Employers today face serious challenges on how to find the right talent, hire and retain them. The war for talent was first defined in 1997 by Steven Hankin of McKinsey & Company. It described the serious, ongoing competition involved in attracting and retaining talented employees. Organizations are still fighting this war today and that is why they need to have a Talent Management Strategy, USA. For example, the number of open tech jobs is reported to be about six times greater than the number of workers available to fill those IT positions. Organizations are struggling to find the right talent with the right skills they need to grow their businesses. As technology and business models continue to evolve, innovative talent management strategies are needed to fill the talent gaps.
One of the most recent examples of an innovative talent management strategies is Talent Sharing - loaning employees to other companies. Employers can keep people working by sharing them where they are needed. Temporary talent sharing can be part of the employer’s toolbox on how to respond to changing economic demands, when the marketplace may not necessarily return to business as usual.
Talent sharing enhances the company’s overall employee-value proposition. If the shared employee feels they have a better opportunity with the receiving company, they can change jobs. Temporary talent sharing can help employers optimize costs and avoid layoffs. Sharing talent can help employees learn new skills in new environments.
Talent sharing has become a new trend, making organizations redefine their workforce and become more agile in managing their talent. During the COVID-19 pandemic, many organizations laid off their employees, while others implemented furloughs. Talent sharing is a strategy for adapting to these challenging times. Operationally, it can offset costs for both companies while filling appropriate skill gaps. Organizations can meet required responsibilities while ensuring that no talent is wasted (laid off).
Talent sharing is a win-win situation for both employers and employees. Employees can enjoy a stable income, expand their career opportunities through a new job and learn new skills in the process. Talent sharing helps businesses manage their overhead while meeting their business needs. While remote working has become mainstream, the concept of talent sharing is still relatively new.
Managers often like to protect their talent, which results in a talent scarcity mindset. When managers view all of the employees in the company as a potential source of talent, they begin to develop a talent abundance mindset. Many managers are resistant to letting talent move to a new role within the company much less, in another company. A more flexible talent management strategy will create a better employee experience. Many companies are now focusing on how to create more workplace flexibility (what work an employee can do and with whom). More workplace flexibility provides a different perspective that helps employees learn and grow. It gives many more employees the opportunity to explore some new career directions.
Employees want diversity and choice in the work they do. People generally like to follow their passions and interests. Rather than hiring a contractor or consultant to lead a new project, there may be a current employee who has the needed skills. Giving that new project to a current employee creates greater organizational agility by moving talent to the most critical business priorities. Companies that encourage talent sharing, can facilitate learning and development opportunities. This can be accomplished by dividing work into projects and sharing the talent needed for completion of the project.
Given the continuously evolving skill sets and an ongoing shortage of critical skills in the labor market, companies will need to invest more in upskilling and reskilling their workforces. Talent development can't just be about reading books or going to classes. It is more about gaining new work opportunities and experiences.
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