News and updates

In response to the talent pinch felt globally since 2021, companies are employing a variety of creative strategies to find and retain skilled employees. These strategies highlight a shift towards more dynamic, inclusive, and strategically focused human resource practices, aimed at overcoming modern challenges around attracting and retaining talent.

Here are some approaches being adopted:

• Collaborative Learning and Mentorship: Companies are fostering environments that encourage peer-to-peer learning and mentorship. This not only helps in skill development but also enhances team bonding and knowledge sharing. By nurturing a culture of continuous professional development, organisations can keep their workforce agile and better prepared for modern challenges. (Pitman Training)
• Broadening Recruitment Horizons: With the aid of technology, companies are extending their search for talent globally, tapping into diverse demographic groups. This approach allows them to bring fresh perspectives and innovation into their teams, which is crucial for driving creativity and maintaining a competitive edge. (Pitman Training)
• Innovative Early-Career Programs: Some tech companies are addressing the talent gap by targeting less traditionally qualified candidates, including those right out of school, and cultivating their potential through early-career programs. This helps in building a talent pipeline early on, which is particularly beneficial in fields like technology where the skill requirements are rapidly evolving. (MIT Technology Review)
• Adjusting Recruitment and Retention Strategies: Companies are rethinking how they recruit and retain employees. This includes focusing on meritocratic career paths, redesigning leadership tracks, and improving recruitment processes to make them more responsive. These changes intend to make the company a more attractive place to work, increasing engagement, reducing turnover, and addressing skill gaps more effectively. (McKinsey & Company)
• People Development as a Strategic Priority: The emphasis on people development has increased, with functions becoming more strategic and cross-functional. Companies are investing in people analytics, technology capabilities, agile teams, and human-centric design to better manage and develop talent. This shift is crucial in an era where the ability to rapidly develop and deploy skills can significantly impact an organisation's competitive advantage. (McKinsey & Company)