Your 2020 talent and culture road map to hiring success
Talent and hiring is the foremost business decision executives and Vistage members say they face. And without a thoughtful road map to address it, access to talent is an issue that can limit your company’s growth.
Hiring and employment factors business executives face:
- The U.S. unemployment still hovers below 4%. It is becoming increasingly hard to find the right people — just when you need them most.
- 76% of employees are either looking for a job or are open to new opportunities. While you are seeking new employees for new roles, your current employees may be at risk.
- 46% of U.S. employers can’t find the skills they need — a 12-year high for talent shortages globally. A variety of industries are experiencing critical skills gaps.
There are now more job openings than people to hire. This talent scarcity is leading to fundamental change in recruiting and virtually every other business function.
As a result, both retention and recruiting are equally critical talent issues. In order to win the war for talent, your people must become a strategic business imperative.
The talent factors to consider
Your company’s ability to find and keep people is based on much more than your recruiting tactics. It’s dependent on several interrelated factors:
- Cultural alignment and engagement
- Leadership development
- Employment branding
- Recruiting strategy
You must first identify areas of strength and opportunity within your organization’s human capital strategy, and then create a plan to address recruiting and retention challenges in the year ahead. Developing a talent and culture road map helps your company recruit and retain people you need to achieve your business objectives.
Before developing your talent and culture road map, ask yourself these two questions:
- How does my organization score on this talent and culture report card? This brief quiz can help you identify where you excel, and where there are gaps. It covers the interrelated factors listed above.
- Are we really strategic or just tactical in our current recruiting efforts? This article on recruiting strategy can help you compare your organization’s efforts against industry best practices. If you are like most companies, recruiting is treated like a one-time event instead of an ongoing sales process.
I’ve been counseling middle-market CEOs on talent and culture for nearly two decades and here’s what I’ve learned: most companies consistently state that their people are their most valuable assets, but often they don’t spend the time, effort, or money needed to find and keep great people. Companies know what they need to do, but many do not do it. Make 2020 the year you develop the strategic plan and do the work needed to recruit and retain your best employees.
Register for our Friday’s with Vistage webinar: How to Develop a Talent & Culture Road Map for 2020. Gain an understanding of key trends and specific recommendations on human capital strategy. Participate and you’ll leave with insight and advice to create your own talent and culture road map for 2020 and beyond.