Learn more about holistic talent strategies
by Charlotte Myland
Many organizations face challenges stemming from the continuous disruption of today’s talent market. The work, workplace, and workforce are all changing at once, demanding that leaders respond to emerging needs, shifting expectations, and new ways of working. Perhaps, like others, you are exploring ways to transform the way you do business to ensure you’re able to attract top talent, reduce turnover, and upskill your team–all during a time of increased employee expectations.
As organizations take a step forward to transform the way they operate, it’s imperative to revisit your talent strategy to ensure it is aligned with the future vision and includes the benefits needed to attract and retain talent. Employees expect companies to put them first, and today’s labor market is at risk of companies not responding to these expectations.
And as organizations go through this reinvention process, it’s clear that a talent strategy is a top priority on everyone’s agenda–not just HR.
Attrition can negatively impact your business. The cost to replace an employee is 50% to 200% of the salary–not to mention the intangible knowledge walking out the door. This is trillions of dollars every year due to voluntary turnover. And guess what? Most of the damage is self-imposed. The characteristics and environment of one’s job are now the most significant drivers of turnover.
Additionally, with concepts such as the ‘great disconnection’ and ‘quiet quitting’ on the rise, it is critical to refocus on employee engagement. According to the Harvard Business Review, 77% of the workforce believes meaningful connection and intentional social interaction are important for job satisfaction. Leaders need to create space within the business culture and processes that build trust, foster engagement, and provide opportunities to listen and learn from employees.
Investing in your people and enabling them to thrive will fuel the next wave of growth for your organization.
The good news is that organizations have a more direct ability to influence positive outcomes for employees than many other types of risks. We’re seeing companies invest in talent to enhance the employee experience and bring the employee value proposition to life. More innovative approaches to workforce management, from adjusting programs for hybrid and remote workers to targeted investments in skill building and knowledge transfer, can meet the challenges of today and the future.
A people-centric approach rooted in your strategic business objectives is imperative to help you attract, acquire, and grow talent. As you consider your talent strategy, you should explore questions such as:
The answers to these questions can help organizations learn where they can unlock value and how their workforce can be enabled to deliver against business objectives now and in the future.
So, where do you start on your journey? Slalom can help you thrive in today’s turbulence with a clearly defined talent strategy. Fill out this form, and we will be in touch.