How to adjust your thinking about the talent shortage

Many companies approach talent management with a finite (or win-lose) mindset. Finding more people and hiring the best talent is considered crucial to “winning” the talent game. While there is some truth to this idea, such a narrow view of talent management causes leaders to overlook the goal of continuing the game (i.e. hiring, developing, and retaining top talent as everyone’s job with no winner or loser).

This finite mentality is partly the reason why employers are in the midst of the Great Redundancy. In November 2021, according to the Ministry of Labor, 3% of the workforce left their job. Worse, a December 2021 poll found that 23% of Americans plan to resign by 2022, while 70% hope to quit in February. This will be a major problem for companies that are already having problems hiring.

Fortunately, not all is lost. You can turn the situation around by embracing a never-ending mindset, rethinking your talent management strategies, and putting the employee experience at the heart of your efforts.

So, how can you rework your talent management strategies and switch from a finite to an infinite mindset? Here you can start.

Offer real and convincing benefits

The gap between what employees want and what employers offer is widening and impacting multiple industries. The industrial sector appears to be the hardest hit, with some organizations reporting employee turnover rates above 100%. Research from Slack’s workplace research organization shows that 58% of knowledge workers are considering changing jobs in the next year.

To bridge the gap, you need to establish innovative compensation policies and employee benefits that are proven to support employee retention and engagement. Policies should reflect the needs of the employees, not those of the organization. Take a page from PwC’s book and talk to employees about how you can support them. In addition to giving team members an extra week of vacation last year, the company is currently giving employees $250 if they take 40 consecutive hours off before June 2022.

This talent management strategy may not work for every business, but some repetition can help your business. After you’ve selected a compensation policy or employee benefit to invest in, assess the difference between your current and desired state. Create an action plan to implement the policy or benefit and work to create a more inclusive, engaged culture.

Create mutually beneficial relationships

The changing dynamics of the talent economy have shifted power from employers to employees, and they are willing to exercise their agency much more quickly than in previous markets. However, they are less likely to do so if there is a mutually beneficial employer-employee relationship. According to Gallup, it would take more than a 20% pay increase to convince someone to end such a relationship.

Employee engagement is not just a manager’s responsibility. The requirement to be in a certain state of mind. Commitment is a psychological phenomenon driven by employee expectations and motivations, as well as good leadership and management practices. Be interested in what employees find important and what they enjoy doing. Make sure their interests and enjoyment match their roles, especially in a job market where talent is hard to find. You should not make the mistake of taking a one-size-fits-all approach.

Extension of employment criteria to include employee satisfaction

Employers were once able to choose from pools of qualified (and sometimes overqualified) applicants. It is becoming increasingly important to hire people based on learning agility and other power skills, such as leadership, teamwork, adaptability and problem solving, to name a few. Each of these characteristics is essential to success in the workplace. And with these attributes you can more easily train an employee for a certain role.

That said, in light of the current difficulties in hiring, employers should also consider extending employment criteria beyond education and skills requirements to gauge whether candidates will like the job. What do they want from a job? Do their interests or work preferences match the position? What expectations do they have of an employer? What drives your employees: higher pay, development opportunities, flexibility or something completely different?

Make talent management a group effort

Communicate your commitment to the future from both the business and employee perspective. Be as specific as possible about the role each employee plays in the overall performance of the company.

Don’t forget to enable different channels to share this post. Far too often, business leaders rely on town hall meetings to relay such information. While effective, every employee has their own preferences for communication, be it by email, phone, print, text or social. By constantly sharing the good news in different ways, you can cast a wide net and take employees into account.

Most organizations have not thought about the role they play in the Great Resignation. Fundamentally, there needs to be a complete makeover of how leaders conceive of talent management. Only then can companies alleviate the current retention and talent acquisition problems.

dr. Dan Harrison is the founder and CEO of Harrison Assessments.

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