Multiple measures indicate the nation’s unemployment picture is changing for the better. The Bureau of Labor Statistics cites that payroll employment rose by 214,000 in October, with a slight edging in the unemployment rate to 5.8%. Meanwhile, Society for Human Resource Management noted that hiring activity hit a four-year high, as more than two-in-five manufacturers and more than one-third of service-sector companies added jobs, according to its Leading Indicators of National Employment® Report.
Yet more jobs and an increase in hiring activity also means higher turnover and retention challenges for employers. Approximately half of employers say that there has been an increase in talent mobility, 15% report an increase in hiring and 35% report that turnover is rising, according to Towers Watson’s 2014 Global Talent Management and Rewards Study.
“To foster sustainable engagement, organizations must get the employment deal right – that is, they must offer and deliver an employment deal that is formally articulated, is tailored to different workforce segments and sets an organization apart from its competitors,” according to the firm’s study.
On a daily basis, Kevin Krumm, managing partner of Objective Paradigm, a Chicago-based recruiting firm, gets an outsider look into employer moves in global companies and tech startups. He recommends that employers approach talent management practices as they would approach product branding.
“Most organizations are unprepared to meet their talent needs in the future because they fail to market their employment opportunity and brand as effectively as they would their products or services,” explains Krumm.
A new report from the Human Capital Institute validates this claim, and notes that many organizations are not equipped to meet the increased competition for talent and demand for flexible working benefits. Approximately 69% of nearly 400 respondents cite that strategic workforce planning – a blended mix of people, data and technology – is essential or a high priority, but less than half are confident in the organization’s preparation for future talent needs.
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Jeffrey R. Ungvary President