Multiple measures indicate the nations unemployment picture is changing for the better. The Bureau of Labor Statistics cites that payroll employment rose by 214,000 in October, with a slight edging in the unemployment rate to 5.8%. Meanwhile, Society for Human Resource Management noted that hiring activity hit a four-year high, as more than two-in-five manufacturers and more than one-third of service-sector companies added jobs, according to its Leading Indicators of National Employment® Report.
Yet more jobs and an increase in hiring activity also means higher turnover and retention challenges for employers. Approximately half of employers say that there has been an increase in talent mobility, 15% report an increase in hiring and 35% report that turnover is rising, according to Towers Watsons 2014 Global Talent Management and Rewards Study.
To foster sustainable engagement, organizations must get the employment deal right that is, they must offer and deliver an employment deal that is formally articulated, is tailored to different workforce segments and sets an organization apart from its competitors, according to the firms study.
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On a daily basis, Kevin Krumm, managing partner of Objective Paradigm, a Chicago-based recruiting firm, gets an outsider look into employer moves in global companies and tech startups. He recommends that employers approach talent management practices as they would approach product branding.
Most organizations are unprepared to meet their talent needs in the future because they fail to market their employment opportunity and brand as effectively as they would their products or services, explains Krumm.
A new report from the Human Capital Institute validates this claim, and notes that many organizations are not equipped to meet the increased competition for talent and demand for flexible working benefits. Approximately 69% of nearly 400 respondents cite that strategic workforce planning a blended mix of people, data and technology is essential or a high priority, but less than half are confident in the organizations preparation for future talent needs.
Companies that understand how the intersection of analytics, technology and collaboration can support overall business strategy will be better suited for success, says Carl Rhodes, HCIs CEO.
Only 43% of companies in the HCI survey say that their plan of attack for future talent needs is scalable, and 37% say they use it across their whole company. And this can create a divide within organizations, as clearly defined talent needs are not aligned with its future mission, according to HCI.
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Companies must know how to market the challenges and opportunities employment at their firm will provide for candidates, says Krumm. Clearly communicate that message and most of your other talent acquisition challenges can be solved with already established HR and recruiting best practices.
Krumm adds that employers should understand that the candidates want to be challenged by the positions they eventually take, not the hefty benefit options that are being offered in their health and retirement plans.
Most high-end candidates don't spend time parsing the details of one company's plan versus another, says Krumm, while noting that the real differentiation is in the work.
