TALENT MANAGEMENT : HR’S GREAT CHALLENGE
In a job market undergoing a digital transformation, the arrival of a new generation of talent twice as likely to change employers than their elders creates the necessity for evolution, if not a revolution, of talent management.
Human resource departments are gradually experiencing the impacts of this change, as they see their daily operations revisited. In fact, most organizations face talent shortages that could stunt their growth or even their longevity. The numbers speak for themselves: over 39 per cent of small and mid-sized businesses in Canada are suffering from personnel shortages.
This battle for talent threatens the growth of businesses in many ways: overworked employees, unfulfilled orders, and missed opportunities resulting from insufficient resources and a deteriorating quality of services… and the list goes on. The most recent study done by the Business Development Bank of Canada on this phenomenon indicates that the businesses most affected are 65 per cent more likely to see low sales figures.
Now, managing talent is just as strategic as managing finances. In fact, talent management is so crucial for the strength of businesses and economic progress that it’s forcing businesses to re-examine how they attract, develop, retain and involve employees. More and more businesses equip themselves with new solutions to adapt to this new reality. Talent management solutions offer, from a technological standpoint, features to share data across the entire business.
These tools provide human resources with greater responsiveness when it comes to making choices about the business’ talent management. These platforms allow you to not only manage performance continually, but to follow up with training, skills, remuneration and the overall success of the organization.
A sign that talent is a determining factor when it comes to a business’ success, more than one quarter of the world’s organizations have declared they plan on improving their global talent management strategies. This is what the author of the 2018 study and career management experts, Right Management, refers to as the era of human resources.
Marianne Côté, web editor