As your firm looks to grow on a global scale, attracting, developing and retaining the right talent for your firm can be one of the most daunting tasks for a human resources department. Akin to American Idol or America’s Got Talent, the process of talent search and management can be quite the spectacle. As the employer, you watch as potential workers step onto the stage before you. You cringe when they sing off-key, but when they have that “X”-factor that your firm is looking for, you can barely help but to break out into exuberant applause. Ultimately, an efficient talent search equals a higher return on investment for your firm.
As the global economy finds its foothold once again, the nature of talent search is shifting accordingly. In growing markets, talent demand (and in turn, labor costs) increase. Like the promise of a golden ticket to Hollywood, employers have to be prepared to offer better value propositions for the potential talent especially as we move away from the post-recession era. To do so, it is vital to highlight metrics as well as anecdotal evidence from current employees when conveying the benefits that employees gain from working for your firm. Make sure the EVP delivers a consistent message so that you can attract the right people for your company.
New challenges for HR:
1- In any good talent competition, variety is to be expected. If every participant that walked on stage had the same sounding voice, the show would be devastatingly boring. Today’s workforce is more diverse than ever. In addition to diversity in culture, race, gender, and sexual orientation, with less security in pensions and other benefits there is also more generational diversity than ever before, which changes the nature of talent search significantly. With diversity, comes a lack of standardization in skillsets and education that human resources must accommodate for.
2- The key is to understand the subtleties of the workers’ qualifications. According a 2012 Economist Intelligence Unit survey of senior executives, strategic vision and the ability to handle complexity were cited to be the most difficult skills to find among talent. With ever-changing competitive environments, these less apparent skills are desirable—and they might not always correlate with the Ivy League education or the impressive resume.
3- Sometimes in a talent search, the music starts and the contestant’s first few notes fall a little flat. But you’re on a tight time schedule—not to mention a tight budget. First impressions, although important, aren’t everything. Ensure you are committed to long- term development. Talent should be able to prove that they are adaptable, and can learn to become part of the company’s culture. After all, American Idol judges help contestants to develop their skills, and transform them into star performers by the end of the competition.
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Very well written! Loved the note on first impressions, I tend to be a little too impulsive with my hiring! Thanks Evelyn