By Mike Cardus | Organizational Development Consultant, Executive Exchange Facilitator
If you are a manager or work in Human Resources, the talent shortage is no surprise. Sitting with the Executive Exchange groups that I facilitate, there’s a continuing discussion around the lack of talented people and how to keep them when they do come along. But the discussion often leads to no clear answers.
“With record talent shortages around the world, it’s no longer a question of simply finding talent; we need to build it. New assessments, big data, and predictive performance mean employers have the best tools to identify adjacent skills, help people shift into emerging roles, and create clear career paths. We know talent shortages are not going to fix themselves. Organizations need to accelerate efforts to upskill and reskill employees for the new world of work, so companies succeed, and people have employment security for the long term.”
Solving the Talent Shortage – Manpower Group
Below is a chart outlining some of the strategies that companies are using to overcome talent shortages.
How to make progress on your talent shortage
Providing additional training and development is at the top of the list… and, in my opinion, it’s an excellent way to make progress on your talent shortage. But then again, I’m biased!
There is supporting evidence to show that development opportunities can be more potent than management and the chances for the development of talents or to make progress on meaningful work are what keeps top talent within the organization.
See this from Culture Amp: “Management does impact the level of commitment—as long as there are good development opportunities. But in companies with below-average opportunity, the difference in commitment between people with good managers and those with bad is… zero.”
Build, Buy, Borrow, Bridge
Perhaps the best piece from the talent shortage report returns to the tried and true organization development processes to attract and retain talented people:
- Build. Invest in learning and development to grow your talent pipeline. Identifying future potential, driving a culture of learnability through the organization, and providing accelerated training programs will be critical to success in the digital age.
- Buy. Go to the external market to find the best talent that cannot be built in-house in the timeframe required. “Employers need to understand that candidates are consumers too; to attract and engage the best and brightest, HR needs to be a master marketer.”
- Borrow. Cultivate communities of talent outside the organization, including part-time, freelance, contract, and temporary workers to complement existing skills. “Organizations must learn to cultivate communities of workers inside and outside of the company. They need to explore total talent management solutions, be systems thinkers and better marketers, and tap talent in whatever form it’s available.”
- Bridge. Help people move on and move up to new roles inside or outside the organization. “Leaders have a critical job to optimize the skills they have and find alternative pathways so those whose skills no longer fit can bridge to changing or emerging roles.”
When you invest in the development of your organization, team, and leaders, the economic return is that the right people stay and continue to get better while supporting your progress. Also, when good people have an organization that encourages development, people discover more innovative ways of improving work and developing new ways to grow the company. If you are having a tough time finding talented staff, invest in the ones you have and you will see improvements… it just takes some time.
Mike has a focused expertise in team building, managerial leadership, and organizational development. He is frequently asked to create solutions to address the development of high-performance teams, retention of talent, innovation of product and profit streams, group conflict, coaching of leaders, developing systems to drive positive behaviors, and development of skilled knowledge to increase organizational and personal effectiveness. Learn more about Mike here.