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Finding and retaining talent is tough and is going to get tougher. While a global economic slowdown—with its attendant lay-offs—may provide temporary respite in some industries, falling birth-rates, an increasingly demanding workforce and greater competition for talent from emerging-market firms will continue to pile pressure on companies in the developed world.

Our research shows that when developed-market firms have difficulty filling a vacancy, they will resort to the old fashioned method of employing a “head hunter”. However, poaching someone else’s employee is a zero-sum game and is not sustainable. Companies need to think out of the box to find new places to recruit, and new means of encouraging the teaching of skills that they will need the most.

Expanding their work with universities and schools, as suggested above, is one means in which companies can address the shortage of skills. Another is collaborating with partners toward the same objective. A sizeable minority of companies in our research will seek to establish training consortia or partnerships, and some will even consider doing so with competitors. Additionally, companies should consider retraining internal candidates for difficult-to-fill vacancies. They could also provide training
to potential employees who don’t have the full complement of skills (perhaps because they come from a different industry).
 

Firms will also need to be more inclusive and offer more flexible working arrangements for those wishing to enter (or re-enter) the workforce. This may include
offering incentives for mothers to return to the workforce or providing part-time work (and training) for retired baby boomers.
 

Finally, managing talent represents a broader scope beyond the HR line of business. It concerns the entire organisation. A comprehensive, consultative
approach to managing talent needs to be adopted if companies are to weather the talent wars.
 

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