One of the biggest challenges facing companies today is attracting, developing, and engaging talent. Even in a country like Spain, with one of the highest unemployment rates in the EU, 53% of companies say they have difficulty filling certain positions. The battle for talent is defined as a situation of scarce talent and, therefore, of the competition that is established to attract it. It is not a new concept; in fact, it was coined by the consulting firm McKinsey in an article in 1997, but it is still valid and completely topical today.
How can we prepare to fight this battle for talent? We must bear in mind that from the Human Resources area we are going to work so that, throughout the employee’s life cycle, we establish actions to become the best possible employer.
There are multiple strategies that we can implement, but there are some points that are essential in this work:
- Plan our talent needs. Do we know what challenges our company faces in the medium and long term? Are we up to date with how the labour market is evolving? If we do not have this information, it will be difficult for us to be prepared to provide adequate responses in terms of incorporating new talent. Working side by side with the rest of the departments, knowing their objectives and perspectives well will help us prepare the most appropriate attraction strategy.
- Create an attractive value proposition. Why work with us? What do we offer that is differential and that interests our talent? The value proposition is the story we tell about ourselves, but, like any good story, we have to take into account what our audience is like. We must also be aware that this story we tell is a commitment both to our future talent and to the talent we already have in the company. The value proposition has to be consistent with who we are if we want to be identified in the market as a reliable employer.
- Communicate. Communication is a crucial element and much more so in a time of hyperconnectivity. We have to be creative and use all the channels at our disposal to make ourselves known and disseminate our value proposition as employers. Our future talent wants to get to know us and it is important to open doors and windows for them to take a look at who we are and what we can offer. And, again, we will look for a way to connect with our audience, so we have to be open to incorporating new digital channels that allow us; for example, contacting a young audience.
But, in addition, this communication must be constant, not only during the process of attracting talent but also internally. If we manage to get our value proposition to our employees, they will most likely become ambassadors of our company and boost our effort to attract talent. - Compromise. There is no point in attracting talent if we do not commit them to our project. We don’t want to keep him, we don’t want him to stay with us, but we want him to feel that his goals and those of the company are aligned and that his work has a purpose. What can we do to achieve this goal? Develop and compensate. Compensating properly and taking into account the expectations of our employees is essential. Aspects such as salary or flexibility are important but development opportunities are possibly one of the pillars on which the commitment of our talent is based. The opportunity to contribute to new projects, to learn from others or to take on new responsibilities is an injection of energy and motivation, not only for our employees, but also for the company itself.
There are no magic formulas that allow us to win the battle for talent, but there is the possibility of providing ourselves with tools that make us more prepared for it.
At Psicotec, we have been accompanying our clients on this path for years. We bring a global perspective to the selection processes, knowing in depth what the company is like and its needs and establishing the most appropriate strategy to attract talent. We are also committed to continuing this relationship with our clients, supporting them in the identification and assessment of their internal talent and in their subsequent development.
Human Resources faces an exciting challenge that places it at the forefront of business strategy. It is not only about finding the right people and hiring them, but also about committing them to the business project. As Herb Keller, CEO of Southwest Airlines, said:
“Start with the employees, and if you treat them well, guess what? Your customers come back and make shareholders happy.”