Companies must redraw battle lines to win the new war for talent, says KPMG

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Written by Seun Robert-Edomi on 6 June 2014 in News
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Addressing skill shortages throughout the entire organisation, and not just at the most senior levels, should be a top priority in 2014 and will become critical over the next two years. Research shows companies can change the status quo to give themselves an edge in the ongoing war for talent
Businesses have barely moved when it comes to fighting the war for talent, according to professional services firm KPMG.
 
The survey results signify a dramatic shift in HR’s approach to business, brought about by four key factors.  KPMG’s research identifies these as: 
 
- A broad-based shortage of skilled workers
- The effects of increased globalisation
- Competitive pressures resulting from improving economies, and 
- The changing career expectations of younger skilled workers
 
“In 2001, the focus was on attracting and retaining ‘high potential’ and ‘high performing’ employees. It’s an approach that has become deeply engrained for many companies,” said Robert Bolton, co-leader of KPMG’s Global HR Centre of Excellence. 
 
“In 2014, however, 66 percent of respondents are telling us it’s much more important for organisations to have a holistic approach to talent management that addresses the needs of all employees as well as those in critical roles; roles that are not defined by hierarchy but by position in the value chain.”
 
“These findings should serve as a wake-up call to HR managers who may still be clinging to outdated approaches to talent management. 
 
“Addressing skill shortages throughout the entire organisation, and not just at the most senior levels, should be a top priority in 2014 and will become critical over the next two years.” 
 
According to Bolton, companies can change the status quo to give themselves an edge in the ongoing war for talent. 
 
“One thing many leading companies are doing is putting powerful new data analysis capabilities to work to help gauge their performance and fine-tune their people practices over time.
 
“There’s a real opportunity for companies to create a differentiated approach for the HR function, one that is a demonstrable driver for the business. Those companies that seize this opportunity stand to benefit, while those who take a narrow approach risk losing far more than simply the war for talent,” Bolton concluded.

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