Here is an excerpt from article written by Sharon Daniels and Robert Vulpis for Talent Management magazine. To check out all the resources and sign up for a free subscription to the TM and Chief Learning Officer magazines published by MedfiaTec, please click here.
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Against the backdrop of a fragile economy, here are emerging trends every talent leader ought to know to effectively engage new recruits and manage current talent.
Stock markets may be volatile and job numbers may fluctuate, but even in the midst of this fragile economic environment, businesses remain focused on increasing and investing in their workforce.
A recent Business Roundtable survey found that 52 percent of CEOs expect to increase hiring this summer. As organizations restock their roster from a talent pool flooded with workers from previous downsizings, it’s important that leaders recognize trends that have emerged to most effectively engage these new recruits and manage current talent.
Here are some of the top trends in the talent management space along with recommended action steps for talent leaders.
Career Pathing. Even though they leave college with little work experience, top grads want to know where and how they’ll fit and progress with prospective employers — not just today but years from now. A recent University of Iowa research study found that while investing in training and development does help employee retention, if businesses don’t provide a chance to move up in the organization, people will leave anyway. Today, organizations that offer structured progression paths are more enticing to millennials who increasingly make up a greater portion of the workforce. For them, clearly delineated career road maps outline the journey and temper expectations. A structured career ladder — that matches promotions with experience, training and responsibility — helps ground everyone in reality.
Action Step: Talent leaders should create clearly defined career paths for positions within the organization and source them with employees who are focused on career progression.
Technology. Fundamentally, people are hard-wired with an innate desire to connect with one another so they can share knowledge and experiences. This desire for virtual connectedness is playing out in the professional arena as well. More often top talent is looking to social and mobile media to engage with potential employers. Findings from the 10th annual Source of Hiring report revealed that 39 percent of firms manage prospects and candidates through social media tools. The usefulness of technology extends far beyond recruiting, however, as tools such as Yammer, LinkedIn, Facebook and Twitter provide effective venues for associates to connect and create compelling environments of informal learning.
Additionally, command of these technologies better equips companies to manage their online reputation, which is vital as many clients and employees rely on digital reputations when evaluating companies. From recruitment to learning and development to customer engagement, technological possibilities have expanded and a robust menu of applications is readily available.
Action Step: Explore new technology platforms that foster connections with current employees, potential employees and clients.
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To read the complete article, please click here.
Sharon Daniels is the CEO of AchieveGlobal, a workforce consultancy. Robert Vulpis is the executive director of HR, learning and development at Morgan Stanley.