Business leaders are not wasting any time adjusting and readjusting their talent strategies to address the new normal’s new demands. There is a reluctance to adapt, and that reluctance is only fair. When some strategies work, we tend to stick them for the long run.
This is when certain businesses succeed and some fail. The aptitude to recognize the new forces and skills that will meet the future requirements and bring in the right reinforcements at the right time will make the right difference. If companies are not ready to embrace new talent strategies, they are headed for a downfall.
The U.S. had predicted talent surplus during the pandemic when millions suddenly found themselves unemployed. However, the reality was different. During the pandemic, many companies faced severe shortages across sectors – especially ones surrounding R&D and management.
This is a big problem as those in the R&D and management are responsible for driving innovation and growth in an organization. The shortage in next-generation leaders has now merged with the retirement that is expected from baby boomers and senior leaders.
As the common corporate saying goes, when people leave an organization, it is mostly due to the management. When employees feel their organization lacks strong or progressive leadership, attrition increases. Nurturing leaders and planning C-suite succession strategies are essential.
Globalize your local workforce
Globalization has remained unaffected by the recession. The recession did accelerate catapult emerging markets into the mainstream and reduce the pace of growth in the evolved markets.
Because of this sudden disruption, 41% of executives surveyed globally expressed that global talent competition is what they are most concerned about. It is precisely why some companies invest heavily in their leadership programs. These companies think for the long term. They have a strong focus on the future, and they are willing to change talent strategies and bring in talent programs that will benefit their executives and the company in the long run.
Have the courage to adapt and readapt
The pandemic threw the world out of gear. There was nothing anyone could do to prevent the catastrophic disruptions at all levels. But companies that succeeded from being affected for the worse are the ones that gave into anxiety and did not take timely action. They let the impact shocks keep shocking them until they became too unfit to stand up and take the next necessary step.
Instead, there were some companies that the time to take stock of what they had, especially about employee retention for the next year. When there are massive job losses taking place at an unprecedented scale, the best thing companies can do stand still and not give in to fear for unavoidable and uncontrollable factors. Those companies that set up retention plans during the pandemic showed signs of providing benefits versus those that did not have a retention plan in place.
Be skilled at reskilling and upskilling
During the pandemic, a bank saved USD 15M in training and recruitment costs when it used analytics tools to find high performers incentivize their client-facing roles. This also allows companies to identify top talent and increase retention.
Organizations cannot overlook structures. Digital working environments demand more dynamism and agility than traditional systems can comprehend. Working in small, fluid teams will be more effective. The U.S. Bureau of Labor Statistics reveal a huge scope for tech and health-related jobs. The demand for technical talent has increased by 22%. This
Smaller teams taking charge of tasks will take care of rapid delivery. Every industry will succeed or stagnate depending on how willing it is to digitize and improve its employees’ skill sets. Companies must not forget that the growth of the employee translates to the development of the company. The competition will only get more challenging. Companies need to retain and train a high-performing and productive workforce to keep operational costs low and profit margins high.
The pandemic has accelerated 10 years of advancement in just under a year. With the Congress set to approve USD 1.9T pandemic-aid package for millions of jobless workers, the importance of reskilling and upskilling employees cannot be stressed enough. Organizations use Draup to look beyond skillsets and pedigree to assess deeper talent characteristics. With 450 million professional profiles, 75,000 companies, 1,500 locations across 28 industries, Draup helps organizations stay ahead of rapidly changing workforce trends by devising reskilling initiatives and enabling their employees to adapt to changing technology needs.