According to Gartner, Inc., more than half of Chief Human Resources Officers (CHROs) identified key talent shortages as the number one problem affecting their organisations, but only 19% stated that their organisation is equipped to close the gap.
According to a Gartner poll conducted in July 2021 of 572 organisations, 48% of respondents expressed serious concerns about mass turnover events, particularly if vaccine mandates and on-site work regulations expand.
While organisations compete for talent with peers, they must also deal with shifting employee lifestyle preferences and ambitions. According to research, 65% of employees said the epidemic has caused them to reconsider the role of work in their lives.
Employee preferences are having a substantial impact on the outcomes of talent acquisition and retention. Gartner polls indicate that the time required to fill a post grew by 18% between 2020 and 2021. This added two weeks to the time it takes to fill a position, resulting in lost productivity, increased offer rejections, and an unmanageable recruiting effort. Massive turnover has the potential to threaten organisations with closures rather than slowdowns. Not only is today’s war for talent affecting all talent segments, but unprecedented demand and turnover are occurring concurrently.
Human resources must collaborate with executives to control future talent concerns while also addressing process risks. Human resource directors should pioneer the development of a talent management plan that focuses on four concepts that differentiate their organisation:
Talent concerns are manifesting themselves across the company. Historically relevant metrics, such as gap sizing for essential talent segments, no longer accurately identify today’s talent risks. The first step in assessing threats to business continuity is to identify important workflows, not only critical personnel. The primary threat to business continuity is attrition among employees participating in important workflows. To determine the organization’s ability to quickly replace lost talent, HR must determine how the organisation can effectively leverage existing internal talent while also monitoring external talent availability to fill skill gaps.
67% of respondents to a Gartner survey of roughly 250 recruitment personnel conducted in August and September 2021 said that managing requisition numbers have become more difficult since the outbreak of the COVID-19 pandemic. Since the pandemic began, the demand for recruiters has more than doubled. Rather than depending on recruiting to replace vacant roles, HR should cooperate with senior executives to reprioritise work and extend methodological approaches to completion.
Certain businesses are combining functions to achieve shared goals and a consolidated backlog for which they pool resources. Other organisations mitigate potential turnover by utilising internal mobility to reassign people to important tasks.
Certain firms are increasing their use of alternative employment models and even project-based rotations to acquire the necessary skills. This technique enables organisations to respond more quickly to changing needs than organisations that hire only full-time staff.
Most businesses cannot afford to match big pay increases for all the staff they wish to retain. Employee value proposition (EVP) deficits are traditionally addressed by organisations by incremental, focused modifications. Today, businesses must make significant, systemic changes that dramatically impact the value provided to employees.
Employers may transform their EVP by delivering new perks that apply to the entire workforce, not just specific roles, that are directly related to the organization’s values.
Other EVP changes being tested by organisations include:
Leaders can boost the value they provide employees in a variety of ways, including by offering more money, more time, or more chances.
Today’s employees expect organisations to support them holistically, including emotional and mental well-being, family ties, personal growth, job autonomy, and a feeling of shared purpose. To satisfy these expectations, human resource professionals must assist their organisations in reevaluating, and in most cases, redesigning, their EVP. Employers must lead with authenticity to get immediate benefits from improvements to the EVP. This includes noting bad experiences and devising strategies to alleviate such annoyances. Employers also want a real understanding of their employees to adapt their EVP effectively. This includes assessing employees’ interests outside of their current job and their holistic well-being needs.
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