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How do you handle talent crises?

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Talent crises are situations where your organization faces a sudden or significant loss of key employees, skills, or capabilities. They can be caused by various factors, such as market changes, mergers, acquisitions, layoffs, retirements, resignations, or health issues. Talent crises can have serious consequences for your business performance, customer satisfaction, innovation, and reputation. How do you handle talent crises effectively and proactively? Here are some tips to help you manage and mitigate the impact of talent crises on your organization.

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Felicia Chea

Human Resource Manager at Hovid Bhd
Femi Oei

Human Resources Business Partner at Hasbro (Regional, Hong Kong, China and Vietnam) - Sr HR Manager
Jagarlapudi Ravi Kanth

Founder

1 Assess the situation

The first step is to assess the extent and severity of the talent crisis. You need to identify which roles, functions, or projects are affected, how critical they are for your business goals, and what are the current and future gaps in skills, knowledge, or experience. You also need to evaluate the root causes of the talent crisis, such as poor retention, low engagement, lack of development, or external factors. This will help you prioritize your actions and allocate your resources accordingly.

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Femi Oei

Human Resources Business Partner at Hasbro (Regional, Hong Kong, China and Vietnam) - Sr HR Manager
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I believe the key is to understand the business direction and determine the skills set and experiences needed in the coming future.

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2 Communicate clearly

The second step is to communicate clearly and transparently with your stakeholders, including your employees, customers, partners, and investors. You need to inform them about the situation, the actions you are taking, and the expected outcomes. You also need to listen to their feedback, concerns, and suggestions, and address them promptly and respectfully. Communication is vital to maintain trust, confidence, and collaboration during a talent crisis. You should also use various channels and formats, such as emails, meetings, newsletters, or videos, to reach your audience effectively.

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3 Implement solutions

The third step is to implement solutions to address the talent crisis. Depending on the nature and urgency of the situation, you may need to use different strategies, such as hiring, training, reassigning, outsourcing, or partnering. You should also consider the short-term and long-term implications of your solutions, such as the cost, quality, risk, and sustainability. You should also monitor and measure the results of your solutions, and adjust them as needed. You should also document and share your best practices and lessons learned with your team and organization.

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Felicia Chea

Human Resource Manager at Hovid Bhd
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Talent crisis has been a real challenge especially to the manufacturing industry. Different strategies need to be adapted as the landscape changes 1) job functions needs to be constantly reviewed to assess the job relevance and level of complexities 2) talent acquisition strategies need to be also evolving

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4 Engage and support your talent

The fourth step is to engage and support your talent during and after the crisis. You need to recognize and appreciate their efforts, contributions, and achievements. You also need to provide them with feedback, coaching, mentoring, and development opportunities. You also need to ensure their well-being, health, and safety. You should also create a culture of trust, respect, and collaboration, where your talent can share their ideas, opinions, and concerns. You should also foster a sense of purpose, vision, and alignment with your organization's goals and values.

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Femi Oei

Human Resources Business Partner at Hasbro (Regional, Hong Kong, China and Vietnam) - Sr HR Manager
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Identify the talents, provide learning opportunities and transferring them to key roles in the coming future. Hiring from outside is a quick fix but not an ideal solution as not providing the upstreaming and upskilling to our current talents.

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5 Prevent future crises

The fifth step is to prevent future talent crises by implementing proactive and strategic talent management practices. You need to plan ahead for your current and future talent needs, based on your business objectives, market trends, and customer demands. You also need to attract, retain, and develop your talent, by offering them competitive compensation, benefits, recognition, and career paths. You also need to build a diverse, inclusive, and agile talent pool, that can adapt to changing situations and opportunities. You also need to cultivate a learning culture, where your talent can continuously improve their skills, knowledge, and performance.

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6 Review and improve

The sixth step is to review and improve your talent management processes and policies regularly. You need to evaluate the effectiveness and efficiency of your talent management practices, based on your data, feedback, and outcomes. You also need to identify the strengths, weaknesses, opportunities, and threats of your talent management system, and address them accordingly. You also need to benchmark your talent management performance against your competitors and industry standards, and learn from their best practices. You also need to innovate and experiment with new and better ways of managing your talent.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Jagarlapudi Ravi Kanth

Founder
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CTDb: As part of contingency planning every organization needs to maintain a Critical Talent Database- CTDb, where critical roles, functions, and projects are identified along with current & future gaps. Skills, and competencies that are essential to business performance and for which a limited supply of talent or a high level of competition exists need to be identified, documented & always kept updated on par with the market. CTDb enables the vision and growth of the organization, the immediate requirement is to know the pulse of the present & eyes on the future in order to sustain profitably.

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How do you handle talent crises?

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3

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1 Assess the situation

2 Communicate clearly

3 Implement solutions

4 Engage and support your talent

5 Prevent future crises

6 Review and improve

7 Here’s what else to consider

Talent Management

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