Struggling to find and retain talent? Business leader Dr. Gregory Finkelson offers advice.
Finding talent has become especially difficult in recent months. Even finding unskilled works has been challenging, and the fight for specialized talent is perhaps more intense than ever before. International business leader Dr. Gregory Finkelson is going to cover the global competition for talent and offer some suggestions too.
“There’s no doubt about it, the competition for talent is as intense as it’s ever been, and unlike in the past, it’s not just a few hot industries under pressure, but instead pretty much every segment of the economy,” Dr. Gregory Finkelson says.
That’s not to say demand in all industries is equal. Tech talent has been in short supply for years now. With more companies relying on remote work, and with cybersecurity threats rising, the tech talent shortage is perhaps more acute than before.
When it comes to experts with specialized skills, you may have to offer bigger sign-on bonuses, a great company culture, a competitive salary, and other perks just to get consideration. After months of remote work, many professionals now will prefer remote working options. Even if you don’t offer remote work options full-time, flexible schedules may help attract talent.
“If work can be performed remotely, you should consider offering remote working options,” Dr. Gregory Finkelson argues. “That doesn’t necessarily mean 100 percent remote work. But letting workers work from home say two or three days a week could attract talent.”
Of course, Dr. Gregory Finkelson notes, you have to make sure employees maintain productivity. Still, while some employees have struggled with remote work, many have thrived. Some companies found that productivity increased as employees worked from home.
And as remote working options improve, you may also have an easier time building global teams and companies. If you’re working out of Silicon Valley, establishing teams in Moscow, New Delhi, and Bangkok could allow you to keep costs manageable. And with the right team, you can ensure that work progresses around the clock.
“The talent is out there, but you’re going to have to compete to attract it,” Dr. Gregory Finkelson says. “If you’re struggling to find talent in your hometown, say Seattle, try looking for it in Boise Idaho, Mumbai, and everywhere in between.”
Dr. Gregory Finkelson Suggests Doing These Things to Keep Talent On Board
Finding and securing talent is the first step, but it’s far from the only one. Even once you find talent, you’ll have to work hard to retain it. Besides remote work options and great perks, it’s smart to provide employees with a career path.
“These days, your most talented employees will quickly jump to another company if they offer a promotion or raise,” Dr. Gregory Finkelson notes. “If an employee comes to view their current company as a dead end, they’re going to start looking for ways out. You want employees to grow and to prosper within your company.”
Accomplishing all of the above is easier said than done. Yet as is often the case in the global economy, the best will thrive while laggards drop out.