Reinventing Talent Strategies for the Future Workforce

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By greytHR
2 minute read ● March 21, 2023
Talent Strategies for Workforce

Companies are diligently working towards reforming their talent strategies to adapt to the new normal. As the skill gap widens and competition for top talent intensifies, HR leaders must reassess their recruiting habits and strategies.

In conversation with greytHR, Megha Gupta, an HR leader, shared insightful perspectives on the talent strategies for the future workforce. It was indeed a pleasure to host an HR leader with 17+ years of experience in various companies, including the ones on the Fortune 500 list.

Here are the edited excerpts of this insightful Parichay webinar.

How has the pandemic impacted recruitment strategies in the new work landscape?

The work landscape has changed a lot now. Many organisations have either opted for the hybrid model or the flexible remote model instead of the traditional five-day work from the office. This offers the advantage of hiring people based in other locations. Businesses have also started hiring for tomorrow, and not just for today's requirements. Now that remote work has become easier, organisations can expect more diversity of talent.

How should a company build a successful talent acquisition strategy?

Data is king! Companies have to slice and dice it to draw insights. These insights can help fill positions smartly and quickly, especially when the requirement is massive. It is important to give employees the best experience during recruitment. Every candidate should get the right information at the right time.

Another crucial aspect is the way the brand is positioned externally. The organisation's values, culture and career opportunities should be communicated to prospective candidates so they are inspired to apply and join. Moreover, getting the strategy accepted by the leadership is even more important.

What are the key components of a winning talent strategy?

You should never bank on a flash in the pan. A winning strategy is always a strategy that has been planned well and implemented well. Therefore, you need to set expectations clearly to figure out what you plan to do as a team. This should include aspects like improving offer drop, boosting brand value, repositioning roles and more.

What are some of the best talent retention strategies HR leaders can adopt?

The pandemic has changed the mindset of employees. They now want their organisations to be responsible for their mental and physical well-being. Therefore, organisations have to invest in new initiatives to satisfy their employees. Employees also expect a great culture that fosters collaboration and innovation. Programs have to be launched to recognise people regularly and more frequently.

What is the relationship between good L&D strategies and higher talent retention rates?

Promotion and compensation are not always the criteria for a person to stay in an organisation. Many employees want learning opportunities that enable them to upskill and reskill themselves. So, companies should take the L&D route to increase productivity. Learning should become a culture, and everybody should learn from everybody. HR should show every new employee the path to higher positions through learning. That's when a retention strategy begins to work.

Technology will continue to drive recruitment. AI will change the way recruiters will screen, shortlist and select candidates. Outsourcing and contract hiring will become prevalent in 2023.

Watch the recording of the entire webinar

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