Talent management is now a key focus for many organizations but creating rich talent management practices start from within. No matter the workplace predictions or forecasts of 2020-2021, people remain focal to the processes. The need to attract and retain talent in this competitive labor market will continue to intensify regardless of technological innovations through AI and automation. Developing a distinct employment brand and fostering a strong culture to attract and retain talent is not new, but it’s never been more critical.
Given the struggle that many organizations face hiring and retaining talent in today's tight labor market, it is critical to understand how to effectively reward employees.
Let us look at a few basic changes in approach that can give you an edge in this war for talent.
Push your boundaries and dive deep to find what you can offer that no one else will -
According to the new Harvard Business Review, organizations should move beyond salary and traditional cash rewards to place greater emphasis on non-monetary, tangible and intangible rewards and recognition initiatives. Leading tech companies such as Amazon, Google, Microsoft, and Facebook have been perfect examples of the proper implementation of the same, as we’ve seen them building, buying, or rehabbing office spaces in the recent past, to make them attractive and appealing to workers. However, today’s climate calls for a little more creativity as the majority of companies and candidates are switching to the work from home model, making fancy office spaces obsolete.
In both large and small companies, upskilling and reskilling has become the new norm, irrespective of the industry or sector. This includes skill-based training for recent college graduates who are not fully ready for the workplace, as well as to equip existing workers with new capabilities, particularly as artificial intelligence (AI) and robotics make deeper inroads and change the way work is done.
Internet Presence -
Enticing a candidate to join a new company goes beyond what’s written on an offer. When a candidate is deciding if they should apply to a company, their first instinct will be to dig up some background information and see if they can picture themselves at the company. As a simple fact of life, first impressions are everything - and more often than not, that introduction doesn’t come straight off from a company email. Ensuring consistent, clean, and up-to-date branding across all platforms positions you as a well-oiled machine and instills a sense of confidence - which will result in more applicants.
“Treat your men as you would your own beloved sons. And they will follow you into the deepest valley.”
- Sun Tzu, The Art of War
The Art of War is completely relevant even in this war for talent. Sun Tzu perfectly explains the importance of inculcating a personal approach toward employees, making them feel like an indispensable and valuable part of the organization. This personal touch can go a long way in making employees feel a sense of belonging and responsibility toward the organization and their work.