The War for Talent Is Here: What’s Your Strategy to Win It?
Since 1998, when the term “war for talent” was coined in a McKinsey article, the so-called “war for talent” has been raging. Nothing much has improved in the last two decades. Unemployment is at a record low of 3.5 percent hiring consultants, implying you currently have more open jobs and fewer opportunities than ever to move into critical roles.
The battle for talent has become the modern standard for human resources practitioners, and your agency is kept responsible for hiring, retention, and even overall success. Each of these tasks presents unique challenges:
- Recruiting is more difficult than ever, with 62% of recruiters saying that finding eligible managed network services providers is more complicated than five years ago. Additionally, there is a drop in internal promotion, implying more open vacancies than ever before.
- Retention could be much more difficult, as the United States’ “leave pace” is at an all-time peak. According to Gallup, 2.3 percent of workers leave their employers willingly daily, and a full 51% actively seek offshore IT outsourcing.
- Performance is heavily contingent on skill levels, with research indicating that top-tier talent is four to eight times more effective than average talent. This discrepancy has become more pronounced in complex activities.
What does it take to win a talent war?
Consequently, how can you rise well above the fray and win the battle for talent? What you need to remember is as follows:
1. Build relationships with universities
Since talent is critical to productivity, it makes sense to go straight to the source. By establishing a strong presence on local college campuses, you can generate excitement about your company as a great place to work while the youngest employees weigh their choices. Additionally, managed service providers are an excellent approach for developing collaborations with related academic departments to facilitate internships and learning. This way, you will develop the specific skill sets necessary to improve success when you recruit.
2. Compensation is just the start
Naturally, compensation is a key component of your marketing plan, but it’s just as crucial to stay current with your competitors’ prices. Even if your new employee gets a huge salary, they are not motivated to work hard. And even if they do stay, that doesn’t mean they will succeed in their job. Think carefully about fair pay and benefits when it comes to hiring managed services provider companies. It is impossible that you distinguish your business from all others on this front, so you should not place all your money in one basket.
3. Compete on company culture
If you can’t make a name for yourself through money, make a name for yourself through culture. When pay is nearly identical across the board, you must distinguish yourself by being an exceptional place to work. You cannot mandate culture; you must create it. This is best accomplished by:
- Employee recognition: An annual awards ceremony is insufficient. Employees today expect regular recognition. According to an Achievers survey, 91% of workers agreed “strongly” or “somewhat” that a solid appreciation culture contributes to a company’s attractiveness as a place to work. Employees can be recognized in various ways, from digital celebration cards and reward points to corporate outings. If you haven’t already implemented a managed network services providers appreciation program, now is the time to do so. They establish a culture of appreciation that allows workers to remember one another now and regularly (whether peer-to-peer or top-down). Having a good workplace culture centered on employee appreciation will help your business establish a reputation as the best place to work.
- Employee listening: Nobody wants to be a trench worker for the rest of their lives. Employees aspire to have their voices heard! When you conduct daily surveys and incorporate mechanisms for gathering their suggestions, input, and motivation, you demonstrate more than just your concern: you also identify opportunities to streamline processes, reduce waste, and expand on your performance. Pulse surveys regularly are an excellent place to start — if you act on the input you get. Integrating best-managed service providers into the company culture is essential, as 90% of employees report being more likely to continue with an employer accepting and acting on their feedback.
- Investment in leadership: Only 9% of employees consider their leadership very committed to these initiatives. A major cultural shift starts with the top and trickles down to employees. Developing a culture of a diversity strategy is also encourages transformation for good.
When you place a premium on creating a company culture that catches the eye, you put yourself in a position to win the battle for talent. Employee recognition and respect are critical components of business culture, and human resources should set the tone. Demonstrating confidence in workers and a desire to develop as a best-managed service provider’s future with them is one of the most effective ways to retain their engagement and loyalty—and you’ll also build an in-house talent pool to draw from, rather than continuing an endless cycle of hiring.