Research & Thought Leadership

Future proof your business needs: Overcoming the talent crunch

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Global organizations today have a very different workplace through which to navigate compared to the past: one that requires new strategies for leadership, talent, and HR. Today’s talent management challenges are dramatically different from the ones businesses faced a few years ago.

It’s no wonder then that building a competitive workforce that’s fit for purpose in a world that is changing so quickly and dramatically is now high on every board agenda. Constraints on talent hurt enterprise growth and profitability. If organizations can’t hire the right people, they will not move the business forward. And if they cannot engage and motivate those they hire, then the business will very quickly fail.

Business leaders fear competition is likely to get fiercer in the next 5 to 10 years. So what can you do to take control of the talent crunch?

Here are the key strategies you should consider as a business leader to overcome the talent crunch:

Attracting talent

Many organizations are looking at new ways to attract and retain talent that reflect the changing expectations of the modern workforce. Benefits such as personal development plans, international job opportunities, flexible working, and collaborative workspaces are all popular tactics for organizations trying to attract fresh talent.

Internationalizing the workforce

Organizations are tackling increased global competition by internationalizing their workforces. Initiatives such as language training, career development plans and support to adapt culturally are all approaches organizations can take to attracting this talent.

Take a look at the results from our worldwide survey with more than 600 senior executives in global organizations. Here is how they are planning to attract international talent to their companies:

Adapting to new work trends

To remain competitive, employers have to adapt to new trends in the market. There is a growing expectation from talent that organizations will grant employees flexibility in areas such as working hours. Other trends organizations will need to adapt to include multi-lingual employees, increased legislation to protect workers, hot-desking and working remotely.

Building a skilled and adaptable workforce

Companies must be willing to embrace change and understand the changing needs and nature of their workforce. Business leaders believe the ideal workforce in five to ten years will be more multilingual, highly skilled, flexible and willing to locate. Are you ready for this new, dynamic workforce?

The challenges facing HR professionals to attract talent and adapt to changing workforce trends are expected to increase in the coming years. As such, it is more important than ever for organizations to meet these challenges head-on by focusing on the four key imperatives identified by Education First’s study.

To find out more about how you can take control of the Talent Crunch, download our report.

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