The Global War for Talent
Not all wars are fought in the actual battlefield. In the world of business, i.e., the global economy, contentions happen between enterprising companies, and it involves people—individuals with “talent,” specifically.
As the very same hands that make any commercial enterprise function as a business, the workforce plays an essential role in the company’s growth. Regarded as “assets,” it goes without saying how the employees make for any company’s greatest resource.
While it took until 1997 for the term “war for talent”—as credited to the organization, McKinsey—to be coined, the idea of companies actively competing in acquiring talented employees has long been a long-going phenomenon that sees people going from one side to another and companies from all over endlessly recruiting, year in, year out.
An Unpredictable Phenomenon
But, while there is demand, there is supply, the problem in the ongoing battle for talented people to join the industry lies not in having which company has the right roster or who has the most. Rather, it has become an issue of where to source them and how to keep them as beneficial assets.
The dilemma for needing “talented” people in a company is further exacerbated by the fact that employee retention in the West has become an ostensive problem and that the East is not necessarily producing enough people to become replacements.
Yet, while the need for skilled people in the workforce had always staples in the globalized economy, there has been an incremental growth in their demand given the knowledge-driven nature of the industry. But this is not to say that the demand does not wane from time to time—it does, as influenced by the dynamics that are at play.
The Need to Produce More Talents
In a study conducted by McKinsey back in 2001, it was revealed that most managers that were part of the research—or 72% of them believed that winning the so-called “war for talent” is critical in the business they represent. However, a tiny minority—of 3% of those interviewed—had the confidence about producing the needed talent pool for the next 3 years.
If there is anything that the study mentions, it is that the industry has been lacking that one essential component of any company—the talented employee—and that the effort placed into generating them had been inefficient, relative to the demand.
Some Viable Solutions
Itself at the forefront of the study which conceived the notion of “war for talent,” McKinsey proposed some ideas which it believes would be vital in addressing the problem that is the declining number of talented workers in the industry whose demands for them are mostly staple, if not increasing.
- Establish a “talent mindset” in the multi-layered aspects of the organization
- Come up with a so-called Employee Value Proposition that wins over talents
- Make recruitment for talented individuals a relentless process
- Build leaders from the existing pool of talents
- Acknowledge the differences and make due affirmation where needed