The talent landscape is changing rapidly and dramatically.

The emergence of new technologies, the rise of remote work, the shift in employee expectations, and the increasing competition for skilled workers are some of the factors that are reshaping the way corporates attract, retain, and develop their talent. In this blog post, we will explore some of the key challenges that corporates face on this competitive talent landscape and offer some suggestions on how to overcome them.

– Finding and hiring the right talent.

One of the biggest challenges that corporates face is finding and hiring the right talent for their current and future needs. According to a survey by ManpowerGroup, 69% of employers globally reported talent shortages in 2020, the highest level since 2007. The skills gap is especially acute in sectors such as IT, engineering, healthcare, and finance. To address this challenge, corporates need to adopt a proactive and strategic approach to talent acquisition, leveraging data and analytics, social media, employer branding, and referrals to source and attract qualified candidates. They also need to streamline and optimize their hiring process, using tools such as assessments, video interviews, and chatbots to reduce time-to-hire and improve candidate experience.

– Engaging and retaining the existing talent.

Another challenge that corporates face is engaging and retaining their existing talent, especially in a time of uncertainty and disruption. According to a report by Gallup, only 36% of employees globally were engaged in their work in 2020, while 14% were actively disengaged. Employee engagement is crucial for productivity, performance, innovation, and loyalty. To improve employee engagement and retention, corporates need to foster a culture of trust, recognition, feedback, and empowerment. They also need to provide their employees with opportunities for learning, development, career growth, and mobility. Additionally, they need to offer flexible and personalized benefits and rewards that cater to the diverse needs and preferences of their workforce.

– Developing and reskilling the future talent.

A third challenge that corporates face is developing and reskilling their future talent to meet the changing demands of the market and the customers. According to a report by the World Economic Forum, by 2025, 85 million jobs may be displaced by automation and artificial intelligence, while 97 million new roles may emerge that require different skills and capabilities. To prepare for this transformation, corporates need to invest in continuous learning and development for their employees, enabling them to acquire new skills and competencies that are relevant and in-demand. They also need to create a culture of lifelong learning, where employees are encouraged and supported to learn new things, experiment with new ideas, and adapt to new situations.

These are some of the challenges that corporates face on the competitive talent landscape. By addressing these challenges effectively, corporates can not only survive but thrive in the new normal.

About the Author.

Ratnesh Jain is an entrepreneur, mentor & author.

IIM Ahmedabad alumni with 30+ years of professional and entrepreneurship experience. Past 17 years in Executive search & Growth consulting.

#ratneshjain #bluegenesresearch #bgr #executivesearch #recruiting #recruitment #hiring #hr #employerbranding #evp #talentacquisition #ta #humanresources #hrtrends #recruitmentraining #learnrecruiting #interviewingskills #recrutingskills #learning #psychometric #assessment #leadershiphiring #rpo #affinitybias #discrimination #diversity, #performancemanagement #artificialintelligence #ai #chatbots

Uncompetitive compensation inhibits the hiring and retention of qualified candidates and those searching for growth opportunities. This is a serious problem that can affect the performance and reputation of an organization. Some of the negative impacts of uncompetitive compensation are:

• It reduces the pool of talent available for recruitment. Candidates who have the skills and experience that the organization needs may not apply or accept an offer if they feel that they are not paid fairly or adequately.
• It increases the turnover rate of employees. Employees who are dissatisfied with their compensation may look for other opportunities that offer better pay and benefits. This can result in losing valuable human capital and increasing the costs of hiring and training new staff.
• It lowers the morale and motivation of employees. Employees who feel underpaid or undervalued may lose their enthusiasm and commitment to their work. They may also develop resentment and distrust towards their employer and co-workers. This can affect their productivity, quality, and collaboration.
• It damages the reputation and brand of the organization. Uncompetitive compensation can create a negative image of the organization in the eyes of potential candidates, customers, partners, and stakeholders. It can also affect the ability of the organization to attract and retain top talent in the future.

