Words of Wisdom
"In the end, all business operations can be reduced to three words: people, product, and profits. Unless you've got a good team, you can't do much with the other two."
Despite the recession and unemployment, recruiters are still having difficulty in sourcing skilled employees to fill vacant positions. What is shocking is that most companies are ignoring the globally increasing talent shortage.
Our theory is that this is happening because leaders either are not aware of the implications of talent shortage, or because they do not know what to do about it. There are hundreds if not thousands of publications and others sources of information available supporting the existence of talent shortage and its significance.
Let’s assume that leaders are ignoring talent shortage because they do not know how to approach this issue, and let’s focus rather on what we can do to overcome this problem. But, first, let’s look at A Powerful Advice.
Some companies may be spending a lot of time and resources on finding talent to fill open positions, but may have little or no focus at all on becoming an attractive place to work. Those organizations that have realized the effects of talent shortage on their businesses may be doing everything they can to keep the talent they have, but may not be investing in attracting new talent. These companies are focusing on solving current talent needs while ignoring the future.
“We’re seeing too many employers become complacent about the talent shortage and ultimately they will struggle to realize their business objectives. Our advice to employers of all sizes is to align their workforce strategy with their business strategy to anticipate talent needs for today and for tomorrow. If done successfully, a winning workforce strategy can separate thriving market leaders from surviving competitors,” said Jonas Prising, ManpowerGroup President.
Successfully aligning workforce strategies to business strategies to meet the talent needs of today and tomorrow requires a sustainable approach to talent management. In other words, your organization needs to have a strong capacity to attract, and sustain the talent needed to succeed in the present as well as in the future. This is known as Talent Sustainability.
Investing in Talent Sustainability not only ensures an adequate pool of talent to fill present and future open positions, giving your business a powerful competitive advantage, but also helps reduce employee turnover and its effects on your business’ bottom line. Did you know that when employees leave, it can cost your business from 30 to 400% of their annual salary to replace them?
You now understand why Talent Sustainability is critical to the success of your business. But, how can you ensure that your workforce strategies are focused on sustainability? What can you do to prevent your employees from leaving you? How can you become an employer of choice to those who are in the market for a new position?
It’s really simple, all you need is a different perspective and be open to an innovative approach!
To learn about a new and revolutionizing model that will help you gain Talent Sustainability, instantly placing you ahead of your competitors, click on Our Approach