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Long-game thinking for talent finders & keepers

Hiring in the moment to meet a sudden and specific employee need is never a good idea – and especially not now. Here’s why and how you should create and build a longer-term talent strategy.

1. Plan for succession at all levels

The reality

Korn Ferry recently commissioned a global research project on succession management, which found that almost one-third of respondents were either dissatisfied or extremely dissatisfied with recent succession outcomes.

The resolution

Plan for turnover in key roles to ensure you are not caught on your heels.

Identify mission-critical roles at every level and build leadership bench strength for them.

Set up top talent for promotion by pathway planning, skills development and leadership training.

Consider quiet hiring by allowing up-and-comers to learn new skills and show potential.

Mind your skills gaps and leadership vacuums with a smart mix of interims + internal promotions + full-timers.

2. Bring back your boomerang employees

The reality

Companies are seeing an increase of boomerang employees since 2010

The resolution

Leverage exit interviews as an opportunity to set the stage for potential return and a positive advocate for your business.

Engage your alumni by inviting them to receive ongoing communication or join your community.

Slash onboarding times by leaving the door open for top talent to return.

Identify and be open to new roles for boomerangs. Almost 40% of workers would consider coming back to an old firm in a new role, according to a Korn Ferry LinkedIn poll.

Bring outside experience in by making the most of their new knowledge and skills.

3. Engage your Millennial talent

The reality

After speaking to over 4,000 professionals across 25 industries, we found that 44% of people are thinking about their careers in months not years.

The resolution

Understand and recognize why they leave. 66% of Millennials are planning to change jobs in 2023.

Invest in what drives Millennials to stay. Salary, wellbeing, progression… are they participating in the future of the business?

Let them be flexible as they value a remote and hybrid work life.

Prepare them for future leadership. With Boomers and Gen X on the way to retirement, Millennials matter.

Listen, listen, listen. Actively listen for what’s working and what’s not, so you can act today to keep tomorrow’s leaders engaged.

Get started. Your talent strategy can’t afford to wait.

Talent Acquisition

Finding talent that sees you through today and tomorrow

Your organization’s potential is directly linked to its people, who are working towards success every single day. In a difficult talent market, where lengthy tenure is no longer a given and unpredictable economies are causing employment uncertainty, the smart HR leader needs a long-term people strategy.

You can’t afford to have a narrowed, short-term approach, reacting moment-to-moment to hiring needs. You need a talent strategy that delivers in the short term while ensuring a long-term focus—one in which sudden departures can be managed with relative calm rather than reflex panic. So how do you get started?

First, you need succession plans at all levels. You can’t predict every resignation, but planning for turnover in key roles ensures you’re as prepared as possible. You can also build leadership bench strength by positioning your best people on paths to promotion and making the most of quiet hiring.

Second, bring back boomerang employees. 2022’s ‘Great Comeback’ saw HR execs rehiring more than ever. Why? Because they hit the ground running more quickly, understand the culture and know the grass isn’t always greener. Keeping your alumni engaged is a smart strategy.

Finally, engage with your millennials and junior employees. Understand why they stay and how they feel about their roles. Talk to them, listen, and act. Also, aim to balance their need for greater flexibility with your own mission to build a stronger culture. With the majority of Boomers heading towards retirement, you must consider your future leaders.

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