Since the 2008 recession HR activities have gradually moved from being centered on restructuring and renewal to activities that support growth. Thus, from 2014 and onwards—in these forthcoming periods of growth—HR activities must ensure that organizations are constantly looking for new talent, developing global leadership and reengaging the current workforce.
Josh Bersin, Principal and Founder of Deloitte Consulting LLP, explains that since periods of growth also signal increased competition, companies will be experiencing difficulties recruiting talent in the following technical, functional and manufacturing professions:
- Computer science
- Energy Engineering
- Mobile Technology
- Customer Support
Given the training, experience and education that are required for the aforementioned professions, highly skilled workers are in high demand. This demand is only going to grow in the coming years making talent recruitment the number one focus for HR professionals to ensure a consistent pipeline of skilled workers. This leads us to the second challenge HR professionals will be facing in the coming years—strong leadership.
Recruiting for Leadership Roles
If you’re struggling to fill leadership gaps through all levels, you’re not alone. More than 60% of companies indicate this as their top business challenge. HR managers are having difficulty filling leadership roles because the younger generation has not had enough time to develop and baby boomers are beginning to leave the workforce. Over the next three years, large corporations can expect to lose 30% of senior employees in the next three years. As demand for top executive increases, competition for talented and experienced leaders is steepening. Bersin explains that “in mature economies like the U.S. and Western Europe…retention [and engagement] challenges [will increase] as the job market recovers”. This is happening as top talent is enticed with better and better pay and opportunities, causing them to jump from organization to organization. As such it is vital that HR professionals are successful with the following engagement and retention strategies:
- Creating a work environment that is interesting, meaningful and flexible
- Providing both lateral and vertical movement opportunities
- Ensuring that managers have coaching and development targets in addition to performance targets
- Recognition and rewards
- Managerial Excellence
- Great online tools
- Clear corporate mission and purpose
Integrated Talent Management
To ensure the aforementioned engagement and retention strategies are all integrated—it is vital that HR managers take on the notion of ‘integrated talent management’. Bersin stresses that, “we need to think of all of the elements of talent management as one integrated “system”—each working together, but fitting into a total employee environment. No one HR program stands alone; we need to stitch these elements together to address a variety of talent challenges”. This means that we need to work on building integrated talent management solutions so that HR activities like recruiting, internal promotion, leadership training, performance management, and succession planning are all in sync. Once integration is achieved, focus can be shifted to optimization so that HR decision making can be maximized for continued talent and performance achievement.
If you are an HR manager looking to get started with an integrated talent management system—contact our talent management experts today to find out how your organization can benefit from integrating your HR activities.