Many of the world’s leading firms are in their position for a reason: they have the best employees who help their respective companies remain successful. However, in order for a business to remain successful, they have to hire employees who can succeed their former workers. All of the companies searching for new hirees creates a massive war for talent.
Hiring new talent is very important, and naturally one will want to hire the best employees in their respective field. These employees need to have refined the sought after skills the employer is looking for. It is not uncommon, however, for employers to not be able to find adequate candidates for their open positions. 46% of the Human Resource managers who are looking to hire say that the talent gap between acceptable employees and unacceptable employees is too big and it makes it very hard to hire. This is problematic, considering only 27% of businesses say that they have the talent they need.
The reason there is such a large talent gap is due to the fact that the baby boomer generation is close to retiring. These workers have been in the workforce for several decades and have honed their skills for many years. They have developed a wide array of experience and expertise in the work place that is very beneficial to most companies, unlike students who recently graduated university. When this generation retires, it will increase the talent gap and the shortage of workers available.
It is also important to not lose employees who can be useful to your company. Many of the top companies in the world, such as Google and Apple, do this by rewarding their employees and keeping their perspective on their company refreshed. They strive to keep their workers motivated by engaging the employee in company decision making to keep them interested in their job and motivated to try and make the best decisions for the company in aspirations to potentially be promoted.
Motivating employees is vital when attempting to keep employees at your company. In fact, 4 out of 5 employees would leave their job if they could, but don’t since they are worried they won’t find a job that pays better. Many companies try to keep workers motivated by simply keeping them happy. Providing employees with free meals, free tax advice and many benefits keeps them content and keeps them loyal to a company.
Lastly, it is incredibly important to develop your own talent in a business, and attempt to somewhat cater your business to the employees. Technology is constantly evolving and it is crucial to be able to keep up with it and adapt. Also, now more than ever, younger people know just as much or more than their senior employers about social media, or the latest big innovation that their company might need. For this reason it is wise to build the workplace around the employees. It will also keep them motivated and keep them working.