In today’s scenario, where technology has evolved at its best and there is an innovation of AI and automation still there is fight for talent in the corporate world. The war for talent is endless. The biggest challenge that a company faces is to acquire and then retain the talent and as the era is evolving, it is becoming harder and complex. The war for talent is being fuelled by the change in demands of the workforce. Today’s workforce is dominated by millennials who put values before salary as money is no longer the motivation factor for them. The generation is changing and so are their ways of working, therefore HR personnel had to advance their policies and culture to meet up to the expectations of employees.
The education that is imparted in the universities or in B-schools is more of a theory based and does not provide practical knowledge of the industry which makes them unfit to work in industrial standards therefore creating a talent gap. Freshers have qualifications but lack skills for employment and without proper training they are unfit to work. To fill this gap, the individuals should be trained to learn new things because change is constant and to be updated you have to upgrade your knowledge every day. The war for talent is also fumed by the change in the level of competition. Earlier companies used to compete with the brand from the same industry or having similar product line, for example: Coco-Cola with Pepsi or Mercedes with Ford. But now the scenario has completely diverted and now every company is competing with each other irrespective of the product or industry, for example: Coco-cola with Ford or Nike with Airbus. This shift in competition has increased the demand for talent because the decision lies in the individual’s hand whether he/she wants to work with you or with your competitors’ brand depending upon the individual’s requirements.
People nowadays are focusing more on their psychological and sociological needs and preferences. As discussed earlier, money is no longer the motivation factor. Yes, it is the necessity but the decision to work does not solely depend on it. The other factors include work culture, career growth and opportunities. These factors keep them engaged and motivate them to stay in the company and give their extra efforts to the growth of the company. Human being is a social animal. They need a balance in their work and personal life and if company respects that and has a flexible working hour policy or work from home once in a week, which will definitely motivate the employees. If companies ignore these factors and just think about their goals and pays heavy amount to the employees even though they can lose their most valuable employees due to lack of engagement and non-friendly working environment. They might go to your competitor as they are offering what you are not.
In this competitive world, to beat a large global company you have to be large and have a global reach and to become one, a company needs talented and skilled workforce. During this time when everything changes so fast and competition can come from anywhere and you won’t realise until it hits you hard. To beat the competitors your company needs best talent to uncover threats and bring in new opportunities.
To win this war of talent, the company needs to focus on their employer branding where your motto should be to improve employee experience that will make you stand out from your competitors. According to a survey 75% of the individuals take into consideration an employer’s brand before applying. Before applying they look at the company’s work culture, employee testimonials and career opportunities then come to the salary after applying, so the first impression comes from employer branding which the companies have to improve to acquire and retain best talents.
The war for talent will never slow down and it will increase with change in generation and time. As we have noticed that winning war of talents is to take up the challenges faced by the organisations and overcome it by adapting new techniques and advanced policies. The traditional one might help you in a sprint but the new techniques will help you win the marathon as you have got great talents to support you in your journey.