In the current talent-hungry market, the most common challenge that organizations are dealing with is attracting, hiring, and retaining a talented workforce. HR professionals consider talent management the biggest challenge to meet business needs beyond tomorrow. It has become inevitable for organizations to adopt effective learning talent solutions to sustain business development in 2023 and even after. Talent solutions involve planning, onboarding, and managing employees during their entire work cycle. By building the right talent acquisition strategy, organizations become stronger. Though the current market conditions have increased the number of job seekers, there is still a shortage of the right talent across different industries, resulting in a ‘talent mismatch.’
Every organization is looking for employees with multiple skills and expertise, so talent acquisition is becoming tedious. So, recruiting the right candidate who fits the job role is also getting tough. Additionally, workforce retention is another challenge for organizations. Today’s ever-evolving corporate landscape requires HR professionals to be more proactive in hiring and retaining a talented workforce. It is the responsibility of learning talent management to focus on how employees enter and move up within the organization. If organizations adopt the right talent acquisition approaches, it will automatically boost employee engagement and retention. Higher engagement will result in better business productivity and workforce performance.
Talent Recruitment- Key Areas of Focus
Today, most companies are putting efforts into redesigning their learning talent solutions. They are coming up with future-proof plans comprised of the following aspects:
- Identifying talent management needs of the organization that drive business growth
- Executing innovative strategies to bridge the talent gap and cater to the industry’s bespoke needs
- Identifying and addressing challenges to improve talent retention
Talent Recruitment- As a Strategy
Organizations have not always considered talent management as one of strategic importance. But with the changing economic landscape, learning talent solutions have gained the highest priority. As per research by McKinsey, there is a strong relationship between talent management and organizational performance. Businesses with stronger talent management strategies are more likely to succeed and deliver higher ROIs.
In the current scenario, talent acquisition and talent retention have become the most important concerns for L&D teams. There is a constant need to address talent acquisition needs at senior levels within every organization. So, companies must plan their talent acquisition strategies to fit ‘hand in glove’ with the overall business strategy and vision. These strategies must be closely examined and involve people who significantly contribute to the company’s vision and purpose.
Top Benefits of Learning Talent Solutions
With proven talent acquisition strategies, companies are more likely ahead of the curve. Key benefits of adopting innovative learning talent strategies in the year 2023 include the following:
Better Opportunities for Career Development
With the right talent acquisition approach, employees get an opportunity to improve their career paths. Per the Workplace Learning Report 2022, 29% of employees are ‘very satisfied’ with their career development opportunities and, therefore, stay longer. When the right candidate is hired, it boosts overall employee retention, which ultimately drives business outcomes in terms of performance and productivity.
Higher Employee Engagement
A streamlined talent acquisition process results in improved employee engagement. As per a report, organizations with great experiences outperform the S&P 500 by 122%, and those with highly engaged workforces have 21% higher profits than those with poor engagement. In addition, conducting employee engagement surveys and evaluating KPIs ensures employees remain engaged and motivated.
Encourage Employee Diversity & Inclusion
Employees from diverse backgrounds and cultures ensure continuous learning through innovation and yield better results. As per the Workplace Learning Report 2022, 64% of L&D pros focus on employee diversity and inclusion to boost organizational performance and overall growth.
Better Opportunities for Employee Upskilling
With the right talent acquisition strategy, employees can close their skill gaps and improve on-the-job productivity. Custom training programs create workforce upskilling/reskilling opportunities to ensure business continuity and increase retention.
With changing demographics, talent acquisition and retention have gained significant attention among most organizations. An innovative learning talent solution promotes a strategic link to business objectives which ultimately improves engagement, boosts retention, closes skill gaps, and promotes diversity and inclusion. When organizations deliver what their employees need, their talent acquisition strategy can be a success in 2023 and even after.