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Talent Wars

19-07-2016

By Kevin-James Fenech 

Good talent is hard to find and great talent is even scarcer. The problem doesn't end there: companies need to work extra hard to retain their best talent.  

I think the local economy is going through something of a growth spurt and the demand for talent is immense with more jobs chasing the same pool of talent. Those in recruitment can confirm how active the market is and this is pitching companies against each other for the best talent which is costly and time consuming. 

From a competitive advantage point of view, I would advise companies to take this seriously and be pro-active about the whole matter. 

I don't think talent wars are good for anyone and the price of a war is never worth it. Therefore, companies need to be strategic in their recruitment and talent retention policies otherwise end up paying too much for mediocre talent with limited loyalty propensities.

The big advice of this new era is to consider new modes of employment. I always thought that FT-and-PT-only modes of employment were outdated and now more than ever. Companies need to consider: Tours of Duty, <40 hour working weeks, building alumni networks for ex-employees, being innovative in company employee benefits, actively promoting ones' company to young talent, etc. 

My point is that companies need to be strategic about attracting, retaining and developing the best talent otherwise risk enter talent wars that cost money and do not offer long term solutions. 

Food for thought: Ask yourself what is your company doing to attract, retain and develop talent? Is it strategic? Do you have the right HR set-up? If you don't get convincing answers to these three simple questions it might be high time to re-think your entire human capital strategy. 

In the words of John Steinbeck: 'All war is a symptom of man's failure as a thinking animal'.  the words of John Steinbeck: 'All war is a symptom of man's failure as a thinking animal'.