How to Win the War for Domestic or Global Talent
Published: August 30, 2016
Everything in business starts and stops with people.
With the U.S. unemployment rate at 4.7 percent and other countries at similar rates (China 4.04 percent, India 4.7 percent, Germany 4.2 percent, and UK 5.1 percent), finding talented employees in this tight market presents a real challenge. Furthermore, in less than four years, half of the U.S. workforce will be millennials, a tech savvy, globally connected generation.
An article by First Round Capital captures the essence of the challenge: “Competence in (domestic and) international hiring can be a major competitive advantage for entrepreneurs (and businesses) fighting for the best talent out there, allowing them to tap into less competitive markets and go the extra mile for that perfect hire. If you don’t know your stuff (or employ someone who does) you’re sure to be outgunned.”
Today, recruiting and retaining top talent is a global issue that requires a new approach with new thinking and new tools. That quest for talent is pitting recruiters around the world against one another as the economics and geography of business constantly shift from country to country and continent to continent.
Experts agree that HR departments must transform from simply identifying a need to fill a position, advertising for the position, hiring them and moving on to the next new hire. It’s actually a strategic mindset change for HR departments; to changing the belief that HR is not about just filling open positions, but to find talented people who fit an organization’s culture, and is engaged in it and is constantly engaged by the company to socially share that culture inside and out.
How does such a change take place? Now, the path to hiring is much more about the need to find the correct talent pools, engage them in different ways than does your competition and continually nurture that engagement on an ongoing basis once they are on board.
Because of the increasing sophistication of the talent wars and employee engagement, it’s more important than ever to better understand HR technology, including cloud-based solutions that help HR departments manage all aspects of hiring, on boarding and continuous engagement on an ongoing basis. Simply put, it allows HR departments to drive to be more strategic, while still being able to address the tactical requirements like basic employee data and head count reports.
To find, hire and retain the best and brightest, the key is transforming the HR department to ensure it is supportive of the business goals and is an enabler for instilling alignment that every employee is working towards the same long-term objectives. That means getting all the participants, including employees, stakeholders and HR departments on the same page and realizing why global collaboration is so essential to success, whether or not unemployment rates are low.
What’s the most effective way to identify and recruit the right people with the best skills and cultural match, then on board them efficiently to accomplish your organization’s business goals?
An option not to be overlooked is cloud-based solutions that can bring a competitive advantage to organizations that want to find and retain the best and brightest by providing the platform needed for strategic HR enablement.
Once an organization commits to the transformation of its HR department and a strategy has been defined, it can bring in tools like SAP’s SuccessFactors HCM Suite. This collaborative tool empowers HR departments to gain the bandwidth, data and people engagement platform to become more effective and efficient. It provides a comprehensive cloud-based suite of services that streamlines HR processes via social business collaboration throughout an organization.
Take a critical look in the mirror to see if your organization is performing the same in all geographies.
You can address your own HR transformation by standardizing HR processes and practices across the board, from employee engagement and satisfaction, policies and procedures, training and social networking to structured collaboration and work patterns.
In a world where businesses want to project quality, strength and cohesive enterprise-wide service delivery, everything starts and stops with people. It’s a world where a competitive advantage can make the difference between success and failure.
Part 2 of this series addresses the issue of how current HR processes may be impacting employee engagement.
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