5 ways to attract, retain and develop talent

As organisations strive to keep pace with a global economic recovery, they will need to change and innovate in five key areas in order to attract, retain and develop talent in 2014, according to HR research and advisory firm Bersin by Deloitte.

In order to attract talent, organisations will need to:

  1. reinvent and refocus on talent acquisition
  2. continuously develop deeper skills
  3. build a work environment that fosters passion and engagement
  4. push for integrated and simplified technologies and analytics, and
  5. redesign and reskill the HR function.

“We see a renewed emphasis on growth in 2014 and that means organisations must focus on sourcing, recruiting, competing for talent, building leadership and re-engaging the workforce we have,” said Josh Bersin, principal of Bersin by Deloitte.

To address these talent challenges, organisations need to think of all of the elements of talent management as one integrated “system” – each working together but fitting into a total employee environment.

“As organisations source, manage and develop people this year, they must act boldly, throw away old practices and build a compelling, passion-filled work environment,” Bersin said.

“Many of the traditional HR practices – performance appraisal, for example – have to be re-engineered to attract and keep great people. Plus this year HR must learn how to become data-driven.”

In its recent 2014 Predictions: Building a Strong Talent Pipeline for The Global Economic Recovery report, Bersin by Deloitte said data-driven thinking and infrastructure will become an imperative for HR in 2014.

“We see a tremendous need to build skills, create new roles, and step up the governance and scale of the recruiting function”

Just as analytics has transformed finance and marketing, this year the same will happen to the people side of business and as Bersin by Deloitte research has found that only 14 per cent of organisations have talent analytics programs in place – yet more than 60 per cent are planning to build this new function over the next two years.

The report noted that talent analytics has tremendous value: the stock prices of organisations with “high-impact talent analytics” outpaced those of the Standard & Poor’s 500 by 30 per cent in 2010-2013.

“If there is one area that will really differentiate your company this year, it is talent acquisition,” the report said.

“The talent acquisition function is going to be one of the most important parts of HR this coming year; you will be competing heavily for technical and professional people, and you will need a globalised process to scale.

“We see a tremendous need to build skills, create new roles (eg, sourcers, social network and candidate relationship management teams, assessment experts), and step up the governance and scale of the recruiting function.”

While outsourcers are as important as ever, the report said of the biggest opportunities in recruiting is to build a global function – one which leverages local expertise and local recruiters, but also uses global platforms, assessments, job models and manager tools.

For more information see Josh Bersin’s column on ‘the datafication of HR’ in the next issue of Inside HR magazine.