Is it really 2019? I must say, 2018 was an incredible year in the talent leadership space. In my 23 years in Human Resources, I’ve never been more jazzed as I am today to be part of the evolution of organizations focusing on valuing people.
As we continue to evolve in the Human Resources realm, we are seeing a dynamic shift in the Talent Leadership landscape. Focusing on key talent is more critical now than ever before. US businesses are experiencing a significant talent crunch so thoughtful talent strategies are a necessity for organizations to grow and thrive.
According to the most recent Korn Ferry Institute research, talent shortage in the U.S. is due in part to the country’s aging population. Over the next 19 years, 10,000 baby boomers will reach retirement age every day. This makes it crucial for talent leaders to plan and attract multi-generational talent. Additionally, the skills gap is widening, unemployment in the U.S. is at its lowest rate since 2000 and nearly 60% of employers struggle to fill job vacancies within 12 weeks. What about calling out that they need to ramp up the development of internal talent to close the skill/knowledge gap? The talent struggle is real!
Every business leader must stay ahead of the curve and consider how to leverage opportunities to create and sustain a culture that attracts and retains top talent. Recently, the ML Talent Strategies Vision Team gathered to discuss what we expect will significantly impact talent leadership over the next few years. We settled on 10 trends that will truly shape how we attract, develop and engage talent.
Due to the expansive content around these trends, I’ve divided the blog into two parts. Below is part one: talent trends 1 – 5. Watch the ML Talent Strategies website and LinkedIn account later this month for part two: talent trends 6 – 10. Happy reading!
Alignment of Talent Strategy in Long-term Business Planning
Business growth requires talent. Understand what talent you need, when and with what skills to grow your business. In most organizations, including the Fortune 500, total human capital costs make up approximately 70% of operating expenses. To gain the most out of this investment and win the “war for talent”, companies need a well-crafted talent attraction and development strategy in place talent strategy that is clearly aligned to the business plan, goals and objectives. What steps are you taking to build and implement a talent strategy? And, is it directly aligned with your business strategy?
Employer Story-telling and Branding
Businesses spend great time and money on a powerful company brand. One that attracts, excites and engages their customer demographic. We are seeing more companies make a similar investment in their employer brand. The goal of an employer brand is similar to goals of your company brand yet focused on the employee. A strong employee brand tells the story of a workplace that knows how to attract, develop, engage and keep top-talent.
Many of your competitors are focused on their employer brand, and if you are not, you will find it very challenging to compete with for top talent. HR leaders should partner with the internal marketing team or find a great, local marketing firm to help them build your employer brand. Don’t forget to ask your employees what they feel the employer brand is. They will have great insight! You likely have a lot already in place, and it’s all how you package the information.
