What is the Talent War?
The changing landscape of attracting and retaining talent is referred to as the talent war. The battle for talent is becoming more difficult. It is now not only difficult, but also difficult and complex.
McKinsey coined the phrase "War for Talent" in 1997 to describe the difficulties businesses face in finding and hiring skilled workers. Recruitment in many industries is becoming more of a "battle" for top talent as a result of demographic changes and increased demand for specific qualifications.
Healthcare, social services, and education are particularly affected, as are civil engineering and building technology, energy, electrical engineering, and mechatronics, as well as logistics and security.
What are the causes for the Talent War?
Here are some of the cause for the talent war;
- The rise of small and medium-sized businesses increases competition.
- Job mobility is increasing, and employees are not afraid to explore virtual or international job opportunities.
- Traditional jobs and positions are less appealing to the younger generation of workers.
How to win the talent war?
- Recognize that employees at different levels in the firm are drawn to different perks, so tailor your approach to your needs.
- Pay is crucial to job seekers—you must be competitive—but people have reevaluated their priorities in the last year and appear willing to swap the best income for a position that provides a well-rounded package.
- Networking is still the best approach to locate work and to discover workers.
- Flexibility is essential. Over the last year, we've all been forced to experiment with non-standard work conditions that we would never have consciously established. However, we've discovered that there are numerous advantages to these flexible and hybrid work arrangements, and the talent market is demanding that we have an open mind and investigate new and creative work solutions in the future.
- The so-called "Gig Economy" is flourishing. Many people who are rebuilding their life are opting not to return to the full-time grind of working for just one organisation.
- Employee engagement is essential. Many people wonder how to engage a remote workforce, and the answer is to not differentiate between in-office and remote involvement.
- Succession planning has always been vital, but it has always been viewed as a means to mitigate a company's threat or weakness.