20 Nov HR industry clings on to outdated talent management practices
You can’t solve today’s problems with yesterday’s solutions, as they say. But, that’s exactly what many HR teams are trying to do, a new report suggests.
An Allegis Group report, ‘The New Meaning of Talent: Adapting to the Work and the Workforce of Tomorrow’, found that companies are still using outdated talent management practices, at a time when the fight for talent is at its fiercest.
In a poll of 1,000 HR leaders, three-quarters recognised the importance of updating employment models, but 44% admitted that they’re falling short of maximising talent.
Nine out of 10 HR leaders said that they’re in favour of digital practices like flexible scheduling and remote work, but only 15% of them had implemented digital initiatives. A lack of digital adoption in general means that HR professionals are struggling to get access to all the talent-based data that they need.
Commenting on the findings, Andy Hilger, president of Allegis Group, said: “The world of work looks significantly different than it did just a few years ago. Critical skills are scarce, demand is high, and new trends and innovations are changing the talent landscape every day.”
He’s not wrong.
Skills shortages are arguably the greatest concern for HR teams right now. A major survey by the Confederation of British Industry (CBI), in association with Pearson, found that two-thirds of UK businesses believe there will be a lack of sufficiently skilled people to fill vacancies over the coming years.
HR managers are responding to such talent shortages by accepting applicants lacking some of the traditional ‘required’ qualifications, with a view to expanding their skills with training. The vast majority of firms told the CBI they expect to maintain or even increase their investment in staff training, as well as increase the number of higher-skilled roles, over the coming years.
So, not all bad news, then, but training is expensive and it’s not certain that the underskilled applicants will be able to adjust to the higher-skilled roles.
Without doubt, the long-term solution is a digital one. But the HR world seems to be slow at acting on the signs, as our previous blog revealed. The future of your workforce depends on how quickly and effectively you can embed new talent management practices into your organisation.