4 reasons to reevaluate your talent management strategy
Is your talent strategy working as hard as it could be? Some talent management processes are now standard for most companies, but the specifics can vary wildly. Not to mention, even the most sophisticated talent strategy can easily go out of date when you consider the pace of tech advancement and social change. Here’s your one-stop guide.
For HR managers, it’s essential to know what’s changing so your talent strategy stays one step ahead. We asked SD Worx experts for the 4 biggest reasons why now is the time to reevaluate your talent management strategy, and which new approaches you should consider.
1. Workforce dynamics keep evolving
As the pandemic recedes in the rear-view mirror, it can be tempting to underestimate just how permanent its effects are. We’re now firmly in the hybrid era, where the initial excitement or anxiety around working from home has settled into a more balanced culture for most workplaces. Meanwhile, flexible working isn’t so much an optional benefit as an essential requirement for organisations that wish to attract the best talent.
Employers now need to go beyond these basics. Can you introduce job-sharing at your organisation? What about enabling employees to work on projects outside of their typical job roles? Achieving that flexibility requires a structured approach to mapping skills, not responsibilities, across your teams.
2. AI is transforming the world of work
A few months ago, most of us hadn’t heard of ChatGPT. Now it’s a watchword for the whole concept of ‘AI’, that mysterious force that seems to hold equal potential for good and evil. For HR teams looking to streamline processes and optimise workflows, AI tools can not only make it easier and quicker to perform routine HR admin tasks without errors but can also enable better strategic decision making and more personalised employee experiences—and that’s just the tip of the iceberg.
For many, the advance of AI is a serious a threat to their employability, as the latest OECD Employment Outlook makes clear. Employers have to act now: retaining talent requires easing people through the transition without alienating them as new technology is introduced. Not to mention, a lot of AI works best when humans are collaborating with technology, so it’s important to keep your people fully engaged and along for the ride.
3. There’s an expectation vs. reality mismatch
According to SD Worx’s new Europe-wide research, 85% of employers feel that direct managers do enough to develop talent at their organisation. However, only 35% of employees feel they receive enough help to develop their skills. It’s a pattern that bears out throughout the research: employers and employees have different ideas of training, job-crafting and internal mobility, which means employee expectations aren’t being met.
It's time for employers and HR teams to ask: is training accessible enough at my organisation? What could we do to make training and talent development more enjoyable or impactful? Do employees have a clear picture of how they can grow their career at our organisation? Are job openings promoted enough internally? Do we provide clear career paths and adequate guidance on personal development?
4. The war for talent is over. What now?
In the words of PWC U.S. Chairman Tim Ryan, “The war for talent is over. Talent won.” As employee experience continues to be the utmost priority in the world of work, it’s hard to disagree. Regardless of the fluctuations of the labour market, a shift of power is taking place and employees are able to pick and choose between a wider variety of benefits than ever before.
However, signing a contract is only the beginning. In 2023, employee experience is less about perks and more about encouraging a sense of wellbeing, safety and inspiration for workers during ordinary daily moments, both at their desk and away from it. Technology has a huge part to play in that, as it enables higher degrees of entertainment, convenience and personalisation for almost every routine task. So is your talent tech stack up to the task, or is it time to invest in new solutions that not only harness your employees’ abilities, but also help them to be happy?
Transform your talent strategy
People needs and priorities are always changing, so talent strategy should never stand still. If your strategy hasn’t adapted in a while, now is the time for transformation. But don’t expect it to happen overnight. Talent strategy transformation is a journey, which is why you shouldn’t hesitate to take the next step.
Corporate Content Creator at SD Worx