Many innovative products and services on the Internet have been developed by those without a formal degree. Education, even from a top university, does not guarantee that the candidate will have the creativity that today’s organisations need to remain competitive. Hiring criteria must change to meet new needs in the industry. The old ways of doing things are obsolete and organisations that are reluctant to change will find themselves becoming followers instead of leaders.
Talent management strategies
Fortunately, all is not lost for those companies who want to keep their most skilled and talented workers with them for years to come. There are many talent management strategies for attracting, retaining and managing talent in today’s economy; here are a few talent management strategies to keep this talent on board:
1. Provide Competitive Benefits
In ordinary economic times, benefits are not always the chief consideration for jobseekers. During shaky economic situations, competitive benefits are far more important to workers. Companies unwilling to match or at least approximate the salaries offered elsewhere are quite likely going to lose their best talent to their better-paying competitors. In addition to salary, potential or current employees also weigh vacation time, life insurance, retirement plans and more when looking for a job. It’s always a good idea and talent management strategies to keep an eye on the benefits offered by competitors and adjust your offering accordingly.
2. Offer Regular Promotion Opportunities
Some talented employees leave one corporation for another because the new job allows them to advance their career. Having too many dead-end positions filled by gifted workers is a quick way to lose those employees when opportunities to advance arise at other companies. Attracting and retaining top talent requires companies to offer many ways employees can continue to rise to the top. Offering promotions to current employees first before searching for workers outside the company will also help keep talent around longer.
3. Give Opportunities for Career Advancement
Skilled employees are looking for ways to better themselves through education and training, and businesses can attract and retain the best talent if they help their employees improve their skills. Sending employees to training seminars regular and providing tuition reimbursement will attract good workers and keep them around for years to come.
4. Value Employee Input
Employee morale is low when workers in a company feel as if upper management never listens to them. Managers should try to involve their wider teams in decision-making as much as possible and make changes based on their input when feasible. Employees who feel like they have a say in running a company have a better reason to stick around than those who do not have a say.
5. Aim for Diversity
Younger workers tend to look for a diverse workplace because of their experience growing up in a diverse world. Having people from a variety of different backgrounds will attract young, talented workers.
Companies who ask their employees for their opinion will keep their best talent for years to come.
Talent management strategies are the full range of HR processes to attract, recruit, develop, engage and retain high performing employees. Your