Investing in talent matters now, more than ever

Organizations with innovative, global, and evergreen approaches to hiring and developing their top people will be the ones to succeed

By Sandra Oliver, Impact Founder, and Peter Zukow, Managing Partner, IQ PARTNERS

All the upheaval in the market these days offers significant opportunity for every organization. Especially when it comes to talent.

The most successful companies are those that invest in talent when the economic outlook is tough so they have a competitive advantage when the economy rebounds. They continue to recruit, assess and develop their people throughout the downturns to so they’re stronger and more agile when the upswing inevitably happens.

In today’s environment of talent scarcity – with a lack of good people especially in technical and professional roles, and our most experienced leaders retiring in unprecedented numbers – investing in talent matters now more than ever.

Think global over local. Strategic rather than reactive.

Organizations can start with taking more innovative approaches to investing in talent. Adopting a broader and longer-term perspective to finding and developing the right people, now and for the future.

The view is global, rather than local. Evergreen and strategic, rather than static and reactive. And it can include bringing in dedicated consultants so the talent strategy can evolve with the organization’s needs and the ever-changing business landscape.

Here are some of the innovative talent approaches we’re seeing in the market today:

• Taking advantage of attracting talented people not just within Canada, but globally. People who see Canada as a great place to build a career.
• Taking a more strategic look at developing internal people or hiring externally to ensure succession, as senior leaders retire in large numbers.
• Using an evergreen approach to recruiting and developing people, such as a subscription model to find and grow top talent.
• Developing leaders so they have the skills they need to address today’s most critical business challenges.
• Identifying, guiding, mentoring, and coaching future leaders earlier in their careers so they can grow and refine their leadership skills to take on the most important roles in our organizations in the years to come.

The significant number of leadership team changes caused by pandemic related issues, retirements, and shifting organizational needs is making these new approaches to talent management even more critical. So is:

• A shortage of experienced leaders with the niche expertise required for certain roles.
• A lack of skilled trades, as well as people in technical and professional roles, to help organizations grow at the speed and scale they require.
• Less interest among some Generation Y, Z and A employees to take on more senior roles as part of succession planning.

How an evergreen recruiting and development mindset can drive competitive advantage

Building innovation into talent management during the downturn in the economy builds resiliency and agility into businesses, increasing the ability to not only succeed once the economy rights itself, but thrive.

Rather than struggling to search for and find the right talent in the stressful times when gaps presents themselves, for example, organizations can take an evergreen approach.

Start scouring the market now for top talent who match the culture and integrate well in the organization. People with the skills and expertise needed now – or in the future.

And build relationships with talent over time so when the need arises, they’re ready to come on board.

Internally, we can assess and continually coach, mentor and develop our people so they’re on track for their goals, and those of the organization. So we can create strong relationships with our leaders that align with where the organization is headed and ensure they want to stay for the long term.

Looking at recruiting, assessment, and coaching as an ongoing, ever evolving aspect of business strategy is one way we can set ourselves apart from the competition. And right now is an ideal time to start making talent management changes so when the market returns to normal, we’re stronger – and already ahead of the game.

IMPACT can help

To explore how your organization can retool your talent strategies to thrive now and in the future, contact us.

As part of our shared vision to support our clients with a truly comprehensive Total Talent Strategy, both Impact Coaches and IQ PARTNERS are now proud partners in The Humanis Group of Companies, which also includes Humanis Talent Advisory (Edmonton, Calgary, and Montreal), The Headhunters, Covalency Coaching, Mullen Leadership Group, and Venor.