Having a strong talent pipeline is crucial for establishing a culture of people operations. Recruiting top new hires at the right time is crucial for success. As it turns out, talent management is so important, it’s keeping many CEOs awake at night, according to Harvard Business Review, which interviewed 24 chief executives on their biggest pain points.
Sixteen of the CEOs said talent issues were their most significant challenge, especially when it came to finding the right employees. Talent management was even more daunting during major organizational shifts because it meant a change in the skill sets candidates needed. How new hires represented the company was a source of anxiety for CEOs in quickly growing businesses. Another persistent worry was whether high-potential employees had the right development opportunities.
However, internal talent management is just one part of the equation. Many of the problems come from the talent pipeline.
Can Your Talent Pipeline Meet Your Needs?
Global talent mobility consulting firm Lee Hecht Harrison surveyed nearly 400 U.S. employers and found that 33 percent view their talent pipelines as poor or non-existent. Only 4 percent consider their pipelines to be excellent. Because companies are so concerned about being able to fill key positions when necessary, many employers intend to invest more time on developing talent internally. To make this process effective, managers need to have coaching conversations with employees about performance, development and career advancement. Of the companies that planned to boost internal talent development, 51 percent said they would increase the amount of one-on-one time managers spend with employees.
“Only 4 percent consider their pipelines to be excellent.”
Taking these steps may be important to keep your most valuable employees. Many workers are becoming disengaged because of a lack of opportunity in their current roles, which could lead them to switch jobs in hopes of finding the career advancement they want. Employers have to provide chances for development to retain their high-value employees. Without it, organizations may not have people with the right skills to fill key positions. This can lead companies to face talent shortages that may be hard to solve, as well as lost productivity.
While it’s important to give your current employees development opportunities to stop internal restlessness, what about building up your external pipeline?
Recruiting for the Long Haul
Consider the current state of your business. What types of skill sets are you going to need in the near future and how can you bring in the right people or develop these skills internally? Many CEOs are recognizing the need for innovation as a company. Because of quickly shifting needs, executives are looking for a wider range of skills and looking for employees in more places, the Association of Talent Development reported. Technical skills are one of the top concerns for CEOs, especially capabilities that drive value within a company. Some CEOs are implementing a combination of external recruiting and internal mobility programs for current employees.
What are the external sources for new hires? CEOs are looking for talent in different countries, industries outside their own and demographic segments to find the right hires. The business world is increasingly digital, so it makes sense that companies are recruiting through online platforms, mobile and social media. Some organizations are partnering with schools and business networks to be more proactive about attracting the right talent. Expanding your reach can help you establish a more competitive position with your talent pipeline. Additionally, some businesses are retooling their websites to be more reflective of internal employee environment. This can attract skilled workers who fit into the existing corporate culture.
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