Business & Talent. Aligned.

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?

Monday, May 23, 2011

Are Competitors Pursuing Your Talent?

This may come as a surprise, but have you considered that many of your competitors are actively pursuing your talent? Right Management research tells us that nearly half of employees (45%) say they were contacted by another company about a possible job offer during the past 12 months. If you aren’t tuned into this reality, it’s time to pay attention.

Sure, there may be some wishful thinking amid the data. But it’s fair to consider these reported job offers as another sign the job market is stirring. For the past couple of years our research has tracked a restless workforce, frustrated by the slow job market, always on the lookout for greener pastures, cruising job sites, putting out feelers and e-mailing resumes. At the same time, what’s become a kind of perpetual job hunt is now matched by organizations which constantly scan the potential talent on tap in the marketplace.

No doubt social networking has accelerated the growing back and forth in the job market. Because of social networking every employee is now more visible. Everyone seems to be linked or recommended, and everyone knows people at many different companies. This is a dynamic that feeds on itself and is reshaping the fundamentals of the job market in ways we may not yet understand.

For their part, employers need to be unquestionably concerned that their people may be targeted by competitors. A revitalized job market will put a lot of intellectual property into play and employers are increasingly uneasy about their ability to retain top talent.
It would benefit employers to have clarity around the particular skills and competencies they need today and in the future. Identify your true real-up-and-comers and have a conversation of consequence with them about their careers. Take pains to align their individual goals so they can deliver on business objectives. Employees actually want to know and need to know how they can contribute to the current and future success of the business.