Talent Management during a talent crisis
In our previous article, we addressed the reasons behind shortage of qualified talent and now we will discuss the answer to the question: “How can we face this shortage?”
According to studies from Manpower group inc. and Deloittes Consulting, the available talent mostly lacks:
2- Technical skills
3- Soft skills and cultural fit (ex: team work, critical thinking and agility).
, which are highly important for productivity and innovation.
Traditional talent management approaches can’t actually meet the needs and will result in a high cost and risk competition, taking into consideration the shortage of talent that is increasing over time. Traditional talent management models can‘t stand as a solution, why?
B. Training and development programs are a “One size fits all” model. For example: Functional training is focused on building engineering and technical expertise by applying fundamental tools from education to real world problems. Such a program can do little to interpersonal and communication skills. Neither can “Class room” training apply on the job, the knowledge learned in class.
A new approach to Talent Management is needed in these times. This approach should be a holistic strategic long term development of talent along the company, based on its business strategy.
This Talent management approach should focus on:
a) Recruitment practices: Proactively scouting for talent: first, by identifying the gaps between the talents available and the talents to be utilized based on business forecasts. Second, by focusing on getting the “right people” that are culturally fit in the company.
b) Training and development: by implementing an innovative and flexible lifelong learning process tailored to the employees and business needs. A training model can focus on three things:
c) Working conditions: a change in the working conditions can have a direct impact on the employee’s performance. It has been reported that the majority of the workforce are motivated and their performance improved by:
d) Compensation and Rewards: by designing a rewards program that meets the preferences of the employees, thus giving more weight to the critical workforce segment which directly affects the business. Such a weight can change from one segment to another depending on the current business needs. The program applies only to the rewards design so the critical segment employees can have more influence over the nature and design of the program and not necessarily receive more rewards than others.