Challenges Faced by Corporates on Competitive Talent Landscape
The talent landscape is changing rapidly and dramatically.
The emergence of new technologies, the rise of remote work, the shift in employee expectations, and the increasing competition for skilled workers are some of the factors that are reshaping the way corporates attract, retain, and develop their talent. In this blog post, we will explore some of the key challenges that corporates face on this competitive talent landscape and offer some suggestions on how to overcome them.
– Finding and hiring the right talent.
One of the biggest challenges that corporates face is finding and hiring the right talent for their current and future needs. According to a survey by ManpowerGroup, 69% of employers globally reported talent shortages in 2020, the highest level since 2007. The skills gap is especially acute in sectors such as IT, engineering, healthcare, and finance. To address this challenge, corporates need to adopt a proactive and strategic approach to talent acquisition, leveraging data and analytics, social media, employer branding, and referrals to source and attract qualified candidates. They also need to streamline and optimize their hiring process, using tools such as assessments, video interviews, and chatbots to reduce time-to-hire and improve candidate experience.
– Engaging and retaining the existing talent.
Another challenge that corporates face is engaging and retaining their existing talent, especially in a time of uncertainty and disruption. According to a report by Gallup, only 36% of employees globally were engaged in their work in 2020, while 14% were actively disengaged. Employee engagement is crucial for productivity, performance, innovation, and loyalty. To improve employee engagement and retention, corporates need to foster a culture of trust, recognition, feedback, and empowerment. They also need to provide their employees with opportunities for learning, development, career growth, and mobility. Additionally, they need to offer flexible and personalized benefits and rewards that cater to the diverse needs and preferences of their workforce.
– Developing and reskilling the future talent.
A third challenge that corporates face is developing and reskilling their future talent to meet the changing demands of the market and the customers. According to a report by the World Economic Forum, by 2025, 85 million jobs may be displaced by automation and artificial intelligence, while 97 million new roles may emerge that require different skills and capabilities. To prepare for this transformation, corporates need to invest in continuous learning and development for their employees, enabling them to acquire new skills and competencies that are relevant and in-demand. They also need to create a culture of lifelong learning, where employees are encouraged and supported to learn new things, experiment with new ideas, and adapt to new situations.
These are some of the challenges that corporates face on the competitive talent landscape. By addressing these challenges effectively, corporates can not only survive but thrive in the new normal.
About the Author.
Ratnesh Jain is an entrepreneur, mentor & author.
IIM Ahmedabad alumni with 30+ years of professional and entrepreneurship experience. Past 17 years in Executive search & Growth consulting.
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