong relationship and underpin professional development in everything that follows.”
At Zappos, the online shoe company, being hired is just the first step. After four weeks of initial training and a week on the job, all new hires are offered payment for their time and a $2,000 bonus if they decide the company is not right for them. Zappos reports that about 2% to 3% of hires take the offer.
Many HR practices need to be upgraded to include system that will assure an adequate flow of quality candidates—good people who can become fully engaged top talent. Investigate The Total Talent Management System™ which included ten-elements to assure the right people with the right skills are in the right job at the right time.
Now, Take the Next Step
Click on the following link to get a free copy of the Special Report, “Fully Engaged Top Talent: Key to Excellence for Knowledge-based Enterprises.” You will also be offered a free Total Talent Management System Priority Index to help establish your implementation priorities.
If you are not yet a subscriber, enter your name and email in the box on the side.