Becoming a magnet for talent | Brochure
Global and Luxembourg talent pulse survey results 2005
Demographic changes show that the number of skilled 15-29 year olds entering the job market is steadily contracting, while the population, in both developed and developing countries, is ageing. This phenomenon coupled with rising globalisation is increasing the strain on human resources. In an age in which growth is largely dependent on creative and technological advancements, companies that want to dominate their industries must be able to continuously attract and retain talented employees while engaging their hearts and minds like never before.
Whilst company Boards are increasingly aware of the talent storm brewing, few are likely to be treating it with the respect it deserves - one of the reasons being that there has simply been no historical precedent.
Governments are able to partially alleviate the dearth of talent through policies on immigration, taxation, education and retirement but their impact is likely to be superficial in the face of population forecasts. The only sure way however for companies to protect themselves is to devise their own strategies to become “magnets for talent”.
In the 1990s, companies in Luxembourg and abroad responded to shifting labour markets by launching a war for talent – focusing on recruiting as many new qualified employees as possible. We challenge this thinking. Even the best recruitment tactics will not suffice in the struggle ahead. A more thoughtful response is required - one that not only attracts the critical talent that companies need but, more importantly, engages them in ways that promote the flexibility and productivity required to compete. This survey supports our viewpoint and indicates that organisations are increasing investments in initiatives designed to better engage the hearts and minds of their employees such as on-the-job development, internal communications, coaching, improved work/life balance and cultural enhancements.
In our conclusions, we challenge organisations to shift their mindset beyond the traditional talent strategies focusing simply on attraction and retention and encourage them to move to a “Develop-Deploy-Connect” model, to become magnets for talent and thus achieve and maintain superior corporate performance.
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