The transforming talent market
- 4 Min Read
Through technology, trends, and development culture, the world of talent is forever growing. For many businesses, they face an ongoing challenge of not only attracting the right talent but also retaining them.
In a working landscape where the future of employment is uncertain, many employees won’t stay at a company if they aren’t developing individually. Several workers go on to undertake learning courses to increase their employability, and to fill the ever-growing skills gap. As organisations enter this age of change, processes must be made to prioritise talent, and adjust business strategies to succeed in this ongoing challenge. Deborah Thomas, Director, Audeliss, delves deeper into this obstacle for HR professionals and discusses what can be done to react to the transforming talent market.
The talent market is undergoing a transformation like never before. The biggest challenge being faced here is attracting and retaining top talent, which is forcing corporations to realign their strategies to better manage this change. Arguably, the main reason for this shift is through the realisation that we now have a five-generation workforce.
Companies now have the potential of housing Traditionalists (1925-1946), Baby Boomers (1946-1964), Generation X (1964-1981), Millennials/Generation Y (1982-1995) and Generation Z (After 1995 -2012) within their walls. Due to this, exploring how to manage the dynamics this can present is a unique and insightful challenge.
It can be the case that adopting a slightly different style of leadership for each generation is the key, but also that ensuring there is the opportunity to encourage these demographics to work together, in turn, heightening productivity and promoting peer-to-peer learning.
Not all pathways will be the same for this diversified talent market and incentives that appeal to one person will not necessarily translate to all – but that reminds us that we are unique and individual and that’s fantastic, particularly for company-wide inclusion and diversity.
The importance of attracting and retaining talent cannot be underestimated. It is a critical issue for employers and recognising that steps can be taken to entice new talent and keep your team motivated is key to business success. You need a strong and stable team around you to sustain any growth within the business and to achieve your goals.
Offering a range of incentives to drive and uplift employees in the workplace is a sign of a good employer – exhibiting a commitment to investing in the wellbeing and productivity of the team. Many forward-thinking businesses and business leaders are looking to flexible working options, for example, to allow their employees to better manage their work-life balance. In turn, boosting levels of productivity and motivation at work. Flexible working can involve employees choosing their hours or working remotely – both reasonable for many businesses due to the current digital landscape.
Promoting policies and incentives where principles of inclusion, respect and honesty are at the fore is important for the attraction and retention of talent too. Importantly, for this cross-generational workforce, it is key to remove and avoid stereotypes and bias in order to enable a more inclusive culture. This is important for workforces of different ages as diversity and inclusion should be at the heart of all workplace policies.
In particular, younger people, who seek to become the leaders of the future and take a seat alongside those in the C-suite, need employers to recognise the value of diversifying the workforce and providing equal opportunities, as well as a culture of inclusion. Recognising that diverse teams perform better and instilling this culture company-wide is integral.
Business leaders that are at the helm of managing this transformation of the talent market will also need to offer ongoing training, outlining and guiding progression opportunities for employees that are seeking to enhance their career. This can incorporate collaborative working, where your team can be motivated and empowered by the sharing of advice across the board. It can also inform training opportunities between generations, removing all barriers that your employees may feel.
Navigating the transforming talent market can present itself as a unique challenge for many business leaders. Yet, by remembering that managing this changeable dynamic can bring a host of benefits, it is possible to unlock a wealth of opportunities for the future of businesses on a global scale.