“Retaining, recruiting and managing high performers will become more difficult and complicated in the new year,” said Douglas Matthews, COO of Right Management. “We already see the signs from both job candidates in our programs as well as directly from client companies. And we’re finding it in our research. Concern is growing because talent is increasingly the only sustainable differentiator organization have. Developing and pursuing a coherent talent management strategy is essential to executing on business strategy.”
Matthews cited four critical trends that will affect talent management:
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Talent will look elsewhere for opportunities. In a recent poll of 1,400 workers Right Management found that 84% plan to look for a new job in 2011. While the finding may not actually translate into turnover at such a high level, it no doubt reflects widespread discontent and frustration among employees after two years of recession. Any employer that does not recognize the mood will suffer by the oversight.
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Competitors will contact more top performers. In another survey of more than 3,000 individuals it was found that many have already been approached by another company to discuss a job opportunity. Indeed, among those with managerial titles or higher 56% report getting such an inquiry. This trend is will unquestionably increase and poses enormous risks for talent managers.
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More employees will work virtually. When we asked 330 employers about their virtual workers we found that three out of four already have people who work remotely, and of those employers nearly half expect their number to increase or significantly increase during the year ahead. But not every employee is suited for virtual work, so the trend is certain to pose new challenges for organizations that need to permit such greater latitude while at the same time insuring performance and results. Moreover, specialized training may be needed for many new virtual employees.
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Hiring may revive, but will be harder to get the right people. Manpower’s Employment Outlook Survey for first quarter of 2011 reports that 14% of employers plan to hire staff, while the majority (73%) anticipate no change. Savvy candidates bring higher and higher expectations to job interviews. They not only want flexibility about how, when and where they work, but are also impatient about growth opportunities. While none of this is really new, their impatience is notable. Yet organizations must find the key motivators in every case.
The research findings should serve as a warning on what is ahead, Matthews believes. To keep prospective and current employees turning their heads toward your company, read about the six ingredients necessary to become an employer of choice.