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Here’s How Your Organization Can Win The Global War For Talent

16 July, 2022
5 mins

This is the beginning of a worldwide war for talent. Businesses only need to look in the proper places to locate qualified people with the correct set of talents. Simultaneously, many workers are open to working from home or relocating elsewhere. As a result, there is a heightened demand for leaders who can effectively oversee virtual and geographically dispersed teams.

Global War For Talent
Source: Pexels

Now more than ever, businesses and employees worldwide are vying for the most refined possible mix of experience and location-based talents.  If micromanage your employee, they may leave and find another company that better accommodates their nomadic lifestyle.

The “battle for talent” describes the fierce competition that exists in today’s job market for qualified candidates. 

The Key To Winning The War For Talent

Companies need a new strategy to win the talent struggle, which has been going on for quite some time. When faced with a skills gap, businesses shouldn’t waste time desperately seeking new hires from outside the organization but rather tap into the talent already on staff. Rather than relying on external sources to provide needed expertise, this strategy prioritizes investing in in-house training programs to fill skill gaps and prepare for the future.

1. Training

The best-kept secret is training. As upskilling and reskilling become the standard across all industries and sectors, a new dialogue must occur amongst businesses of all sizes. Especially as artificial intelligence (AI) and robotics make deeper inroads and transform the way work is done, it is essential to provide skills-based training for recent college graduates who are not yet ready for the profession and equip existing workers with new capabilities.

As a result of this shift, businesses are more responsible for educating their employees. A chief learning officer at a major financial institution recently articulated the more traditional view in a panel discussion by saying that while his company does provide access to online platforms like LinkedIn Learning, it is ultimately up to the employee to put in the time to make use of them. There are two significant shifts needed in this strategy. To begin, in the future, businesses will need to assume accountability and invest more proactively, not just in the form of providing employees with access to libraries but also in the form of investing in the time it takes employees to learn. Second, they’ll have to put in a lot more effort to develop training programs catering to each business’s requirements. Gaining and nurturing specialized knowledge and ability is a sure way to get ahead of the competition.

2. Skill Enhancing And The Hedgehog Concept

Leaders in the business world who have the will to improve the quality and efficiency of employee training will stand out. Those who excel at giving their workers access to these kinds of educational tools will see their businesses flourish and gain market share. But where should we begin?

The hedgehog makes an appearance. According to the “Hedgehog Concept” proposed by Jim Collins in his book Good to Great, successful business owners and managers should focus on three key areas: their most significant areas of interest, the things that fuel their company’s economy, and the ones at which they may become global leaders. Understanding how a corporation might achieve greatness lies at the junction of these three domains, which Collins depicts with three overlapping circles. The center of corporate training is located at this crossroads, where the essential facts about a company’s future are determined.

Employers and education providers with demonstrated capabilities must work together to realize this promise in training delivery. That’s why futurist Tom Frey is confident that “the world’s largest Internet business will be in the education industry, and it will be a company we have so far not heard of yet” by the year 2030.

3. New Strategies To Win The War For Talent

Creating a new work paradigm is a massive undertaking. Leaders of companies that hope to compete for top personnel should be open to altering their internal practices and outlook. Any CEO who is ready to take a bold but fruitful risk should undertake the following:

a. Reduce your work week to four days

Numerous empirical studies demonstrate the productivity-boosting effects of this practice. Moving to this configuration has been reported to improve productivity, quality of life, and employee satisfaction among previous clients.

b. Put a premium on having excellent leaders in place

We can all attest that working under a poor boss may be a source of stress and low morale. People are attracted to companies with charismatic leaders and turn away from those with more challenging personalities. Mediocre managers easily turn off top-tier employees.

c. Stop using the same old methods of employing people

Permanent and full-time positions can prevent a company from hiring exceptional individuals. Improve the quality of your recruits by carefully considering how you may fill each position with a mix of freelance, permanent, remote, and part-time workers.

By implementing these three strategies, you may improve your chances of winning the talent battle.

4. Create A Roadmap For Transforming People & Culture

Winning the talent war involves not just the above-mentioned tactical moves but also a change in perspective. Going beyond HR and transforming all areas influencing people and culture is necessary if you want to hire the most extraordinary talent. Fast flexibility and a growth attitude are the keys to success in the future, and this can only be achieved with a solid staff.

The most important thing is to make a detailed plan covering everything from hiring to firing, from training to compensation. To create this plan, it is crucial to hear what employees want from their jobs. 

Conclusion

It is feasible to attract and retain top performers by providing them with meaningful work. But to achieve this goal, we need to modify our perspective on labor. If you want to attract and keep the best employees, you need to accept that they’ve already won. Due to increased competition in the business world, talented individuals now have more options than ever for securing employment that fits their personal needs and preferences. So, make sure to consider the above described strategies to win the global war for talent. 

For proficient guidance in winning the global war for talent, reach out to us today!