3 Ways to Win Today's War for Leadership Talent
A report by People Matters stresses that an emerging challenge faced by corporate India today is inadequate leadership talent pipelines. Leadership and niche or emerging skills are in strong demand across the sub-continent. Attracting, developing and retaining talent has become decisive. As companies continue to outperform and outgrow each other, the pace of retaining employees has become even more crucial. If you are a talent head, the challenge of delivering a stream of talent to sustain growth is truly staggering.
Leadership talent has been a scarce commodity in some geographies and industries for a while now. The gap between supply and demand is expected to widen even more rapidly over the next decade. The corporate environment is undergoing through change, and the latest route is no stranger. Labour is increasingly replacing capital as the main promoter of competitiveness and growth in business. In thriving economies, job opportunities are galore, demand is fast outstripping supply thus driving wages up.
Related: Why Thought Leadership Matters in Leadership Hiring
The Internet provides easy access to information on people’s market worth and open positions around the world. Today’s average job seeker is more market aware than ever before. They research companies carefully and assess if they are what they promise to be. Job seekers easily know if they will get a good deal at your company or whether there is a better one out there for them. In today’s market, job seeker expectations have greater sway on hiring decisions.
Companies are fighting this war on two fronts. They have to offer compelling incentives to retain employees while taking steps to grow their leadership talent. According to Hays Group, growing leaders into the skill sets necessary for a senior level position takes roughly 10 years. The millennial workforce trend indicates that an average millennial will spend at most 5 years before switching their jobs. At this rate, it is unlikely that the millennial workforce will develop into senior leaders any time soon.
Here are 3 action points you can implement to identify, develop and retain your leadership talent
#1 Leadership Development Program
It’s important to consider each employee’s growth capacity and leadership readiness. An effective investment to grow leaders should focus on two points. First, it should identify all employees who are actually interested and capable of holding a position of authority. Second, it should target employees with the greatest chance to succeed. Not everyone is keen to pursue a leadership position neither is everyone suitable for them.
Your program should be extended beyond executive and senior-level interests to widen your pool of potential candidates. Then you should identify potential future leaders by considering your talent pool into distinct groups. First, coachable employees who demonstrate keen interest to learn and challenge themselves. Second, successful employees who demonstrate a level of confidence as a result of their accomplishments.
#2 Employee Value Proposition (EVP)
Attracting and engaging the best leadership talent is harder than ever. An effective and steady communication of EVP has become essential in your talent acquisition efforts. As a talent head or recruiter, you should plan your strategy for communicating your EVP in a way that stresses why people should work with you. A unique, compelling EVP can help you attract and engage talent.
#3 Partner with a Talent Acquisition Specialist
Your competitors are contending hard to attract the best leadership talent. They understand that achieving growth and profitability boils down to great leadership. You must have a thoughtful, proactive talent acquisition strategy in place to address your immediate and future talent needs. Partnering with a capable talent acquisition firm can help you set your objectives and strategy right.
In 2001, McKinsey heralded the age of talent with an insightful article titled the War for Talent. At a glance, this study suggests that companies are attracting intelligent, highly-skilled prospects only. This is half of the picture. The study also highlights the importance of building a strong leadership talent pool along with growing leaders.
It goes without saying that simply growing leaders is not enough, a company needs to establish a robust framework of policies and practices to on-board leadership talent. How are you attracting, engaging, retaining and developing your leadership?
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This article was originally published on crescendo-global.com
Crescendo Global is an ISO 9001:2015 certified Leadership Hiring consulting arm of Crescendo Group with expertise in mid to senior level niche recruitment. We are passionate about empowering job seekers and employers with an engaging memorable job search and leadership hiring experience. Our consultants help candidates and clients succeed through a tailored, consultative approach backed by industry & market knowledge and proprietary assessment tools & processes.