Launching your long-term talent strategy
Companies with a strong talent management and development strategy are well positioned to continue hiring, even in difficult talent markets.
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.