Therefore, it is important for organizations to offer competitive compensation that reflects the market value and expectations of their employees. Competitive compensation can help to:

• Attract and retain qualified candidates and employees who can contribute to the success and growth of the organization.
• Enhance the satisfaction and engagement of employees who feel appreciated and rewarded for their work.
• Improve the performance and innovation of employees who are motivated and empowered to achieve their goals.
• Strengthen the reputation and brand of the organization as an employer of choice that values its human resources.

In conclusion, uncompetitive compensation can lead to the loss of qualified candidates and employees searching for growth opportunities. It is important for companies to recognize the importance of competitive compensation in attracting and retaining top talent. Companies can improve their compensation packages by conducting market research to ensure that their salaries are competitive with other companies in their industry. Additionally, companies can offer other benefits such as flexible work arrangements, professional development opportunities, and employee recognition programs to improve employee satisfaction and retention. By taking these steps, companies can create a more positive work environment that fosters growth and success for both employees and the company.

About the Author.

Ratnesh Jain is an entrepreneur, mentor & author.

IIM Ahmedabad alumni with 30+ years of professional and entrepreneurship experience. Past 17 years in Executive search & Growth consulting.

#ratneshjain #bluegenesresearch #bgr #executivesearch #recruiting #recruitment #hiring #hr #employerbranding #evp #talentacquisition #ta #humanresources #hrtrends #recruitmentraining #learnrecruiting #interviewingskills #recrutingskills #learning #psychometric #assessment #leadershiphiring #rpo #affinitybias #discrimination #diversity, #performancemanagement #artificialintelligence #ai #chatbots

In this article we discuss three things:

1. Why do you need a great employee feedback system?

2. Why most of the Employee Feedback Process fails?

3. How to design a great employee feedback process to ensure that they feel that they are heard and valued?

Why do you need a great employee feedback system?

1. Improve employee performance: Feedback can help employees understand what they are doing well and where they can improve, which can lead to increased productivity and job satisfaction.

2. Foster open communication: A two-way feedback process can encourage open and honest communication between employees and managers, which can lead to a more positive and productive work environment.

3. Develop and retain talent: By providing ongoing feedback, organizations can help employees grow and develop their skills, which can lead to increased retention and lower turnover.

4. Increase engagement and motivation: By recognizing and rewarding employees for their contributions, organizations can increase employee engagement and motivation.

5. Enhance organizational effectiveness: By collecting and acting upon employee feedback, organizations can identify areas for improvement and make necessary changes, which can lead to increased efficiency and effectiveness.

Overall, a great employee feedback system can help organizations attract and retain top talent, improve performance and productivity, and drive overall success.

Why Most of the Employee Feedback Process fails?

There are several reasons why employee feedback processes may fail:

1. Lack of clarity: If employees do not understand the purpose or goals of the feedback process, they may be less likely to participate or take the feedback seriously.

2. Insufficient training: If managers and supervisors are not trained on how to give and receive feedback effectively, the feedback they provide may not be helpful or may even be damaging to employee morale.

3. Lack of follow-up: If feedback is not acted upon or if there is no follow-up to ensure that changes have been made, employees may feel that their feedback is not valued or that their input does not matter.

4. Lack of transparency: If the feedback process is not transparent, employees may feel that it is not fair or that it is being used to unfairly single them out.

5. Lack of communication: If there is a lack of communication between employees and managers, employees may not feel that they are being heard or that their feedback is being taken into consideration.

By addressing these issues, you can create a feedback process that is effective and meaningful for your employees.

How to design a great employee feedback process to ensure that they feel that they are heard and valued?

An effective employee feedback process should be timely, specific, and actionable. It should also be a two-way conversation where both the employee and the manager can communicate openly and honestly. Here are some steps you can follow to design a great employee feedback process:

1. Clearly communicate the purpose and goals of the feedback process to your employees.

2. Encourage open and honest communication by creating a safe and respectful work environment.

3. Train managers and supervisors on how to give and receive feedback effectively.

4. Use a variety of methods to collect feedback, such as one-on-one meetings, surveys, and focus groups.

5. Follow up on feedback to ensure that it has been addressed and that any necessary changes have been made.

6. Make sure to recognize and reward employees for their contributions and successes.

By following these steps, you can create a feedback process that helps your employees feel heard and valued, and helps your organization improve and grow.