73% of CEOs reported being concerned about the availability of key skills. Supply and Demand is a concept that most employers understand. The Scarcity of talent is driving the cost of talent up. Employers need the talent to expand and are working on developing their brand. They want to be an employer of choice!
- What is your value proposition to candidates and employees?
- Where can your employees and candidates find it?
- Are you competitive in your market space?
In an annual study by the ManpowerGroup, 36% of global employers reported talent shortages, the highest percentage since 2007. So how can companies compete effectively in this new war for talent? For larger employers, they continue to focus on strengthening their organizations’ employer brands. Small companies are just getting started in developing their employer brand.
Developing your employee value proposition is going to be critical to employers. It has to incorporate all of the aspects of employment, compensation, benefits, employee growth, and advancement. Employers that do not have a career/ employee site searchable by Google will be at a disadvantage. New services from Glassdoor and LinkedIn have just made the “what’s in it for me” important. They are going to provide salary and benefit information to people on their website.
The bar is being raised for Talent! The winner expands its business and hits its goals.
For more on attracting and retaining talent, watch this talk that I gave recently to a group of business owners at the Business Leader Consortium.