Thank you for Subscribing to Business Management Review Weekly Brief
Since the phrase “war for talent” was coined by McKinsey, the term “talent management (TM)” has received a remarkable degree of practitioner and academic interest. The environment for most organizations, today is global, complex, dynamic, highly competitive, and extremely volatile. As a result, organizations both locally and globally recognize that they have a critical responsibility to recruit, develop, deploy, manage, and retain their most valuable asset— talent. This cruciality of Talent Management was then linked back to the pandemic era, as post-pandemic those volatility and dynamics are just gone up to a very broad spectrum. Three factors that are most impacted are listed below with the organization being the catalyst of the two.
Talent Management – Rethink And Integrate Marketing Strategy
We used to tag external talent as “candidate” which terminology-wise is valid. However, the magnitude of external factors influencing business is getting greater and HR and Business Leaders need to widen their horizon to scout and manage talent even when they aren’t their direct employees. Talent and Business Customers now are separated by a very thin border. When the business direction is influenced by external factors, they need to also consider where the customer’s behaviors have shifted to, and what the talents are demanding from a broader perspective. Thus the scope of the organization’s talent management strategy needs to also be factored in external talent sentiments. Organizations need to re-think their employer branding strategy, and start treating external talents as their organization’s customers and thus segmenting them to have a more targeted pipeline.
Future Organizations Needs To Be More Agile, By Being A Catalyst Of Talent Management (Internally Or Externally) And Broader Spectrum Of Sustainability, To Win The War Of Talent And Overcome Internal Retention Issues
Sustainability – Talent Strategical Perspective
Most CEOs explicitly pointed out that talent management was too important to be left to Human Resources (HR) alone, therefore CEO share 20% – 50% of their time on talent issues. Talents, internally or externally, have much more awareness of sustainability thanks to the pandemic. The way writers view sustainability, is not only environmental, but also gears more towards the talent needs – professionally, and personally. Talents are now more attracted to join a company that have proven to share back to the community and think about our blue planet, give them well-rounded compensation and benefits, and give them an opportunity to have healthy mind and well-being including the piece of job security. We’ve seen lots of great campaign from industry leaders that put together all these factors and has proven their stronger footprints in attracting talents. Many other organizations take another strategy and look deeper into their organization, and has a more robust talent rotation that enables more generalists instead of specialist, resulting in the organization being more agile and adaptive. Surely environmental sustainability is also very important, and organization needs to take the momentum to share with the talent market how they are doing in terms of this space. A hot topic has been hovering around plastic usage and waste, globally, it was reported only 9% of plastic is recycled, and the global plastic recycling rates are only less than 20%. This could be a deal breaker for external talents to come into your organization if they have visibility of any efforts you are doing that shared their values and thus they want to play role in it.
Organization As Catalyst Talent Management And Sustainability
The organization needs to work like a catalyst, that will speed up the process of its talent management systems to support very fast-changing and uncertain environments. It means that the HR and Business Leaders need to work harmoniously to rethink their business strategy and to re-align the targeted outcome with their talent needs after assessing their internal talent availability. A report mentioned, the higher a position’s profile, the more resources the hiring process for that role requires—all for an unknown result. Will your new hire work out? It might seem like a game of chance at times. One 2018 survey suggests that a surprising 30% of new hires will ultimately leave that position within three months of their first day on the job – thus internal movement if possible are game changer and cost-saving at least in the long run. Organizations also need to have a structured model of how are they looking to play a part to give more value to their products, by joining any global movement for a better world. Talents are more motivated to see that their organization are sharing its values by proactively putting efforts for a better world, and talent attraction will just come naturally once they’re doing their job and advocating their movements to influence other organization and be an industry leader
