Does your company have a long-term strategy to train, nurture and retain your talent?
Recent research has found that not enough organisations do - and as a result, we could be heading towards a serious shortage of highly-skilled workers by 2030. The study conducted by Korn Ferry suggests a shortage of top-end talent in the financial, business, technology, media, telecommunications and manufacturing sectors will result in both rapidly escalating employee wages and trillions of dollars in lost revenue for global economies.
The combination of higher wages and lost revenue would be devasting for many businesses - so, how can your company attract and retain the best people and avoid a future talent shortage?
While perks and big pay packets may have been enough in the past, in a highly competitive market it’s no longer sustainable. What’s needed is an approach that focuses on what really makes people love what they do, creating a workplace that attracts and retains the best people. In this article we’ll discuss some simple yet effective strategies you can put in place now to build loyalty, increase your talent pool and give your company a competitive edge.
Provide Career Development to Retain Your Talent
One of the most common reasons people choose to leave their job is a lack of opportunity to further develop their career - so it’s no surprise that businesses who offer their employees the chance to learn and grow within their role tend to have the highest retention rates.
Offering clear pathways to your employees that allows them to learn new skills and work their way up significantly increases job satisfaction. When your team feel like they’re supported and working towards something more, they also tend to be more engaged and motivated, which boosts productivity, gives them a sense of purpose and creates loyalty.
Upskill and Grow Your Talent from Within
It’s also becoming clear that while there may be an emerging talent shortage in highly-skilled employees across many industries, at the same time there is an increasing abundance of low-skilled workers whose roles are being threatened by automation and digital advances.
This creates an opportunity for forward-thinking companies to develop and expand their talent pool from within by upskilling their employees. Not only will you save time, money and resources on searching for outside talent, you’ll also take full advantage of their existing company knowledge and connection to the business.
Don’t Rely Solely on Temporary Workers
While hiring contract, freelance and temporary workers can be the ideal way to boost your talent resources in short bursts as work demands increase, it’s unwise to rely on this approach as a long-term solution to staff shortages.
Freelance and contract workers often command higher wages than permanent staff and can be difficult to retain. For this reason, it’s wise to use their expertise during peak periods or for projects where their skill set can really improve your results, rather than looking for a quick and easy fix to a longer-term skill shortage.
Final Word on Managing Future Talent Shortages
As salaries for highly skilled staff rise with increased demand, companies who invest in home grown talent and build long and mutually beneficial relationships with their team are far more likely to thrive.
Businesses who focus on developing, upskilling and rewarding their staff, set themselves up to avoid losing out big on unrealised revenue and huge wage increases when the expected talent shortage hits over the next decade. So, if you’re not already nurturing your staff to be their best and grow with your business, start today!
Like to know how you to find and keep the best talent for your organisation? Get in touch with our team to learn more today!
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