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How you manage talent spells the difference between success and failure. To gain a competitive edge, leaders must be prepared to address shifting economic, social and demographic trends that impact workforce performance. Stay informed with research, insights and advice from our leading industry experts. The world of work is changing. Is your company ready?

Thursday, July 22, 2010

Looking Beyond the Obvious

As the talent mismatch widens, employer’s need new mindsets for sourcing candidates. Look beyond the obvious supplies of talent and consider hiring candidates who fit with your culture and train for specific skills that are teachable to fulfill the requirements of the role.

To fill large and systemic talent gaps, expand the pool of available candidates and consider:

Internal role changes
The best source of new talent may already reside in your organization. Redeploy existing talent to new roles and locations. People are willing to move geographies yet employers are still learning how to capitalize on this trend. Consider redeploying existing talent before laying them off. As many as 18% of outplaced candidates are rehired by their past employer.

Consider skills transfers
Some industries are cutting their workforces, while others are growing faster than the talent supply. Consider the talent available in low-growth industries that can migrate to new fields. Review the Bureau of Labor Statistics Employment Projections 2008-2018 to see where the growth is and where the shrinkage is to come from. Some of these people may have highly valued skills – such as those in sales, finance and management – that can easily be transferred to a new industry. Be opportunistic in response to significant changes in local labor markets, such as businesses closing or relocating and leaving capable people behind. According to Human Capital Management, nearly half (47%) of jobseekers change industries to land a new role.

You can’t change what is happening relative to external trends or today’s economic reality. But you can change your workforce strategies in order to respond to those trends and position your company to effectively meet these challenges and beat the competition.

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