How can you win the race for the best talent in the context of globalization and workforce shortages?
Today’s business world is facing one of the greatest periods of transformation since the first industrial revolution.
Globalization, the fourth industrial revolution and labour issues are shaking up markets and ambitions.
What skills will tomorrow’s leaders need? How can you make sure your organization is able to compete in the battle for talent and clients?
Prosperous businesses and tomorrow’s leaders will have to call on a number of key factors, including:
- A revised human resource management model;
- Openness to inclusive and diversified teams;
- Succession planning to ensure permanency.
A revised human resource management model
Don’t misunderstand: traditional talent management still counts. However, it’s essential to integrate new processes to retain talent and increase appeal.
Consider the workforce issue as an opportunity to transform your practices.
There are several significant levers, such as the employer brand, competency development, global compensation strategy and recruiting strategies that can support the implementation of talent attraction and loyalty processes to enhance efficiency and performance.
Here are some questions to ask yourself:
- Do you have an attractive global compensation strategy that aligns with your ambitions and your market’s situation?
- Is your employer brand solid enough to support staff loyalty and new talent attraction issues?
- Do your managers have the requisite skills to manage human resources and appropriately fulfill their role in a transformation context?
- Does your organizational structure contribute to moving your organization and resources forward or does it hamper progress?
- Should you consider new recruiting strategies, such as international recruiting?
- Do you have the right tools to improve the employee and candidate experience as well as your new talent onboarding and integration practises?
- Is your work climate conducive to achieving your organizational goals and those of your talent in their quest for happiness at work?
Through in-depth reflection and expert advice from human resource management experts, you will be able to optimize your practices and take a closer look at the key moments that have the greatest impact on your employees’ engagement.
Technological innovation for the benefit of business
Eliminating a number of more basic tasks paves the way for employees to provide added value in areas machines are not able to.
The road to the digital transformation and achieving your ambitions will, however, require that you adapt your talent management approach:
- Rethinking jobs, including digital transformation functions and skills;
- Transforming career management, with continuous support;
- Ensuring transformational leadership that fosters behavioural and cultural changes through engagement and inspiration;
- Providing for the multiplication of skills and custom training;
- Performing organizations are those that are agile and open to technological change.
While organizations can use digital transformation to increase productivity, support specific functions and limit the impact of labour force issues, it is the balance between technological innovation, engagement and the required skills that will need to be a priority for your organization.
Openness to inclusive and diversified teams
Openness to inclusive and diversified teams also means seeking out new talent internationally. Moreover, a growing number of organizations are opting for turnkey employee recruiting and mobility solutions in order to meet the challenges of the specialized workforce.
Canada is appealing to foreign workers. Quebec businesses, for example, are recruiting qualified employees, not only from French-speaking countries, but also from Asia, Latin American and Eastern Europe.
These workers’ mobility is an effective way to support production and business activities. Opening up to teams integrating workers from various backgrounds contributes significantly to the enrichment of an entrepreneurial culture and a culture of innovation.
International recruiting requires the use of customized solutions and support by qualified experts should be considered at all stages of the process. The key steps include:
- Understanding the international hiring process;
- Defining recruiting strategies based on your organization’s situation;
- Selecting candidates based on their skills and the current temporary immigration program eligibility criteria;
- Carrying out the legal steps (temporary work permits, status extension, validation of the candidate’s eligibility and representations by authorized experts with government bodies);
- Applying for permanent residency, leading to Canadian citizenship;
- Developing an onboarding and integration action plan.
In the context of globalization that is creating new challenges and a multitude of opportunities, recruiting specialized talent from outside the country and temporary immigration are options that must be considered.
In fact, young people are looking for modern, diversified organizations that make the effort to renew themselves and that promote values such as equality and openness.
Sharing experiences, cultural exchange and evolution in an open environment are all vectors for improved productivity and better overall job satisfaction.
Succession planning to ensure permanency
A business transfer involves more than just the accounting aspects. Today, business transfers are recognized more as a human issue. In fact, a Raymond Chabot Grant Thornton study reveals that 76% of respondents consider aspects other than finances and taxes to be important.
Which is good, because a Canadian survey revealed, for its part, that only 33% of businesses survive the transition from the first generation to the second and only 10% from the second to the third.
In short, a business transfer is not easy and takes time. It should be planned at least five years in advance, whether it’s a family business transfer or a sale to an unrelated third party.
Why? In order to have the time to “prepare” the organization and its stakeholders for this often gradual change of custody, but also, to enable it to have access to certain financial and tax advantages that it would have to forego without adequate preparation.
A business transfer also requires adequate support.
Using a team of neutral experts will guide you towards success by providing you with the right information on:
- The organization’s strengths and weaknesses;
- The potential alignment of the transferor’s and transferee’s profile and intentions;
- The transfer potential (advantages and disadvantages) in relation to human resources, management, finance and taxation, as well as succession planning.
The benefits of a succession plan
In the context of the workforce issue, with a well thought-out transfer plan, you can benefit from the following advantages:
- Anticipating potential problems;
- Ensuring a gradual knowledge and skills transfer;
- Anticipating competency development, where necessary;
- Providing professional development, promotion, etc. opportunities for the current team, based on needs created by the seller’s departure and the buyer’s new roles and responsibilities;
- Increasing the current team’s commitment;
- Fostering a sense of security for all involved (workers, management team, financial partners, suppliers and customers);
- Reflecting on the organization’s positioning and strategic directions to have a clear vision to communicate to all employees (a powerful workforce attraction, engagement and retention tool).
The ball’s in your court, it’s your turn!