Answer:
1. Self-Education
Many leaders and managers have little understanding of the impending crisis. In fact, some are completely unaware of it. Read about key concepts such as the war for talent, the ageing workforce, the skills gap, and the inevitability of global competition. Your reading should frighten you, which is a good thing. Use your fear as motivation to become a talent expert before your competitors.
2. Determine the Economic Impacts
Work with your CFO to determine the business impacts of multiple position vacancies, unskilled levels among new recruits, and lower productivity caused by an ageing workforce, a skills gap, and international competition for talent. Some of the possible negative effects of having failed to have the right people in the right jobs include goods not being shipped on time, low quality of products, lower customer service ratings, projects falling behind schedule, loss of existing or future customers, and even an image of insecurity or rumours of your organisation going out of business.
3. Recruiting Should Be Incorporated Into Your Business Processes
Managers must recognise right away that no one will be immune to labour shortages. Furthermore, some industries will be particularly hard hit by the looming talent war. It is critical to incorporate excellent recruiting and retention into all business, measurement, and reporting processes.
4. Estimate Your Talent Requirements
Create a process for forecasting your talent requirements. Work with budgeting, sales forecasting, and strategic planning to get a sense of where your company is going and what talent needs you will have in the next 18 months.
7. Take a look ahead
So that you are not caught off guard, keep an eye on the indicators that indicate when competition for talent is increasing. These indicators are as follows:
– variations in the unemployment rate;
– rates of job growth;
– rates of economic growth;
– low levels of employee engagement;
– variations in the number of applications received;
– shifts in the time it takes to fill your own jobs;
– as well as an increase in the number of vacancies and turnover at talent competitors.
Major mergers, layoffs, and facility expansions should also be kept an eye on as indicators of future changes in the talent landscape.