A recent study found that 95% of organizations have a difficult time finding talent, with 35% of those reporting that it is very difficult. It would not be an exaggeration to say that it has never been easy to find good people. Most organizations have adopted an "all in" approach to respond to these challenges when it comes to methods used for their human capital search.
So, how do organizations emerge as winners in this ‘Race for Talent’? Here are 5 best practices.
Have a robust sourcing strategy
Creating a well-thought-out strategy is the key to achieving success with any tactical plan. By collaborating with their cross-functional counterparts in HR, the modern sourcing team can build an efficient sourcing framework. Short-term (less than 30 days) and long-term (greater than 30 days) needs should both be considered when creating a strategy. A good strategy for short term needs should include looking internally and externally. A good strategy for longer term needs should include a search of the bench for internal sources, reprioritization, or escalation of existing project assignments, and supplemented by a talent development program aligned with project needs.
Get the right mix of employees and interims
Finding the sweet spot for using interims for project needs can be tricky. The key is to analyze your organization's average peak demand for resources and adjust your targeted level of employees to meet your average peak demand. From there, you'll need to develop a strategy to address peak-load needs that exceed employee capacity. Luckily, this process is far from impossible and can be very economical!
Keep a warm pool of talent ready at all times
On an average it takes 30-60 days to source talent , bring them on board and make them productive. The warm pooling process is a continuous effort to identify talented individuals in select cities and geographies. By building a warm pool of potential employees, the sourcing team can reduce the time it takes to find a productive new employee. The more sophisticated sourcing teams are always looking for ways to improve on-boarding processes to drive time and cost out of the recruiting process.
Use automation for some part of sourcing
Imagine a team member who always completes their work on time, never calls in sick, never asks for a raise or promotion, and rarely makes mistakes! Yes, we are talking about automation. In today's world, something that would take you minutes if not hours can be automated and done in seconds. So why spend your time doing something that can be done in a fraction of the time? Moreover, it also enhances the candidate experience. Don’t forget that the candidate experience is as important as the candidates themselves!
Not just attract but also retain
For organizations that lead with talent attraction and retention of talent is a strategic priority. There are a number of things you can do to improve your chances of retaining your top talent. First, make sure your employees feel appreciated. Show them that you value their contributions by recognizing their hard work. Secondly, provide them with opportunities for growth and development. Help them reach their full potential by giving them the chance to learn new skills and grow their careers. Finally, create a positive work environment. Make sure your employees feel comfortable and happy at work. This will help them stay motivated and engaged.
At The Taplow Group we have extensive experience in designing, delivering, and benchmarking Human capital projects in addition to human capital services, to ensure our clients fully realize their employees’ full potential. Get in touch with us today at www.TaplowGroup.com
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