Who Will Be the Victor?
by Clancy Cross
The economic downturn has created a ceasefire in the global war for talent. But, for how long? Demographics and the march toward economic globalization practically guarantee that this so-called “war” will resume as we emerge from the economic downturn. Proactive organizations are already preparing for battle.
Let’s first address the recruiting and retention war from the perspective of the employer. A study published by The Economist in May 2008, which had a sampling of 944 executives from across the globe, listed the following mission-critical capabilities for organizational success:
- Dealing with and managing change (68%)
- Strategic thinking (45%)
- Communication and interpersonal skills (41%)
- Analytical and problem solving (32%)
- Working in virtual teams (31%)
- Project management (27%)
A 2009 report commissioned by the Australian Association of Graduate Employers (AAGE) included the following interesting responses:
- 89% of employers indicated that competition for graduates was one of their major business challenges.
- Over 80% said oral communication, teamwork, and interpersonal skills are “very important” competencies they look for in the recruitment and selection process.
- 18% of recruiters are ‘not very satisfied’ with applicants’ emotional intelligence.
- 52% of recent hires cited the organization’s training and development program as a reason to remain with their current employer.
- Of the top 19 responses, 13 competencies sought by employees were soft skills such as: people management, relationship building, communication, project management, and emotional intelligence.
Distilling these data points yields three conclusions: 1) an organization needs a strategic approach to recruiting and retention; 2) the strategy must include training and development as a key element; and 3) the success of the organization depends to a major degree on the success of the strategy.
The role of soft skills is increasingly taking center stage in staffing-related decisions, from the perspective of both the employer and employee. Organizations need employees who are competent in the disciplines of their industry AND well-grounded in the soft skills. Recruits and employees see the employer as a partner in their career development.
For the time being, it is an employer’s market. However, as we move toward economic recovery, the battle will heat up. Employers must prepare to compete as hard (or harder) for the workforce they need as they do for customers. Whether oriented around an in-house, out-sourcing, or blended approach, a personnel development strategy that enlightens, engages, and empowers young talent is crucial to winning the war for talent.
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Copyright 2009, Clancy Cross. All rights reserved.
Republished with permission.