Talent Strategy: The One Thing Your Business Needs This Year
Do you struggle to stay ahead of your talent needs? Do you find yourself realizing only after the need is desperate that you are missing the skill sets necessary to accomplish your goals? Talent acquisition is a common struggle for growing and midsize businesses. And if you don’t have a strong business strategy to begin with, you cannot devise a talent strategy to ensure that you meet your objectives. Organizations of all sizes benefit from developing a talent strategy rooted within their business strategy. According to Bersin by Deloitte research, regardless of the size, industry, or location of a business:
- 70-80 percent of the organizations rated least effective at business outcomes lacked a talent strategy.
- Organizations with a talent strategy were 2 times more likely to be in the top quartile of business outcomes.
- Companies with a talent strategy in place performed 30 percent better than organizations without a strategy.
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Statistics like these can serve as a wakeup call for business leaders. Now is the time to evaluate and clearly define your business strategy to understand your talent needs. Growing and midsize companies don’t necessarily have the budget to implement a robust talent strategy. However, there are some practical, straightforward actions that you can take to reap immediate benefits to your bottom line:
- Define and clarify business objectives that you are hoping to achieve in a given year.
- Identify the skill sets and talent you will need to meet your objectives.
- Integrate your brand identity, company culture, marketing, social media, and business operations to achieve better visibility and attract stronger talent.
- Utilize technology and people analytics to
improve your understanding of existing talent and future needs, to recruit more effectively, and to start shifting to a more sophisticated talent acquisition strategy.
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Talent strategy is the key to increasing strategic advantage, and it’s about more than just hiring people. It’s about attracting, hiring, and retaining the right people. Get started now.
As the CEO & Founder of East Tenth Group, Michelle leverages 25 years of business and experience as a strategic advisor and executive coach to help drive actionable people solutions and provide practical insights on business strategy to senior leaders. she and her team and are fiercely committed to the development and growth of people and companies because we believe that when people thrive, business thrives.