What is the War for Talent?
It’s one of those phrases that is being bandied about but what does it mean, and what is causing it?
The War for Talent refers to the competition among organisations to attract, recruit, and retain skilled and talented individuals. It arises from several factors, including the increasing demand for specialised skills and expertise, demographic shifts such as the aging workforce and a shrinking pool of available talent, advancements in technology creating new job roles, and globalisation leading to a more competitive business environment.
How does this impact your business?
There is no question that the tight labour market is having an impact on growth and productivity across multiple economic sectors. To fuel post-pandemic recovery, many businesses are feeling pressured to offer attractive compensation packages, engaging work environments, and enticing perks to stand out from their competitors. Failing to navigate this battle can hinder growth, the ability to drive innovation, and result in talent gaps that impede long-term success.
How do you prepare for battle?
You cannot win a war without a battle plan. The War for Talent emphasises the need for robust recruitment strategies and effective employer branding to appeal to potential candidates.
Sounds obvious? Well, it may do but we are seeing businesses of all shapes and sizes make mistakes in applying the fundamentals and instead of stepping back or asking for oversight or advice from an independent pair of eyes, they are panicking and making rash decisions.
The recruitment market has become very competitive, so what is the best strategy to find the right people to work for your organisation, and how should you set about keeping them?
You have to start with the Three As of your pre-employment process:
Admin, Attraction, Assessment.
The Probation Problem
So you've attracted, assessed and appointed the best person for the role, what next? How do you make sure they stay with you?
At HR Now we have seen a significant increase in ‘probation failure’, where either the new recruit or the employer has realised the appointment is not the right fit.
With employers becoming increasingly desperate to fill roles, some of the pre-employment checks and steps above are being diluted or, worse, ignored altogether. If the recruitment process is not robust, or expectations (on both sides) are not honestly communicated at the outset, a likely outcome is that there will be a parting of the waves before the probation period is completed. So, employers need to make sure their process is as watertight as possible, it’s clearly explained, and it’s followed.
This is a serious issue, not least because it costs time and money, but also causes disruption within your organisation.
There are some very simple steps that can be followed to limit the likelihood of this happening beginning from the moment you make an offer, through the first day, weeks and months right up to the probation meeting when employer and employee have a chance to discuss what’s working and what isn’t.
The HR Now Employee Toolkit
At HR Now we have developed a toolkit to help employers avoid many of the common mistakes and answer the leading questions around recruitment and retention:
- How do I find and hire good people in a tight labour market?
- Why does new recruits don’t stay or fail probation?
- How I deal with poor performance or persistent absence when legislation is against me?
- What kind of contract is best: Zero hours, fixed term or permanent?
- How do I motivate my people when I can’t afford big pay rises but don’t want to lose them?
- How do you deal with difficult, disruptive people?
- How do I increase productivity and quality?
- How can I ensure my managers have the right skills to get the best from their teams?
If the above sounds familiar in your organisation, why not come along to our one hour taster session or, if you are unable to attend, you can sign up for our full training session on 12th July, or give us a call and we can get you back on the right path to victory in the War for Talent. Email charnae@hrnow.je for more details.