A changing economic environment for businesses has made business leaders more aware of the increasing importance of their human resources. Financial and technological investment are no longer enough to give companies the edge in markets where technologies and prices are more or less uniform. As a result, the importance of the human factor has resurfaced.
Taking humans into account
Employees’ fundamental drivers – work done well, a sense of belonging, involvement in research and general creativity, the profound conviction that everyone has their place, that they ‘count’ within the organisation, and that they have the right to be different and to assert that difference – are the deciding factors. However, recognition of the value of employees’ personalities and skills generally resurfaces during times of high employment when finding and recruiting talent is more difficult.
As the number of job vacancies currently outstrips demand for jobs, those involved in recruitment are finding it harder to attract and retain the best talent. When there is a shortage of qualified candidates for jobs, recruiting and retaining talent becomes increasingly difficult for businesses. The direct approach is one possible solution, but these days offering more money is not enough to pull in the best candidates.
Companies now have to attract candidates using a variety of methods: pay (composition and level), along with any other benefits, is crucial. Once pay has been agreed, the company’s reputation can be the deciding factor. These days many executives look at the history and development of their future employer, and at the recruitment context and corporate culture of the company, which can have an impact on the future employee’s working conditions.
Candidates are selective about the offers of employment they accept, opting increasingly for ‘human’ companies that recognise certain values. As a result, companies have to exercise discretion and carefully manage the content of their message to potential candidates.
After hiring your employees
As soon as the recruitment process is complete, the company must plan induction training for the new employee. Once hired, future senior managers/executives must be able to envisage a future with their new employer in the short, medium and long term. So that they can meet their employee’s various aspirations, companies are developing talent management strategies and seeking to deploy new employee retention tools.
The natural turnover of employees and the lack of career opportunities within companies are the main obstacles to retaining high-potential individuals. Companies are now looking more to training and career development support for their best talent. Personalised support for career development is a new trend highly valued by senior managers and executives, but it can only be offered by companies of a certain size.
Smaller companies with fewer resources tend to rely on their unique qualities and values when it comes to attracting talent. This can set up something of a game of musical chairs, so companies have to learn not only to retain employees but also to engage in succession planning.
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